A development company, the Venia Group, has recommended co-working spaces for entrepreneurs to reduce the cost of building offices.
The Founder of the business group, Kolawole Oyeneyin, said subscribing to co-working spaces was beneficial than investing in traditional offices.
He urged property owners to ensure affordability while giving out spaces for use.
He said this while addressing journalists ahead of the July 27 co-working conference organised by the Venia Group.
Oyeneyin stated that co-working spaces also boost networking opportunities, adding that renting of traditional offices did not guarantee increased income.
He said, “A big advantage of working in a co-working space is cost. Compared to traditional offices, co-working spaces tend to be much more affordable for start-ups and even multinationals, which want to have a soft landing in the country. Operating a business, especially in an environment like Nigeria where infrastructure isn’t yet our best friend, as entrepreneurs can drive cost through the wall.
“However, in a co-working space, the concept of rent doesn’t exist; you simply subscribe for the space or package that suits your business and you can grow or shrink as you like. Understanding that money must be spent on critical elements like marketing and top talent, you want to keep operational costs to the barest minimum; co-working spaces help you achieve that.”
He warned that seeking to acquire or build an expensive building as office space might affect business growth.
“Acquiring an expensive office building or anything expensive as a new business puts a lot of pressure on your cash flow,” he added.
Oyeneyin urged property owners to partner the co-working industry to rescue business outfits from crumbling.
He said, “Property owners and developers have to think creatively about how to utilise their spaces and proffer property solutions that are affordable and in line with the market needs.”
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