The Role of Co-working Spaces in Fostering Entrepreneurship in Nigeria

Over the past years, there has been a rising demand for co-working spaces in Nigeria, contrasting the traditional professional landscape. This has brought about a trend of an evolving work culture in the country. This rise has catalyzed the emergence of co-working spaces that can accommodate the fluctuating demands of freelancers and project-based workers.

Working amidst professionals in different industries can make you an authority in your business and strengthen your identity as a startup, especially if you want your business to scale in Nigeria.

In this article, fasten your belt as we take a ride to uncover the role of co-working spaces in fostering Nigerian entrepreneurship.

Table of Contents

What is a Co-working Space?

A co-working space is a community of centers, collaboration hubs, and social spaces designed to accommodate people from different companies to work, share expertise, and explore new ideas. They’re a convenient space for remote workers to continue to meet and collaborate with colleagues.

Most co-working spaces have shared facilities, services, and tools, and this helps to spread the cost of running an office, giving rise to a new breed of workers as companies embrace a more flexible way of growing their businesses.

Read also: Simple Interior Decoration Ideas for Your Home Office/Workspace.

The Role of Co-working Spaces in Fostering Nigerian Entrepreneurship

Greater flexibility

Co-working spaces allow freelancers and startups to take shorter leases and flexible pay-as-you-go terms. It’s affordable for remote workers, individuals, and companies just starting.

Co-working spaces allow businesses to scale up or down, causing them to experience rapid growth or the need to downsize as circumstances change.

Community

People who use co-working spaces feel like they are part of a community, and that was the purpose for which co-working was created— to help early web entrepreneurs escape the effort and isolation that result from working from home.

This happened to Malik, a freelance writer who complained of loneliness on a WhatsApp writers’ group due to working remotely. He felt a huge relief after he took the advice of one of the group members who suggested using co-working spaces at least twice a week.

A co-working space connects you with a group of like-minded professionals. Connections with others are a big reason people pay to work in a communal space instead of working from home for free or renting a nondescript office.

Even though the co-working movement originates among freelancers, entrepreneurs, and the tech industry, it has become increasingly relevant for a broader range of people and organizations. You can add co-working to your company’s strategy, and it can help your people and your business thrive.

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Quality and commitment-free space

With co-working spaces, you get to use professional facilities in a fully-equipped shared office space without committing to a long-term contract. You get to choose from thousands of hot desking locations with the utilities, internet, and furniture all setup and ready for your arrival.

Networking

Co-working spaces provide collaborative environments for expanding your networks. It helps grow your network, find new clients, and collaborate with like-minded professionals. It also gives you the needed knowledge and access to various exciting networking events in your locality.

When you share a physical space with workers from your industry and beyond, you unlock potential opportunities and build strong and long-lasting relationships with new people.

Read also: How Entrepreneurs Can Develop Networking Skills for Business Growth.

Productivity

Sharing a co-working space with many driven and focused coworkers is a way to enhance your productivity. Many workers find it difficult to slack off when someone else is around, so having to leave your house to a space dedicated to working helps regiment your schedule.

Creativity

Whether you’re working in a different industry with others or you simply need a creative solution to a tricky problem, chatting with friends and colleagues helps kick-start new thought processes, allows you to introduce perspectives and ideas you hadn’t considered, which gives you a broader view of what you are working on.

You also access people’s wealth of knowledge and experiences in that same field, as no one is an island of knowledge.

Read also: Ways to Boost Productivity at Work in Nigeria.

Greater cost efficiency

One of the main benefits of a co-working space is greater cost-efficiency. By sharing things like office facilities, reception services, internet, and printers with employees from other companies, businesses on a tight budget can avoid service charges and cut out many of the usual overheads associated with a long-term real estate lease.

With a shared workspace, you can rent a desk on an affordable hourly basis. For a more long-term solution or upcoming project, you can reserve dedicated desks for you and your team. Renting and maintaining a traditional office space can be prohibitively expensive, especially for startups and small businesses.

Co-working spaces offer an affordable alternative, allowing firms to access well-equipped workspaces without the overhead costs of long-term leases and office maintenance.

Read also: Being a Good Worker: 11 Science-backed Tips to Improve Your Mood.

Coworking Spaces in Nigeria

Coworking spaces are now rampant in different parts of the country. There are several co-working spaces in Abuja, Lagos, and Port Harcourt, to mention a few. Co-working spaces in Abuja come with several options, and you are free to choose from a range of ready-to-use, fully equipped offices with everything you need to get started with a price ranging from ₦ 199,900 per person per month.

You might also prefer custom offices when off-the-shelf simply isn’tisn’t enough. Here, you are free to customize all aspects of your space, including furniture and branding, from ₦199,900 per person every month.

You can also choose a professional on-demand office space depending on your preference. Perfect when you need to get your head down and do your best work. Prices range from ₦50,900 per day. Office membership allows access to day offices where and when you choose, at thousands of locations worldwide, from ₦ 58,500 per month.

Conclusion

The rising demand for co-working spaces in Nigerian cities is a testament to the changing dynamics of work in the country. With its cost-effectiveness, flexibility, and potential for networking, co-working spaces are becoming integral to the success of startups, freelancers, and small businesses.

The co-working industry is poised for sustained growth in the coming years fostering innovation, creating jobs, and driving urban development with proper regulation and continued innovation

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Edited by Oluwanifemi Akintomide.

About Author

Boluwatife Adedokun

Adedokun Boluwatife is a content, Ghostwriter, and Medical student.
She uses storytelling to write compelling articles and books. Writing is the greatest instrument to share what she knows with the world. Proficiency is a skill she always wields.