Coworking is an innovative alternative to traditional office spaces. A coworking space is a place where you can go daily, sit down at a desk, and work among like-minded people in a structured atmosphere. The novel concept allows independent workers and entrepreneurs to share an open workspace instead of the traditional cubicle or makeshift set up in a coffee shop. Coworking has proven to be beneficial in both running a successful business and maintaining a professional career.
Working at home, or taking your laptop to a coffee shop, sure sounds like a dream for most entrepreneurs, but it presents its own challenges and frustrations. Have you got the drive to follow a set schedule each day? Can you work well with little or no accountability? This is why coworking spaces have blossomed as a viable option for entrepreneurs in recent years.
As an entrepreneur or a business owner, have you considered the benefits you could enjoy from a coworking space? Read on as we list seven benefits of a coworking space.
1. Low startup cost
Several coworking spaces offer an economical and affordable rent, especially in comparison to hiring an entire corporate office space. Coworking spaces offer freelancers and individual entrepreneurs a chance to work in a fully equipped office without worrying about the costs of setting up an actual office.
Coworking is also a more affordable way to attain a high-class workspace. These spaces are typically in stellar locations that may otherwise be unattainable. They are designed with quality and functionality in mind, allowing you to be comfortable while you work. There is no pressure with long leases, increasing the flexibility of coworking even further. Because there is no need to purchase entities necessary for an operating office, like desks, printers, or lighting, overhead costs are greatly reduced. Dealing with seemingly constant repairs, service fees and office maintenance is a thing of the past when coworking.
By getting a shared space, you can easily operate your business without needing to compute and allocate funds for building rent, fire insurance, office equipment and various other expenses that come with starting a business.
Coworking allows you the opportunity to network and collaborate with a wide range of bright minds. You might even make new friends in the process. Proximity gives you the chance to “pick the brains” of professionals in your own line of work as well as those in related fields.
Coworking quickly and efficiently helps network, professionally and personally. While coworking you will encounter people from every business sector and walks of life who will likely be a useful connection in your future. Your business will grow exponentially with the addition of these new connections.
Being part of a coworking community means you are surrounded by potential partners, clients or mentors. You can easily outsource great talents to help you with specific projects or time-sensitive tasks.
3. Becoming more effective and productive
Despite its imperfections, an office environment creates an energy and mindset that can only come from interacting with fellow workers. According to a study featured on Office Vibe, a coworking office environment made 64% of entrepreneurs more productive, 68% of entrepreneurs more focused, and 90% of entrepreneurs more confident. In a coworking space, where everyone is busy on their own passion projects, this buzz will drive you on to make your own business a success.
Unlike the distractions of a home office or a public space, coworking allows for maximum productivity. There is no appeal to watch a few minutes (that turn into hours) of television or walk the dog to kill time. Coworking takes away the ability to easily shy away from your responsibilities. Being surrounded by committed, enthusiastic workers is highly motivating, increasing your personal output.
Coworking spaces attract a wide variety of talent from various industries and different fields. If you’re stuck with a persistent problem, you can be sure that the person sitting next to you will have a solution to your problem. Take advantage of the fact that you can trade and share skills with those around you as this will help you gain a lot of potential clients and customers in the process. You can also scout for and hire individuals, either on a project basis or long term, to help you out with certain aspects of your business. With the best of talent available at an arm’s distance, one would be a fool to not make use of it.
5. Breaking out of your comfort zone
When you break out of your comfort zone, you’re giving yourself a chance to devise fresh solutions to existing problems. Interacting with coworkers facilities this kind of breakthrough.
Working across the desk from someone with a completely different skill set can help you discover a new source of ideas. You might find your brain is starting to work in different ways, too. As online-marketing consultant Joyce Anderson puts it, taking the risk to invite others to work alongside you breathes new life into the creation process and shows in the finished product, as well.
Creativity flows in coworking spaces, unlike most other conventional offices. Want to share new ideas and get feedback on your thoughts? Coworking allows for constant collaboration with individuals who bring new perspectives to projects you may have never considered. These collaborations often lead to project or business expansions only made possible through coworking.
7. Avoiding Loneliness
It’s often said the life of an entrepreneur can be a lonely one. Working alone is isolating and can have a negative effect on your mental wellbeing. Interactions in a work environment are an important part of daily life, and though you’ll be working on your own business, a coworking space surrounds you with like-minded people who have picked an independent lifestyle that matches yours. It will leave you feeling energized, social, and happy.
Coworking creates a sense of community instead of the isolation that often comes with growing a business, or freelancing. It is easy to feel lonely when working behind a computer all day, especially in a home office or a crowded office. Coworking gets rid of the notion that you are alone in your work and heightens the social aspects of your work life. The increase in interaction with others throughout the day is healthier for the mind and body and results in a happier you.
Working at home can have an isolating effect after a period of time. Coworking is an easy fix. Working amidst others can lend a sense of camaraderie, even when you’re creating alongside complete strangers.
8. Promotes work-life balance
“All work no play” is a phenomenon you’ll never experience when you’re in a shared office. Coworking spaces are great as they promote work-life balance by providing venues to de-stress and recharge during a day of tiring work. Aside from weekly social events, different health and wellness activities are regularly being held for the benefit of its members. Most shared offices have a dedicated space for meditation if you need a little time for yourself and even a room for a little nap.
9. Working at your own pace
Coworking makes it possible for you to create some space between you and your clients — just enough to redirect energy to your own projects and move at your own pace. Stop devoting hours to the same interruptions and distractions that normally plague your days. Why not work in a new environment, surrounded by new people and new stimuli? Coworking can be a respite from day-to-day workplace worries about strict deadlines or clients trying to reach you at your primary location.
Coworking is an ingenious way to increase the positive effects of a workplace while diminishing the negative effects of working in an office space, home office or public place. There is a constant feeling of community in a shared working space, with the possibility of expansion of business, clients, and networking. Coworking maximizes productivity and creativity. The non-binding, affordable shared space is a no-brainer when looking to cut costs while maintaining quality.