When it comes to saving money and fostering teamwork, a coworking space is perfectly suited for startups and expanding businesses.
Picture a network of professionals working in a variety of settings, featuring lounges, hot desks, and food pantries, all with stylish decor and bottomless cups of coffee at their fingertips. It’s no wonder the popularity of coworking spaces continues to rise throughout the world.
Coworking spaces are ideal for sole proprietors, independent contractors, and other small businesses to get work done, make connections, and participate in their communities. The concept has shifted how people go about their daily job, and what was once a novel idea is now a business standard, keeping pace with the rapid speed of the modern global economy.
Benefits of Having Coworking Space
Finding the right amount of office space can be challenging for entrepreneurs. They can choose a tiny, private office space if it works for the present staff size but that won’t be an option if the team grows. Since the typical length of a commercial lease is three to five years, a commitment of that length is often difficult for new businesses to make. Coworking spaces allow companies to expand (or contract) without incurring the high costs of breaking a long-term lease.
More Networking Opportunities
The ability to network with like-minded individuals is a major benefit of sharing an office with others. Working alone — whether from home or an independent, private office space — can cut you off from the kinds of connections that are essential to building a successful enterprise. Being in close proximity to other thriving businesses might give the much-needed spark that many startups need by providing inspiration and modeling potentially useful business practices.
In order to maximize productivity, coworking spaces sometimes incorporate elements of both traditional office settings and less conventional places to get work done, such as shared desks and dedicated offices, producing a hybrid that offers the advantages of both. Particularly for those who run businesses from their homes, where it’s easy to let your attention wander, changing your physical environment might help you get to a more productive “work mode” and raise your output. One study found 68 percent of respondents claim they can focus better in the professional setting of a coworking space.
Operating out of a shared workspace can spark creativity through interaction with others and exposure to fresh points of view. If you’re having trouble coming up with creative answers to company problems, a coworking space is a great place to network with other professionals and pick up cutting-edge knowledge on the ever-evolving trends that are influencing the way businesses operate today.
Lower Administrative Expenses
The expenses associated with running an office, such as rent and utilities, can easily reach six figures. Everything from coffee filters and printer toner to desks, chairs and a fast internet connection can quickly eat into your budget for a private office space. One of the primary benefits of coworking is how cost efficient it is, which is an especially important feature for small enterprises.
One of the best things about coworking spaces is that you only have to pay for the desk or office space you actually use, which is perfect for freelancers and other small businesses. Long-term standard leases can be stifling for expanding enterprises, but flexible arrangements let you develop as quickly or slowly as you need. A coworking member is free to hire any available desk and come and go from the space at their own convenience, and you can easily make room for a growing workforce.
Maintain a Healthy Work/Life Balance
The importance of a healthy work/life balance cannot be overstated in today’s always-on, always-connected digital environment. With a nearby coworking space, you can cut your commute (imagine walking or riding your bike to work instead of sitting in traffic!); if you work from home, you’ll have a clear separation between job and personal life; and coworking spaces are noted for their social and networking gatherings, which combat our country’s loneliness and isolation epidemic.
Some shared workspaces, like THRIVE | Coworking, are open 24/7/365 to members. You’ll have the flexibility to work late, come in early, or even take a call on the weekend if necessary. And chances are, you won’t be the only one coming in on a Sunday, which is another way of building community. Because working side by side with people, even total strangers, can instantly boost your sense of belonging and camaraderie.
In general, coworking spaces are a productive workplace because they are adaptable, social and inspiring. It’s safe to say the proliferation of coworking spaces has made the lives of freelancers, digital nomads, and other professionals easier in a wide variety of ways. And although some of these advantages are monetary in nature, it’s the intangible benefits that will ultimately prove to be the most valuable.