According to the SBA, small businesses stimulate economic growth by providing employment opportunities. In fact, small businesses:
- Contribute to 65 percent of new jobs and
- 96 percent of US companies have 50 or fewer employees.
Understanding the critical impact of small business on our economy, we wanted to share our thoughts on how coworking impacts local economies.
Facilitates community
As communities face the closure of locally owned businesses and brick-and-mortar storefronts, community local partnerships will be a critical component for a strong economy.
Coworking experts are well-positioned to help coordinate resources and facilitate these partnerships. As local hubs with direct ties to community leaders, coworking and flex spaces are experienced at local connectedness and fostering relationships for creative, 360 problem-solving.
Supports the local workforce
Today’s diverse, multi-generational workforce consists of business owners, virtual workers, entrepreneurs, freelancers, corporate workers, laborers, and much more. A patchwork of talent and industry defines a local economy.
Open to anyone, coworking facilities bolster local employment by providing a resource-rich place for people to work.
Helps travelers and remote workers plug into the community
Coworking supports business travelers by providing a place to work, conduct a meeting or hold job interviews. When remote workers patronize coworking spaces, surrounding restaurants and businesses benefit from a ripple effect of spending money in the community.
Creates new business connections
New business transactions fuel local economies. The very essence of coworking promotes connection among member businesses. Hundreds of business transactions grow out of introductions between accountants, attorneys, insurance agents, graphic designers, and IT professionals who office within shared office spaces. These connections translate into economic growth.
The coworking industry's mission, and what it prides itself on, is helping small businesses grow. It turns out that this mantra not only exists within its own walls but extends well into the community it serves on many levels. This realization has been noticed, thus turning local municipalities into coworking’s biggest advocates.