Coworking spaces are an established way of working, they’re not a hipster trend or a passing fad. Coworking has technically been around since the beginning of humanity, it’s simply multiple parties or individuals coming together to provide mutual practical and social benefit to each other. However, only in the past few years has it become mainstream and considered a solution to both the rigidity of traditional office spaces or the isolation of working from home.
Coworking spaces are full of all types of parties. Individuals, startups, and small businesses are what coworking spaces are most known for. But, you’ll find that many spaces are actually full of corporations or even large businesses looking for an affordable space that is both more productive and full of partnership opportunities.
If you’re looking to join a coworking space or considering migrating your business into one, below we’ll be going through all the reasons why you should join a coworking space.
1. Affordability
For many small businesses, finding a private office space is one challenge, but being able to afford the one you find is far out of reach. If you find one you can afford, you’re also locking yourself into a long-term lease, and you take on responsibility for business rates, utility bills, maintenance, an agent for lease negotiation, and dilapidations after the lease ends.
Renting seats in a coworking space is often cheaper than renting an exclusive office space. The cost of an exclusive office often stunts a small business’s ability to invest in the business itself.
Coworking spaces will often have different membership periods to suit the needs of their members. If you’re looking to travel for example, then you only have to sign up for a coworking space for a monthly membership. Many leading coworking spaces have franchises spread out nationally or internationally and as long as you have a membership you can enter any franchise you’re near.
2. Flexibility
The location of coworking spaces is often ideal for businesses. For a small business to gain a workspace in the middle of a central business district is a fantasy. With coworking, businesses and any clients or partners they meet with can enjoy the convenience, efficiency, and professionalism that comes with working in a city center.
The other positive is upscaling or downsizing. When growing your team in an exclusive office you either have to relocate to a larger office or cram people in. If you’re downsizing you may end up with a half-empty office. With a coworking space, it’s simply a case of hiring more desk space or letting go of desks you no longer need. Change can happen immediately and the next morning your business scaling is complete.
3. Boosting Productivity
Working from home as a remote worker or freelancer has many benefits in terms of flexibility. Although many find working from home beneficial, many others found that it actually reduced their productivity. There are many temptations and distractions one has to fight when working from home, there’s also the mental stress that comes with having no clear distinction between when you’re working and when you’re relaxing. If your bedroom feels like an office first, this probably isn’t the best for your well-being.
On the other hand, the strictness of a traditional office space can dull productivity. As Millennials and Generation Z joining the workforce, the demand for more flexible work lives increased and became accepted.
How does coworking enhance productivity? Firstly, coworking spaces cater to all personalities. If you’re a social butterfly that works better when they’re constantly collaborating, networking, or simply socializing with new people, every break time at a coworking space facilitates that need.
If you’re more introverted and prefer peace and quiet, perhaps only want to interact with a select few people, coworking spaces offer desks for this type of personality as well. The difference between coworking spaces and other workspaces is that all coworking members have the freedom to work how they want to work. If you want to be more social one day, and a cave hermit the next—you can!
4. Networking Opportunities
Coworking spaces are essentially a networking hotspot. Sometimes businesses will rely on conventions or summits to network, in coworking spaces every day is a networking opportunity. Every time you’re in line for a coffee, every “good morning” to a new face is a new opportunity. On a more practical approach, coworking spaces will often host events, meetings, seminars, or presentations to encourage networking and a sense of community in the space.
How actively you look for networking opportunities is up to you, the point is, coworking members are often like-minded and join the space wanting to network. You’re working in a space that has a high likelihood of sparking networking formally or informally.
Some coworking spaces will have built a reputation for having a large membership base for a certain type of professional. Some may have a large contingent of graphic designers, others will be full of web developers. Be sure to use any trial period to get to know who is actually in the space, and gauge whether networking opportunities will prove valuable to you.
5. Services and Amenities
Spaces change as the people filling them changes. Leading coworking spaces have photography studios, recording studios for podcasts, daycares, and even yoga rooms. However, the majority simply has a variety of desks, private offices, shared offices, and event rooms for large functions.
Other than the essential seating options, it’s very common for space to at least have additional amenities such as a cafeteria, gym, and recreation room. These rooms are built to maximize productivity and encourage well-being. Going to the gym for your break saves members from doing so after work, having a recreation room lets members fully unclog their minds, rather than waffling down day-old pasta catching up on missed emails.
Coworking spaces are growing all over the world, they’re popping up all over the world and are constantly evolving. The way they are physically set up, the facilities they feature and the target audience within those spaces are changing. Take Brooklyn Boulders, for example, a coworking space that is targeted at professionals who enjoy rock climbing. The idea might sound far-fetched, but innovation works, they have expanded to five different locations over the past decade.
Coworking spaces pop up to suit the needs and mindsets of certain cities. For example, a newcomer to the market is Zioks, who recently opened their first coworking space in Kolkata. The amenities they offer match the growing number of technology-related jobs in Sector V. Whatever your needs, there’s likely a local coworking space to match your lifestyle.