Startups all over the world, especially in Nigeria face a lot of challenges from getting a market-fit product, to lack of business planning, lack of access to critical resources and the inability to scale.
The advent of co-working spaces in the world has brought key solutions to some of these problems.
Below are some of the solutions that coworking spaces can bring to startups in Nigeria.
1. Great Location
In business, location still matters despite the loudness of social apps connecting people together.
Clients and potential customers think it wise, full of trust & professional if they can meet you in person at least once to see your genuineity outside of zoom cameras and WhatsApp video calls.
In view of this, most coworking spaces are located in strategic places in a bid to help startups locate themselves strategically so they can maximize their opportunities.
2. Community and Networking Opportunities
The post digital business world thrives on inclusion and networking rather than isolation.
In a competitive world, the need and gains of networking and collaborations with others far outweighs the challenges.
Coworking spaces enable startups access relevant community of freelancers, developers, digital nomads, and other entrepreneurs. Therefore, within that community, they have great opportunities for collaborations with others.
3. Cost Efficiency and Access to Business Resources
Coworking spaces are cheaper than traditional office rent. And beyond the space, startups have access to steady supply of electricity, fast and reliable internet and other utilities, furniture, beautiful and uplifting ambience, access to conference rooms, etc. If a startup were to provide all these resources themselves, it would eat much into their scarce resources before they attain break-even and profitability.
4. Greater Focus and Increased Productivity
Several startup founders work from home and have found out that they are easily distracted by family or friends. This reduces ability to focus on the work of building with agility.
Working from a coworking space enables startup founders and their team concentrate more and achieve increased productivity, because the environment engenders maximum focus.
5. Building Great Work Culture
Because co-working spaces are operated by organizations with great and specific missions and causes and have already instituted great culture around the spaces, most startup find it easier to imbibe the great work culture that empowers them to build great businesses.
For example at Eridan space, we have a mission to build global purpose entities as a venture builder. Startups, on becoming part of our communities, tend to have access to our unique mission and culture.
6. Boost in Creativity
By working alongside other creatives and constantly being exposed to new perspectives in the co-working spaces, the creativity of startup teams is greatly enhanced.
Also, the flexibility that comes with using coworking spaces results in creative activation.
By moving from one coworking space to another with minimal stress, you can get exposed to contradicting and yet exciting environments that end up spiking your creativity and thus enhance your success.
7. Marketing and Partnerships
One of the critical challenges of startups is lack of effective marketing strategies. Most of the times, startups are overwhelmed by the need to execute winning marketing strategies, increase brand awareness and converting leads to sales.
Co-working spaces provide startup great opportunities for successful marketing through events, pitching competitions and even spaces to advertise their business at very cheap rates.
As they mingle with others during business events and programs, they have the opportunity to market their products and business via word of mouth, which is always very effective.