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7 Unique Benefits of Coworking Spaces for Your Business

7 Unique Benefits of Coworking Spaces for Your Business

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benefits of coworking spaces

If you’ve never heard of “coworking” or only have a vague idea of what it is, you need to keep reading! There are some amazingly unique benefits of coworking spaces for your business you might be missing out on.

What is coworking?

So…what is coworking, and what are coworking spaces? As a concept that would have been unrecognizable only a decade ago, there’s not just one accepted definition. A standard Google search describes coworking as, “the use of an office or other working environment by people who are self-employed or working for different employers, typically to share equipment, ideas, and knowledge.” Essentially, coworking involves a shared workspace that many different small businesses and individuals use to get work done. 

Who uses coworking spaces? Almost anyone can use a coworking space. They are especially useful for freelancers, remote workers, non-profits, entrepreneurs and small businesses, and even corporate level enterprises.

The way we work is changing, and coworking spaces are the workplace solution to that change. And the demand is growing. In 2019 there were more than 3 million coworkers globally, and that number is expected to double by 2022. Likewise, the number of coworking spaces worldwide is projected to more than double by 2024.  And with the pandemic, 42% of the U.S. labor force is now working from home full-time. Clearly, this is a trend that is quickly becoming a fixture of society and the business world.

You might be on your own as a freelancer or remote worker, or part of a team of workers. But either way, if you’ve never considered a coworking space for your business needs, you should.

Here are 7 unique benefits of coworking spaces for your business that will make you rethink your traditional office or work-from-home environment.

1. Cost-effective and flexible

2. Features and amenities

3. Location and location independence

4. Networking and collaboration

5. Ensures work/life balance and a focused environment

6. Increases motivation, productivity, and creativity

7. Provides community and prevents loneliness

1. Cost-effective and flexible

One of the key benefits of coworking spaces is that it makes starting a business and maintaining it super easy.

Coworking spaces come ready-to-go with all the office essentials, including furniture, wifi, printing stations, reception, janitorial service, utilities, etc. These are shared by all members of the coworking space, all for one simple monthly fee. This reduces overhead costs and some headaches for startups and small businesses. They would otherwise have to manage all of this on their own in a traditional office setup.

Renting a traditional office space also locks new businesses into an extended lease. Coworking spaces, however, generally run month-to-month. This takes a lot of the pressure off of a startup business that might end up needing a flexible location. 

Coworking spaces also have various packages to suit the needs of almost any business. From a single freelancer or remote worker up to a corporation, these spaces can accommodate them all. Common areas with shared and reserved desk options are great and affordable for people working on their own. Private offices can be rented for one or several workers. And many have private suites available for businesses that have more employees involved. Or maybe you’re an employee with a location-specific job, but you need a place to work on personal projects. There are options for you, too, with night and weekend only memberships.

Also, many coworking spaces are open 24/7. So you can choose to work whenever you are most productive or whenever it suits your schedule best.

2. Features and amenities

There are practical benefits of coworking spaces for your business. In addition to the standard office equipment like furniture and printing services, coworking spaces have more. Most have conference rooms that anyone can rent out, phone booths to make private calls, mailing services, shared kitchens, etc. 

What really sets coworking spaces apart from traditional office environments and each other are their amenities. Most come with free, unlimited coffee, and that’s a good enough reason to make the switch for us! But besides free coffee, many have baristas for espresso drinks, cocktail lounges, in-house gyms, meditation spaces, patios, and nap rooms! And all for members only.

3. Location and location independence

One of the most significant benefits of coworking spaces for your business is the location. Most coworking spaces are located in downtowns and central parts of cities, giving your business a very prestigious address. This makes your business seem more viable and accessible to clients.

The central location of the office is also great for you and your employees. It puts you in easy distance of cafes, restaurants, parks, shopping, public transit, parking, etc. And some coworking spaces are situated with excellent and inspiring views.

For freelancers and remote workers whose work doesn’t depend on staying local, it provides a unique opportunity for location independence and travel. In many tropical locations and major cities around the world, coliving enterprises have popped up. Essentially, these are coworking spaces with living quarters available, allowing you to live and work almost anywhere in the world. You could work in Bali for a month, then Portugal or Spain, or any other popular remote working destination!

