4 September 2018
The rise of entrepreneurship in the MENA region coupled with continuous government support in the field has encouraged the cultivation of a strong business ecosystem in the UAE and the wider region. Therefore, , when it comes to business products and services , it is no surprise that many cost effective solutions have been developed to cater to entrepreneurs and support their growth.
One such solution is the increasing popularity of co-working spaces around the world, which has found its way into the UAE. There are a number of benefits for businesses, in particular entrepreneurs, startups and SMEs, to join co-working spaces. Discover the top 5 benefits of joining a co-working space in Dubai…
Traditionally, terms such as 'entrepreneur' or 'self-employed' were often considered somewhat negative among family and friends
Today’s mindset, however, has drastically changed. We now regard entrepreneurs as business leaders and innovators and encourage them to pursue their dreams. A shift in the paradigm has lead us to believe that it’s possible for our own ideas to come to fruition and that we actually can use self-motivation to start our own businesses. We can become our own boss, control our own schedules and be the architect and master of our own career and success.
And the trend certainly seems to have caught on. So say now you are your own boss, calling the shots and building your dream business. The idea of working from home sounds productive but you find distractions slow you down and you get caught up in mundane chores. Instead, you try hitting the local coffee house with your laptop. The idea seems great in theory, but in reality, is more challenging. You find it to be a ‘coin-flip’. You can’t predict whether the environment on any given day will be conducive to working. Taking the leap and investing in an office might be a bit too much of a stretch and you still are not 100% sure at what rate yours business might grow. Moreover, the financial means to rent and fit-out an office tend to be rather costly.
This very common dilemma among entrepreneurs, startups and small businesses, and is the main reason for the success of co-working spaces around the world, nowhere more so than here in Dubai. In this region, there is a strong and vibrant community of freelancers and entrepreneurs in almost every possible industry who have found significant benefits of utilising co-working spaces in Dubai.
A Defined Work Environment
The corporate rat-race may not have been the right environment for you but people in general benefit from having a certain element of structure in the workplace. A healthy work-life balance can become skewed if there is no separation between the two so having a separate domain for work, away from the home, can be key. Psychologically, making the trip from the home to the workplace enables the mind to switch into work mode and prevents focus drifting.
Interacting with other entrepreneurs and feeding off the energy in the room leads to greater productivity and focus. This in turn translates into an increased confidence, and allows entrepreneurs to thrive on each other’s passion and drive to succeed. Co-working spaces foster an ecosystem of self-motivated innovators whose passion becomes infectious.
A Like-Minded Community
They say in business, ‘It’s lonely at the top’. This doesn’t only refer to CEO’s of large corporations but is a common feeling experienced by entrepreneurs driving a new venture. There is considerable pressure to succeed and potential risks both financially and personally that can make it feel very much like you are exposed with the world on your shoulders. A key advantage of co-working environments is being surrounded by like-minded individuals, people who are currently going through or have been through the similar challenges. Operating in an environment where you can speak to others who have chosen a comparable path, you can share thoughts, ideas and experiences, which creates a culture of understanding and a synergy of support.
Access to The Ecosystem
A co-working space can often be far more than simply a place to work but also the hub of your business network. It is highly likely that you will meet not only potential partners but also clients in the workplace. As co-working spaces often house businesses from diverse industries, you have the opportunity to share a space with competitors and clients alike and are able to network freely with little or no pressure. After all, you are surrounded by like-minded people who are all looking to progress and succeed.
Whether new in business or breaking away from the corporate machine, you will most likely have had some exposure to the cost and challenges of acquiring an office. As an entrepreneur looking to grow your business, removing the vast headache of negotiating lease terms, maintenance costs, furniture fittings, utilities and additional services can be a great relief. Apart from the logistical considerations and sheer time these tasks can take, the comparative cost will likely be prohibitive or, at the very least, create significant barriers to any competitive edge or potential profit, (particularly in the early stages of your business. Some businesses move more slowly than anticipated whereas others sky rocket at an unprecedented rate. Co-working spaces allows the flexibility to adapt and grow using the resources you need exactly as you need them without having to gamble on a space that may be too small or too big once things get off the ground.
Co-working spaces were conceived to provide exactly what start-ups and entrepreneurs need whilst catering for all budgets, large and small. ‘Working’ doesn’t happen just out of an office anymore. Just as the scope of today’s diverse job roles has transformed, the way we work is transforming too to become more flexible, productive and enjoyable for employees. Co-working spaces allow for greater customization so organizations can build their workspace to the fit their business and not the other way around. Just as a great tailor can get the fit of your new suit exactly right, UNBOX can do the same for your workspace needs.