Why We Need To Track The Economic Impact of Coworking in Prescott
Both national and local government agencies have told the coworking industry that Coworking Spaces do not create jobs (by their definition) and therefore do not qualify for support from economic development entities and programs. The Coworking Industry has been hearing this for the past 10+ years. I personally have heard it during my own research here in the City of Prescott. What did they tell me? "WingSpace does not create jobs".
Those words got me thinking, "We need to track the impact that this little coworking space has on our local economy.
People tend to think that large corporations are the ones generating jobs and boosting the economy, but they’re not the only ones. Small businesses of 1-10 people are creating job opportunities left and right.
What kind of impact does this create for our local economy?
Well, let's start out by look at how much is being funneled into local bars, restaurants, coffee shops, and retail stores. It really is mind blowing what the underdog world of startups, small business owners, artists, freelancers, remote workers, and nonprofits can achieve together, don’t you think?
Coworking spaces act as incubators for small businesses and entrepreneurs, and once the incubation is done and a foundational business has been established, many businesses tend to outgrow a coworking space's capacity -- Hoorah for them! That's when we know the concept is truly working.
And then again, many of these small businesses enjoy their time in their coworking space and choose to simply stay with their coworking community, which still has a positive impact on the local economy.
What Do We Want To Track Over The Coming Years?
How many companies within the WingSpace Community are 1-10 people in size?
How many members are self-employed?
How many contract workers (1099 workers) does your business hire?
How many WingSpace members are employed by other companies (remote workers)?
How many people have come to WingSpace to start their new business?
How many members’ businesses outgrow WingSpace? We want to track the square footage that they end up occupying when they get their own commercial business space in our local neighborhood. How much are they paying for their commercial space and commercial property taxes?
What else should we track?