MSMEs in Coworking Spaces // 6 Amazing Benefits of Working In One

MSMEs in Coworking Spaces // 6 Amazing Benefits of Working In One

Micro Small and Medium Enterprises (MSMEs) have the potential to grow to the next level with the right support from a coworking space. 

According to research done by CRISIL, the primary reason why MSMEs have minimal presence in big cities is the cost involved- real estate, overheads, and so on. They believe that co-working spaces are a flexible and cost-effective solution for MSMEs to have a full-time marketing or customer support/service team closer to their clients. 

We’ve discussed 6 benefits your MSME will gain from being part of a coworking space:

Enhances Networking 

Coworking spaces bring together visionary individuals who are all working in different capacities and industries to make an impact in our world. Entrepreneurship can be tough, especially when you are doing it alone. A common saying is, “your network is your net worth.” by Porter Gale. Building a network of friends, professionals, and other like-minded individuals will prove to be useful every step of the way as you open your business and operate on a day-to-day basis. Confidence and motivation can be gained from others in your network, and MSMEs in coworking spaces may even find unique opportunities that are difficult to discover elsewhere, such as partnership, employee, or investment opportunities.

Minimize Overhead Costs

Working in a coworking space rids you off the struggle to maintain a proper working office environment for yourself and your employees. MSMEs in coworking space also get a chance to enjoy an all-inclusive solution to all office needs under one package which helps you to save some coins as you would have otherwise paid for each service separately. Simple tasks such as cleaning, providing refreshments, organizing security are taken off your mind which enables you to focus on the core of your business. 

Facilitates Upskilling

Within a coworking space there are individuals with unique strengths and capabilities. Networking within the space enables people to exchange tips on different topics and to work together to grow their knowledge base. One of the ways this is done is through organising webinars that involve experts of different fields discussing different topics at length while providing an opportunity to answer questions from the attendants. 

Greater Flexibility

Gone are the days when your business is obliged to sign a lease for long periods that can be inconveniencing when you are looking for change. Many coworking spaces offer very flexible agreements. If for some reason, you need to cancel your membership, there are usually flexible options to do so. This makes it an ideal business service to MSMEs in coworking spaces to try out and see how you like it. If you have a good experience, you’re set. If not, there’s no harm in canceling your membership.

Enhanced Productivity

Coworking spaces provide a great ambiance to work which boosts productivity while enabling the creative process. Creativity is an important aspect of any business as it is required during problem-solving which is a major part of entrepreneurship. Coworking spaces are designed with this in mind with the different areas for working with beautiful art pieces, wall hanging and plants that encourage and set the mood for brainstorming sessions.MSMEs in coworking space attain progress easily in intentionally designed spaces, while intangibles like background music, natural light, and moderated air temperatures keep you energized and refreshed. 

Improves Mental Health

Entrepreneurship can be a difficult and lonely journey. Working remotely could lead to faster burnout and frustration if not checked. Despite the new ways of working imposed by the prevailing global pandemic, virtual connections will never be able to replace the magic of face-to-face interactions. MSMEs in coworking spaces find a great way to unwind and relax in the middle of a hectic day at work. The chit-chats that happen during breaks are one way to get you going and to take your mind off stress. 

Over time it helps you to develop some sense of balance and to better manage stress.