Starting a business – from idea to success

Most of you have good ideas, but are wondering what else is needed to turn them from a sketch into a finished project?

It all starts with building business model .

The business model is the way a particular business plans to make money. The first thing we need to answer is what our goal is and what added value we want to give to our users. If we already have an idea of what is the thing that can bring us income and in which niche we want to position ourselves, then we can start our research:

• Who are our targeted customers, competitors and potential partners
• Distribution channels and markets
• Key activities and key resources for our business
• Financial planning
• Risk calculation
• Revenue and expense analysis

Risks and challenges for starting a business

Unfortunately, many companies enter the black statistics of bankruptcies in the first 5 years of their launch. This is largely due to the incorrectly distributed initial investment. One of the biggest expenses of the new entrepreneurs is related to the rent of a large and luxurious office in a central area, as well as the provision of expensive and luxurious equipment of the premises. A good image is definitely important, but if we don’t have enough money and don’t redirect it to developing the product or service we offer, we risk ruining our business before we even develop it.

Fortunately, nowadays there are platforms that help both in the start-up and on the path of development and improvement of innovative companies, and coworking spaces is one of them.

Reasons for the growth of shared offices

Shared workspaces or so-called coworking spaces are the new alternative to the traditional office. Their growth and advantage are based on the amenities they open up and provide to all types of businesses, namely:

• available workplace option
• a subscription that is not long-term and can be changed according to the needs of the users
• saving all the headaches associated with signing contracts with additional service providers
• collaboration with professional mentors
• access to many strategic resources

Thanks to their advantages and minimal financial commitment, shared offices are becoming a trend among start-ups, small and medium-sized businesses, freelancers, and increasingly large corporations.

Is coworking suitable for your business?

Coworking is a combination of a well-designed, creative and highly productive work environment, high socialization and the opportunity to belong to a community of professionals who would be happy to share their experience and innovative ideas. These components build a perfect ecosystem for the growth of start-ups, small and medium-sized enterprises, whose number is constantly growing. In order to be able to hold on, they must rely on their competitive advantages. Mainly through reduced costs, moving to a better focus of development efforts and resources, to increasing profits. In other words, this can only happen if companies are able to adapt to the highly dynamic and slightly chaotic business climate of our time.

If you are still hesitant and want to get more information, you can visit https: //sketch.bg/ ,, to find an inspiring coworking space in the capital to meet your requirements.

Top 7 benefits of shared workspaces for small and medium enterprises

1. Accessibility

Small and medium-sized enterprises need to manage their funds skillfully. Therefore, affordable rent in a shared office, at good prices and with short-term commitment, is the perfect solution for them. In addition to the rented space, they have full equipment – desk, comfortable chairs, personal lockers, copiers, meeting rooms. All they have to do is bring their laptops and get to work. And what you can get as a bonus – access to a shared kitchen, wellness centers, gyms. An example of such a partnership is Sketch StarUp Space and Pulse Fitness. It provides the opportunity for free use of the gym by all members of Sketch coworking.

2. Convenience

In addition to the pleasant atmosphere, coworking spaces offer many other amenities that help you work more efficiently and save valuable time for side activities. No additional contracts! Spaces provide all services such as electricity, water, heating, workplace cleaning, reception, concierge, technical support, free drinks and of course high speed internet. Sharing is caring! :)) You can also take advantage of the virtual office option and use the spaces for business address, forwarding of written correspondence, calls and shipments, regardless of your location.

3. Good location

Good reputation and corporate identity are important for any business. The good location of shared workspaces in luxury business buildings helps small and medium enterprises to build their positive and professional vision for customers. The communicative address in the central district brings prestige. And it can be seen as a compliment to both employees and future partners. Accordingly, it provides easy access to transport to the place of work or business meetings. Shared offices have parking, and banks, courier offices, grocery stores and restaurants are available nearby.

4. Flexibility

Every company strives for development, but it is difficult to predict how it will happen in time. We initially start in a small team and wonder what kind of work space we will need. Traditional offices cannot offer us flexibility in this direction. Either we have to rent a larger room, which will be empty for a long time, or we have to bet on a more economical option, which in time will turn out to be unsuitable for the growth of our enterprise. In contrast, shared spaces are modified and adapted to your needs.

5. Payment model proportional to use

Payment in shared offices is according to the plan you have chosen. You have the freedom to change the area you need – a hot desk, your own desk or a private office with a certain number of jobs. Subscriptions are different, short-term, most often monthly. You do not have a fixed schedule, but you need a place to mark accumulated tasks? You now have the option to pay for the workspace exactly as long as you used it.

Here you can see the plans we offer from Sketch Coworking.

https://sketch.bg/bg/планове/

6. Network of useful contacts

What can make you successful is having the opportunity to be part of a community. But not anything, but a community of bright, ambitious and creative people with whom you can communicate and grow your business. Collaboration with professionals in various fields can upgrade and improve your business strategy. For small or medium-sized enterprises, being able to benefit from accounting and legal services in addition can save them time and a significant amount of costs.

7. Risk financing and business mentoring

Ecosystems such as coworking spaces can stimulate young entrepreneurs with innovative ideas. They often have difficulty finding capital for their start-ups. Accordingly, business mentors with their experience and expertise can help them. Mentors liaise between researchers and investors. As a result, funding is expected to be negotiated for the implementation of a risky but highly promising idea.

A typical risky financing, which is also dealt with by the founders of Sketch StartUp Space , e venture capital. It builds small companies based on their own technology. In exchange for funding their ideas, equity participation is provided. Over 20 international investors are part of Sketch community . They are ready to participate in the financing of high-risk projects satisfying the new market niches.

Boost in the development of small and medium enterprises

In conclusion, we can say that coworking spaces can give a strong impetus to the development of small and medium enterprises. The listed competitive advantages eliminate a list of problems that each company has faced – high rents, lack of space, lack of infrastructure, equipment and additional amenities.

Shared offices provide a better working environment. This increases the influx of new and quality staff who want to become part of the company’s team. At the same time, the creative atmosphere increases the motivation of current employees, encourages them to be creative and productive. They can enjoy the perfect balance between personal and professional daily life. For example, each member of the community can be part of various training programs, seminars, entertainment events that contribute to development and satisfaction.

As we said before, the benefits are not just material. Through their established culture of interaction and mutual assistance, shared offices help businesses turn their ideas into a tangible plan and provide the necessary tools for its implementation. They contribute to the good image of the brand and strengthen the trust of customers.

Coworking provides an abundance of social contacts with like-minded people, as well as key opportunities for valuable partnerships. Many of the shared spaces offer cybersecurity, data file encryption and other software solutions, providing peace of mind to their users. In this way, the risks for small and medium-sized enterprises are minimized and they thrive in their development.

Adaptation to a shared future

We live in a dynamic world. Obviously, we need to be highly adaptable to change in order to be happy, successful, and satisfied with what we do. We don’t just have to be good to stand out. In order to succeed in our endeavors, we must keep trying and looking for solutions, be creative and learn from others.

The possibilities are endless. Be brave, find the place and the people who inspire you and discover the full potential of your business idea!