“Startups”! At the moment, this is probably one of the most used terms in Luxembourg. New companies are being created in the Grand Duchy in a wide range of sectors, including the financial sector.
There are considerable hurdles to overcome when starting a business, no matter where you are in the world. Some of these issues will be discussed in this post, and how coworking spaces can be used to help businesses overcome them.
Startups = Spend less money up front
It’s common for businesses to require a large upfront investment. Renting office space in Luxembourg is a big and terrifying problem for many businesses.
Since the epidemic, the cost of renting office space has steadily increased in Luxembourg, where the average rental price has risen over the past decade. Anxiety can set in when you consider the costs of everything from furniture to insurance to electricity bills…
In this situation, working from home is a no-brainer. Even if the “house” offers a nice guest room that can be used as a dedicated office space, this arrangement has significant limitations.
For a fraction of what you would pay for a regular office, coworking spaces are an invaluable resource. There’s even a coffee machine to keep you working!
Better adaptability for startups
The journey of an entrepreneur can be challenging because of the unpredictability that comes with it. Sure, you’ve developed a well-thought-out strategy that will set you on the right path to achieve your goals. We all know, however, that plans don’t always go according to plan, for better or for worse.
It’s easier to grow and evolve your business when you don’t have to make long-term commitments with a coworking space.
Make sure your team is well-staffed
Hiring the best staff is critical to success, as is building an effective team.
Working from home has become an increasingly popular perk in today’s workplace. Studies show that over 70% of workers consider it a critical benefit. As a startup, you can differentiate yourself from your competitors by allowing your employees to work from home or in a hybrid model.
A wide range of collaboration opportunities
Networking can be critical to the success of a new business owner. For a variety of reasons, this can be particularly difficult in Luxembourg.
As a result, many entrepreneurs in the Grand Duchy are not familiar with the business community in their home country. Now that social isolation and remote working are included, networking has become even more difficult.
Your business could benefit greatly from a chance meeting or a cup of coffee in the shared kitchen!
Keep your spirits up!
Times are tough and enthusiasm is waning, no matter how much enthusiasm you have for your business.
It can be easier for you to get back on track if you’re surrounded by such motivated, enthusiastic and dedicated colleagues. In coworking spaces, you can also meet other entrepreneurs who have gone through the same trials and tribulations and can guide and inspire you.
At the Color Business Center, we have encountered many of the problems that startups face in Luxembourg. A coworking space can have a huge impact on the development of startups and provide them with the resources they need to succeed.
Make a reservation for one of our coworking spaces now. It may be just what you need to get back on track!