Coworking spaces: 3 things to look out for

South Africa’s small business sector continues to grow, with SMMEs now accounting for over 36% of the country’s GDP. Many of these entrepreneurs are, however, unable to sustain their business operations due to limited support and countless administrative hassles. 

These business owners also suffer as a result of reduced opportunities for collaboration and networking, with many working from home or out of small offices that leave them with little exposure to other like-minded business owners.

However, with the recent emergence of coworking spaces, this pattern is slowly starting to shift.

Small business owners are beginning to band together in the absence of appropriate support. Coworking spaces facilitate networking opportunities and much needed interpersonal interaction – and don’t necessarily come with a hefty price tag! Entrepreneurs are able to feed off one another’s energy, discuss and find solutions to administrative challenges and share resources so as to preserve that all-important cash flow in modern and inspiring environments.

Solo entrepreneurs and other small business owners (particularly startups) will especially find the low cost and flexible nature of coworking a very attractive option.

Here are a few key things to look out for when embarking on the search for the perfect coworking space:

  • Search for synchronicity – or strive for collaboration! If you want your business to thrive rather than simply survive, you may want to find a space populated with others in similar fields. A digital marketing entrepreneur surrounded by a group of financial planners may not work. However, this could also be a great neighbourhood in which to grow your network!
  • What’s your style? Everyone has different working styles, so it is important that you find a coworking space that best suits yours. A loud, boisterous environment might be invigorating for some, while others prefer a quieter, more laid-back tone. Set up camp in a space that facilitates your productivity and energy.
  • Buy into the right benefits. Ensure that you pick a co-working space that offers you exactly what you need at a price that suits your pocket. For example, while you’ll want your space to be adaptable in the event of growth, you also don’t want to have to invest in more space than entirely necessary.

MiWay Business Insurance is proud to be partnering with The Workspace in offering their clients business insurance for their respective businesses.  We have an insurance expert on call to advise on the unique insurance needs of respective entrepreneurs.  All of these clients can also utilise MiBusinessAssist, a business support service, at a nominal fee.  MiBusinessAssist is a range of carefully selected services that can help you with business matters, reduce unnecessary operational costs and give you extra time so you can focus on doing what your business does best! 

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