A coworking space is a shared professional-style working area where you can rent a space for a certain price.
In many ways, coworking spaces were designed with small businesses and freelancers in mind. In the early stages of a business, affordable and flexible amenities are critical to productivity. Resources are lean when it comes to small businesses.
Coworking is established for the sole goal of "working." It provides a well-structured working environment. There are about 17,000 coworking spaces globally today, so understanding the advantages of using one is critical to your company's success.
What Are the Benefits of a Coworking Space?
Your small business could potentially benefit from a coworking space. Not only can it help boost your employees’ creativity, but it can amplify business opportunities.
If you are considering a coworking space, read on to learn about the top eight benefits for a small business.
1. Increased productivity
Small business owners—especially those who operate from home or public areas—see increased productivity after moving to shared spaces.
It's easy to become distracted when we're not in a regular working environment. The house must be cleaned or maintained, people can disturb you, and unforeseen circumstances can arise at any time.
People who work in shared office spaces rate their productivity as close to a six on a 7-point scale.
According to the Harvard Business Review research, people who work from a coworking space feel more in control of their jobs and find their work more relevant, in addition to feeling like they're part of a broader community.
2. The 24/7 accessibility
It is excellent working regular hours, but sometimes you need to put in very long shifts to meet specific targets. Uncontrolled accessibility is essential if your business is small and needs to grow.
Coworking spaces normally never close. You can choose to work at whatever hour you like. If an emergency comes up in the middle of the day, you can decide to attend to it without worrying that the office will be closed.
3. Improved work-life balance
Working from home is full of unique benefits. However, when your work and personal life get so intertwined, they have adverse effects on each other.
When working from home, you may work on regular chores such as cleaning utensils instead of working on a proposal for a critical prospective client, believing that you can get everything done, as only a proactive self-starter can.
In a coworking space, people can create a separation between your professional and home life. Shared spaces also have recreational rooms where members can relax a bit between the hustle and improve their work-life balance.
4. Boosted creativity
Fortune 500 CEOs ranked creativity as the most sought leadership skill and the most crucial component of success. It's even seen to be the key to achieving economic growth.
Furthermore, collaborative, idea-generating teams are more likely to judge their experiences positively, implying that working together will make your entire team happy.
Coworking spaces can give bursts of inspiration by allowing collaboration with coworkers and exposing employees to various viewpoints. Moving to a new office can help you renew your thoughts and think of innovative solutions to company difficulties.
5. Direct scalability
When small business entrepreneurs look for office space, it's pretty tricky to locate anything both reasonable and short-term. The majority of commercial leases are at least a year-long, which is a commitment that many businesses cannot undertake.
Coworking spaces allow companies to scale up (or down) as needed without committing to long-term leases. While most flexible office space isn't cheap per square foot, their flexibility to work with you on a month-to-month basis makes them and other coworking spaces appealing to traditional office spaces.
6. Combats workplace loneliness
Working alone is isolating and can be detrimental to your physical and health. Workplace interactions are a vital component of everyday life.
Although you will be working on different projects, a coworking space will surround you with like-minded people who share your desire for an independent lifestyle. It will make you feel energized, socialized, and content.
Shared office companies go to great lengths to create unique experiences which encourage social interactions. They create a space where you join as individuals but eventually become part of a more significant group. These interactions are not forced.
7. Amazing office culture
Most companies are driven by the desire to satisfy their customers. Employee welfare is rarely a priority. It is reported that about 61% of American workers felt burnt out by their current positions. This terrible office culture reflects on the quality of services.
Coworking spaces create a fantastic culture by engaging all workers in the culture-building process. Creating a positive employment experience and attracting and retaining top talent both require a strong culture.
8. Increased business opportunities
The hurdles of beginning and growing your small business can be intimidating, especially for entrepreneurs that are still figuring out how to establish their business. Coworking spaces offer some relief to the immense pressure that small business owners feel by providing incredible networking opportunities.
You can increase your business by meeting and connecting with field experts—either through social media or in person. Plus, you are exposed to chances and opportunities when you work in a coworking environment. Who knows where a casual discussion could lead?
All your company might need to grow is a little exposure. The spark that proximity to other successful business owners may bring to a small business is sometimes all that's missing.
Coworking spaces allow you to break out of your bubble. They provide small businesses a cost-effective solution to save time, network, increase productivity, and expand their enterprises without breaking the bank.
Before deciding on a coworking space, choose a space that fits the specific needs of your company. Make sure space delivers value-added benefits that are worth its cost. Coworking spaces aren't meant to be used for long periods. The goal is for you to grow that startup into a fully-fledged business that requires physical office space.