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South Africa’s small business sector continues to grow, with the Global Entrepreneurship Monitor report for 2016/17 indicating that SMMEs now account for over 36% of the country’s GDP. Yet these numbers do not reveal the many challenges faced by local entrepreneurs, many of whom are unable to sustain their business operations due to limited support and countless administrative hassles.
Many entrepreneurs 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, whilst their larger counterparts are able to build networks and push the boundaries of innovation by tapping into a wider spectrum of human capita.
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Entrepreneurs have been largely left to fend for themselves, leaving them at an obvious disadvantage in the marketplace.Yet, with the recent emergence of co-working spaces, this pattern is slowly starting to shift, with small business owners now beginning to band together in the absence of appropriate support from those able to give it.
Why you need collaborative spaces
Not only do these collaborative spaces expose entrepreneurs to others facing similar challenges, but they also facilitate networking opportunities and much needed interpersonal interaction without a hefty price tag. In these 21st century workspaces, 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.
Some co-working spaces also host regular presentations and events attended by industry luminaries, enabling business owners to up their expertise and connect with relevant big players in their respective fields.
Could this new way of working be the answer for the South African economy, which relies heavily on SMEs to sustain its growth? Sadly, the massive administrative and psychological challenges faced by small business owners are unlikely to be completely overcome without the necessary investment from government and the private sector. Inevitably, businesses need both money and time to survive and it is usually only the former that frees up the latter.
Co-working spaces offer a lifeline to new business
Nonetheless, there is certainly an entrepreneurial case to be made for the co-working space. While it might not be a complete entrepreneurial elixir, it does nonetheless offer up a lifeline for new businesses, affording them access to the people and networks that can elevate emerging enterprises from good to great.
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That being said, not all co-working spaces are created equal and it is important that entrepreneurs seek out locations that best suit their businesses and working styles. Here are a few key things to look out for when embarking on the search for the perfect space:
Search for synchronicities
It is not simply enough to be around other entrepreneurs – if you want your business to thrive rather than simply survive, you will need to find a space populated with others in similar fields.
Naturally, you do not want to be sitting across from your biggest industry rival, but it is not going to do you much good if you are a marketing guru surrounded by a group of architects. So look for places typically frequented by those with complementary skills – it is the perfect kick-off point for great network building.
Do your research
Everyone has different working styles, so it is important that you find a co-working space that best suits yours. A loud, boisterous environment might be invigorating for some, while others prefer a quieter, more laid-back tone. By setting up camp in a space that facilitates productivity and energy, you’ll be far better placed to succeed.
Buy into the right benefits
Co-working spaces come in many shapes, sizes and price ranges. Ensure that you pick one that offers you exactly what you need without breaking the bank. 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 square meterage than entirely necessary. By all means think big, but also preserve your bottom line for the time being.
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You’ll also want to look into the other perks offered by your local co-working spaces. Many offer secretarial services, administrative assistance and other similar amenities, which are like gold dust for entrepreneurs who’ve started up their operations based on skills rather than savvy.
For other business owners, networking events and seminars might be exactly what’s needed to fast track your growth trajectory, so carefully weigh up the benefits and costs based upon your specific pain points and potential areas for improvement.
MiWay is an Authorised Financial Services Provider (Licence no: 33970)
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