Co-Working Space

Working in an office together is becoming increasingly popular. While it is a relatively new concept, there are many advantages that come with coworking spaces. People can collaborate on projects, network, and remain close to their local community. So why should you consider jumping on this bandwagon? Here's the scoop about coworking spaces and the perks of joining one. 

What is a Coworking Space?

• Coworking is when people come to an impartial spot to either work on separate tasks or collaborate on the same project as a team. 
• It's different from traditional offices because everyone isn't employed by the same company. 
• There are plenty of benefits that come with working in a coworking space, such as adaptability since long-term leases aren't necessary.
• This leads to cost savings, so much so that business credit cards can often be used to pay for them.

A Brief History of Coworking Spaces

Coworking was first popularized by Bernard Koven, in 1995. It wasn't until the mid-2000s that coworking really took off, with its first space opening up in San Francisco and then eventually extending to various parts of the world. These early shared workspaces offered many amenities such as desks, WiFi access, shared meals, zen areas, and even bike tours. Fast-forward to today in 2022 and there are now thousands of coworking spaces around the world. Businesses are beginning more and more to take advantage of coworking spaces for their advantageous qualities.

The Benefits of Coworking Spaces

The distinct perks of coworking include enhanced employee productivity; working from home can be quite distracting, while small businesses may not have the space for a larger office. Coworking provides an economical and suitable workspace for employees to work in even on a 24/7 basis if desired.

Networking Benefits:

• One of the most significant advantages of coworking spaces is the opportunity to create new connections. 
• When working from home or an individual office, you may be depriving yourself of valuable contacts that could help your business prosper. 
• Working near other companies might be the boost your company needs to form a partnership. 
• Networking can require a lot of time, so coworking spaces solve both problems at once. Plus, some spaces are even industry-specific, making them even more convenient.

Cost-Effective:

• When renting an office, there are many extra costs to bear in mind, especially if your personnel wants access to benefits such as food and drinks. These services are included in the monthly rate of coworking spaces. 
• Before deciding what space is best for you, consider which features you need. Small businesses that are stuck in expensive leases could find cost-efficiency to be an important advantage. 
• Coworking allows for a trial period that regular offices don't provide. 

Low Risk:

Many coworking spaces offer very flexible contracts. If ever you need to cancel your account for any reason, there are usually a few different options available. This makes it a great service to try out and evaluate; if you had a positive experience then all is good; if not then canceling your subscription isn't complicated at all. 

Diverse Workspace:

Being exposed to other companies also provides an array of ideas for your business operations. Stagnancy is one of the biggest fears in business, but through coworking spaces, you see how other businesses operate and can even come up with new strategies and procedures thanks to all the varied opinions available for your team's benefit!

Collaborating on Projects:

Your business can benefit from collaborating with others on projects, especially in coworking spaces. Not only do they provide the opportunity to establish a reputation, but they also act as a great space for interviews; there's no sense of "corporate 9-5" present.

Networking and Recruiting:

Coworking spaces are ideal for scouting talented workers and even offering an escape to those who find themselves stuck in their current job. Plus, connections are more organic and natural the closer together people are. 

Increase Production:

Coworking spaces are designed to maximize efficiency, containing everything you needed to be successful including printers, scanners, and other office supplies. They offer shared or private workspaces along with meeting spaces, places to relax (including coffee), and an easy booking process - so you can increase productivity whenever need be. 

Enhanced Connections:

In addition to all the great benefits previously mentioned, coworking spaces also provide the added bonus of decreasing loneliness; bring people together through informal encounters or teamwork endeavors.  

Reduce overhead expenses:

● Saving money is one of the key advantages of coworking spaces, which can be essential for small enterprises.
● Dedicated space can be out of your price range due to the high cost of purchasing or leasing office or commercial space.
● Coworking spaces are acceptable alternatives that can significantly lower your overhead costs.

• Wi-Fi at fast speed is one of these charges.
• Electricity.
• office supplies like a printer and scanner.
• Presentation audiovisual equipment

Aid in Finding Work-Life Balance

❖ Ensure Work-Life Balance for You. Co-working spaces are designed to have several uses. Although you may perform a great deal of work here, you can also take advantage of other amenities including volunteer opportunities, wellness programs, and on-site yoga.

Six factors to consider while selecting a co-working space:

• Location
• Cost
• Community
• Work Environment
• Short-Term or Long-Term
• Amenities 

The Top 5 Benefits of Coworking

The principal advantages of using co-working spaces are as follows:

1. Motivation
2. Community
3. Flexibility
4. Getting Outside of the Home
5. Connecting

The nine advantages of coworking spaces in 2022 and beyond are as follows:

• Collaborate With Other Small Businesses
• Boost Productivity
• Reducing loneliness & fostering connections
• Reducing overhead costs
• Helping people find work-life balance
• Offer greater flexibility than conventional office space 
• Accessibility to both public and private locations
• Give Your Day Some Order

Who Utilizes Co-working Facilities?

• Small businesses
• Remote workers
• Freelancers
• Enterprises

Types of Co-working Spaces:

• Open Workspaces 
• Industry-Specific 
• Venture/Incubators
• Private Workspaces

Open Workspaces - Traditional coworking typically involves members from different companies sharing common areas such as hot or dedicated desks.

Private Workspaces - These are the exact opposite of open workspaces, involving private offices or dedicated suites for larger teams.

Industry Specific - This type of workspace may feature a mix of private and open workstations for a particular industry.

Venture/Incubators - Venture capital and incubators are highly selective co-working spaces that serve to fund and promote businesses, often providing lower rent in exchange for equity.