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Co-working: Power in numbers

May 13, 2010

Not familiar with co-working, one of the newest small biz crazes? At its basic level, co-working brings together various types of businesses — often smaller ones — into one shared work environment. In addition to sharing costs of rent, utilities and other overhead, co-working allows companies to draw on the expertise of their partners to leverage their capabilities and potential.

For instance, a co-working environment might contain a marketing company to promote the different businesses, a design firm and web host to create and maintain the company’s web sites, a lawyer to handle legal work and an accounting firm to keep the books straight, taxes filed and monitor other financial concerns.

In addition, by coming together as a cooperative, the companies experience greater purchasing power, better benefits for employees and possibilities for mentorship, training and exposure to investors.

And while our example spoke of different types of companies each with its own area of business expertise, co-working can also happen within similar businesses. Imagine a co-working community of accountants, each with their specific specialty. The same model can be imagined for marketing, design and media firms, legal experts and many other specialty businesses.

Co-working is an adaptable, organic method of doing business. There is truly power in numbers in this type of business environment.

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