How Coworking Benefits Female Entrepreneurs
Michelle Obama once said, “There is no limit to what we, as women, can accomplish.” and she could not have been more right! Women have managed households for generations and relatively recently have ventured into entrepreneurship. Coworking, shared collaboration, opens more new doors for women in business than ever before. Keep reading for ways that coworking benefits female entrepreneurs.
But first, the facts!
Impressively, there are 114% more female business owners than there were 20 years ago. Women are equally capable of running successful businesses as their male counterparts, but women-owned businesses are still a relatively new concept in the United States. Female entrepreneurs face a unique set of challenges when starting a business, from difficulty getting loans to unconscious biases
Women-owned businesses account for 40% of all businesses worldwide and coworking spaces are working to get this number even higher. Recently, women have turned to coworking spaces to meet their business needs. These coworking spaces serve as a gathering space for like-minded, small business owners looking to boost productivity and make meaningful professional connections. These are great spaces too for emotional support and financial caution.
When women, in particular, use coworking spaces they can overcome some financial burdens and find other female entrepreneurs for assistance. Studies have shown that a group that can rally around each other to lend support, know-how, and to collaborate, is a group that is more likely to see success. For these reasons, coworking spaces are an ideal first step for women that are new to the business world and seasoned entrepreneurs, alike.
Benefits of Coworking Spaces for Female Entrepreneurs
While there are many benefits for women who use coworking spaces, here are 4 of the major ones. Save Money
Women are less likely than men to be approved for a loan. It’s sad but true, so having a lower-cost alternative may make the difference between success and failure. Coworking spaces can offer entrepreneurs office space for a fraction of the cost of purchasing an office building. Typically, tenants pay a monthly fee for a designated workspace and enjoy amenities like utilities, copy/printing, internet, and much more.
Community Support
One of the perks of conducting business in a coworking space is the sense of community. Collaborating with others and learning from their experiences can give entrepreneurs the competitive edge needed to succeed. Small business owners are able to rub elbows with like-minded people in similar niches and those facing the same struggles. Coworking also allows entrepreneurs to find people who may have skills that are different from them and can assist where they may be struggling, such as finance, hiring, or monthly inventory.
Quiet Work Environment
Most female business owners have families and responsibilities outside of their business. Kids, spouses, pets, ailing parents, and the nitty-gritty of everyday life can weigh heavily on a hard-working business person. Having a dedicated workspace outside of the home means fewer distractions, thus boosting productivity.
A dedicated workspace can give the mompreneur a place to clear her mind and put everything into perspective. This way she can be more present in both her professional and personal life.
Networking Opportunities
One of the biggest benefits of a coworking space is the opportunity to connect with other individuals. If working in a home office or independent office, the business owners could be robbing themselves of the important connections needed to drive the business forward. Sometimes, the only thing a small business is missing is the spark that proximity to other successful business owners can bring.
Some businesses are still considered a “boys club”. As a woman, this can lead to unnecessary pressure and competition. Therefore, networking within a supportive community, especially with other women, can help expand possible opportunities and break into and be successful in a male-led business.
Women Supporting Women
Have you ever experienced that feeling of finding “your people”? They’re the individuals that have the same insight, interests, and dedication as you do. Those ride-or-die individuals are the people you need in your corner. They will help you get through hard times and celebrate your successes. Finding “your people” is easier said than done.
No one gets anywhere in life all by themselves, so surround yourself with successful women and everyone will grow. Mariela Dabbah, CEO of the Red Shoe Movement said,
”Support women on their way to the top. Trust that they will extend a hand to those who follow”
Women that are supported by other women tend to be more successful. Research from the Harvard Business Review shows that women were more likely to succeed when they have a close-knit circle of female friends. Why?
In short, while large strides have been made in the realm of women’s rights, female entrepreneurs are still a minority worldwide. Consequently, there are hurdles that women must overcome to succeed, like discrimination, and less access to resources in the business world, due to women not having been a competitive force in business until recently.
Finding a coworking space that is woman-owned and centered, like The Wright Village, can help facilitate this cooperative circle of female business companions.
