In 2018, for the third consecutive year, Forbes named Utah the best state for business due to the state ranking first in the U.S. for job growth, its constantly low unemployment rates, and strong workforce. Moreover, at the heart of Utah’s success are its small businesses, which make up almost 99.3 percent of companies operating in the state. It should also be noted that the state ranked third for a positive regulatory climate in the Mercatus Center’s Freedom in the 50 States study.
That said, it is no surprise that plenty of aspiring entrepreneurs have begun their business ventures in Utah. With the start of a new business, it is typical for one to acquire office space, as well as buy office cubicles and electronics. But in recent times, many have gone a different route by choosing coworking venues in lieu of their own offices and the initial monetary loss that accompanies it.
You might be wondering what a coworking site is and what draws people in it. A coworking space is a workspace shared by people who don’t necessarily work together but are all looking for a place to be more productive. One of the reasons these places attract business-minded people is the low startup costs through the provision of fully equipped offices. This setup eliminates the worries about setting up offices and having to manage them.
With a shared space, startups have a chance to grow before they start worrying about allocating funds for office rent, insurance, and other expenses. Moreover, coworking spaces are flexible in that they make it less stressful for businesses to scale up as their venture grows. Some coworking spots offer contracts with an allocated space for one person or a small group, which can be continually increased as a business takes in more employees.
Another benefit of occupying a coworking space is that it makes it easier for clients to come to you. When you rent your own office, you usually sacrifice location quality for affordability. In comparison, coworking spaces allow you to operate in the hearts of cities, where the business districts and potential clients are usually located. Furthermore, being a part of a coworking community aids in network building as you are surrounded with entrepreneurs similar to you, goal-oriented and high-achieving.
Additionally, you get the opportunity to meet potential partners, clients, and mentors. Being around like-minded individuals is also said to increase productivity as it promotes collaboration and synergy.
Aside from these, the majority of coworking spaces promote work-life balance with areas they spare for de-stressing activities where patrons can recharge after hours of working. Some even have gyms with almost everything, from basketball courts to a three-lane lap pool. If physical activity isn’t your thing, other coworking spaces have dedicated rooms for yoga, meditation, and prayer.
Coworking may be the perfect choice for you if you are among the entrepreneurs who are interested in increased work productivity with added bonuses such as low office costs, networking potential, and opportunities to de-stress while close to your work.