The journey of an entrepreneur is a daunting process and funding can be very difficult especially in a developing country like Nigeria. Ever since the increase of Internet users in Lagos and Nigeria as whole, more and more online businesses have sprung up with a lot of entrepreneurs exploring the digital space to solve hands-on problems. Most of these online businesses would need basic infrastructure to stay alive, even if they are cash-flow positive from day one.
An office space is a basic need for every entrepreneur, either you are working from home, a shared office space, or your own office. When you’re bootstrapping everything from the ground up by yourself with just little cash in the bank, the best would be to opt for a co-working space. Research shows that people who belong to a shared office space do a lot more better than people in a regular office.
Co-working spaces are relatively a new phenomena, and are now really becoming very popular in Lagos. There are a number of shared spaces to co-work around Nigeria, with their own unique services, awesome support systems and lovely stories to tell. Working in these shared offices ensure you will always be surrounded by like-minded, talented individuals and teams which can really benefit you in the short and long term.
Why Co-working Spaces Would Positively Affect The Lives Of Entrepreneurs
Low Startup Cost
All entrepreneurs knows that they always need to minimize cost, and even big corporations do everything to minimize the amount of money they spend. For startups, it is important you get value for every penny that you spend and that’s why most technology startups in Nigeria are exploring shared spaces in Lagos.
Co-working spaces offer freelancers, individual entrepreneurs, and team members a chance to work in a fully equipped office without worrying about the costs of setting up an actual office. By getting a shared space, you can easily operate your business without needing to compute and allocate funds for office rent, Internet, office equipment and various other expenses that come with starting a business.
You Can Build More Networks
Entrepreneurship is a lonely journey and you need to stay positive all the time. Working from a co-working space allow you to build relationships with like-minded individuals who you can always learn from all the time. Renting space in a shared office comes with the added perk of being surrounded by goal oriented and high-achieving people. This is an opportunity to network with small business owners, edge thinkers, professional freelancers and other entrepreneurs.
Being part of a co-working community means you are surrounded by potential partners, clients or mentors. You can easily outsource great talents to help you with specific projects or time sensitive tasks.
You Feel Like You Are Part Of A Community
Managers of each space go to great lengths to cultivate a unique experience that meets the needs of their respective members. They tend to create a lot of events where people come around to network, share ideas and explore opportunities. Leadspace, for example, organize an event called Happy Hour where professionals and entrepreneurs come around to network and talk about pressing issues around entrepreneurship.
Co-working spaces seeks to create a place you join as an individual, ‘me’, but where you become part of a greater ‘we’ as a community member.
You Have More Talents At Your Fingertips
Co-working spaces are filled with a great deal of talent. These spaces tend to attract a wide variety of people from all different sorts of industries and fields. You can guarantee that if there’s some part of your business that you’re having trouble with and need help on, the person next to you might have the solution.
You should take advantage of the ability to trade and share skills as you never know who you’ll find and you’ll often be surprised by how they’re so beneficial to you and your startup.
Questions To Ask When Considering a Co-working Space
To easily vet a shared office, you would need to take time out to visit the space. The kind of questions you need to ask yourself are; how do you feel when you first visit the space? What events does the space regularly run? How does the space currently support their existing startups? And lastly, are the facilities good? For more information on how to choose a co-working space, you can read How to Choose the Best Coworking Space for Your Startup.
What are your experience with co-working spaces in Nigeria, please do share your thoughts in the comment section below.