Economy
Business Start-Ups: The Importance of Coworking Spaces
Coworking spaces are quickly becoming essential for modern business start-ups. From providing a space to work to collaborating with other like-minded entrepreneurs, coworking spaces have the potential to be powerful innovators of modern business practices.
Reduce Business Start-Up Costs
Starting a business takes significant planning, time, and money to succeed. Business startups need to be strategic in allocating their limited resources. It is the primary reason why they need a coworking space. Coworking spaces are cost-effective since numerous facilities can be shared, such as internet access, printing services, and amenities like coffee machines.
In addition, companies don’t need to worry about agreements and leases or recover or repair assets when exiting the office because coworkers’ memberships are usually paid on an as-needed basis, reducing the cost of starting businesses significantly.
Providing a Community for Business Startups
Coworking spaces provide a great opportunity for business startups to collaborate and connect with other budding entrepreneurs in their fields. These shared working environments offer a good financial choice for entrepreneurs and give them a level of support from the existing like-minded community.
A combination of resources, often including amenities such as shared offices, meeting rooms, and break rooms, helps to spark conversation and motivate collaboration among individuals striving to make their idea a reality. The built-in social environment allows start-ups to capture new ideas while fostering an atmosphere of creativity that can lead to great breakthroughs.
Coworking Spaces Boost Productivity
Coworking spaces are quickly becoming the preferred environment for business startups. Not only do coworking spaces provide the necessary tools for business success, including access to immediate resources, event space, and collaborative technology, they also have a proven track record in promoting productivity.
By being surrounded by like-minded people with shared goals, risk-taking entrepreneurs are more readily inspired and eager to work. Coworking spaces extend beyond what would normally be available to an individual or small team, providing a unique motivation that leads to increased focus and higher output of quality work.
Helping Businesses Attract and Retain Talent
Coworking spaces provide an opportunity for businesses to attract and retain talented employees. By offering startups access to a thriving collaborative environment, coworking offices provide entrepreneurs with the necessary resources and connections to scale their businesses quickly.
Coworkers also benefit from these spaces, allowing them to work on joint projects with peers from diverse backgrounds and industries who share their entrepreneurial spirit. This interaction helps new businesses retain talented employees and bolsters creativity and drive for innovation among coworkers.
Coworking Spaces Offer Flexibility
Coworking spaces are becoming increasingly popular among business startups because they offer flexibility that allows business owners to stay agile and grow as needed. A coworking space can provide an office environment without having to commit to renting a physical office. Instead, members rent flexible space on an hourly or monthly basis, depending on their individual needs.
By having the flexibility to adjust their workspace day-to-day or week-to-week, young businesses can take advantage of resources like high-speed internet, printing facilities, and meeting rooms without worrying about the investment in costs and time necessary for permanent leasing.
Coworking spaces offer a unique blend of independence and community that helps businesses thrive. Business startups should consider coworking as part of their office space strategy. It could be the difference between struggling to get by and becoming a thriving success story.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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