This also provides opportunities for entrepreneurs and businesses operating out of coworking spaces. Many coworking spaces are part of a network in other major cities. So as your business grows, you are already set up to branch out and expand to other areas if needed.

4. Networking and collaboration

One of the most unique benefits of coworking spaces is the networking possibilities. And people are thriving in them. 

Coworking spaces bring together lots of different businesses and entrepreneurs all together to work in the same area. This provides an incredible and invaluable opportunity for networking and collaboration. 

As you get to know your fellow “coworkers”, services and information can be exchanged, new employees can be hired, and even collaborative endeavors begun. Many successful enterprises, such as Uber and Instagram, started as a collaborative idea inspired in a coworking space.

5. Ensures work/life balance and a focused environment

One of the most invaluable benefits of coworking spaces for work-from-home-ers is that they ensure a positive work/life balance and a focused environment.

Work/life balance

Working from home provides fantastic opportunities to add flexibility to your schedule and get away from toxic office environments. And you don’t have to wear pants! But with all the positives, many people also find lots of struggles with the situation. 

It makes it difficult to have a proper work/life balance because the two aren’t physically separate anymore. It can also be riddled with distractions from kids and spouses claiming your attention, neighbors needing help, and packages delivered. You might realize some cleaning needs doing, laundry, and other chores that get in the way. And your couch and tv are way too temptingly accessible.

Also, some find that working from home gives them too much freedom, and they can’t keep to a work schedule. Some people need that structure of going somewhere to work at a scheduled time to be productive. Otherwise, they will just end up wasting time. They need to, quite literally, get out of their comfort zone.

Focused environment

This is why many work-from-home-ers flock to coffee shops, cafes, and restaurants. But those have their own distractions and struggles as well. The music and conversations can be too loud, crying babies and kids running around can be annoying, and the wifi can be spotty. There is always a struggle to find a good spot to work. All the tables get taken, the chairs aren’t comfortable, and you’re always fighting for a place near an outlet. And nothing’s worse than arriving ready to work only to find the place already maxed out. Then you have to leave and drive somewhere else and lose valuable work time.

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Coworking spaces give you a dependable place to go to get your work done. Most have lightning-fast wifi, various and plentiful desks and seating arrangements with outlets, and everyone is there to work. No one disturbs you unless welcomed, and there is only a gentle white noise of the hum of productivity. And with dozens of people around you focused and working, it makes it really hard to slack off and procrastinate.

And that’s all worth putting on some pants.

6. Boosts motivation, productivity, and creativity

There’s a palpable buzz and energy in the atmosphere with so many different creative people all together in one place. Many people report that after switching to a coworking space their motivation, productivity, and creativity skyrocket. And that is one of the most significant benefits of coworking spaces for you and your business.

In typical office environments, many employees don’t feel valued or appreciated as individuals and can’t find meaning in their work. In a coworking space, you’re regularly meeting new people (if you want!), introducing yourself, and defining what you do. Many people find that this helps them build a sense of ownership and identity in what they do and become more motivated to do it.

It’s hard not to absorb the productive energy of all those around you getting their work done and not do yours! Productivity soars in coworking spaces. As mentioned before, coworking space hours can be super flexible. So you can spend dedicated time to get your work done or use extra productive days to your advantage. You can stay longer to get ahead and work around appointments and things you may have going on at home.

With so many different businesses, talents, and creativity all in one place, coworking spaces are hubs for ideas. Just a casual conversation at the coffee bar with someone you meet might spark a new idea. Or swapping tricks and methods with a fellow tradesman might help to get you out of a slump. 

Coworking spaces are like think tanks. They put you and your business in a position to meet the right people to inspire new ways of thinking and connect you to solutions.

7. Provides community and prevents loneliness

Whether you are an introvert or extrovert, isolation is never good. And isolation is one of the biggest problems independent workers run into when they begin working from home. Even introverts need to stay connected to people. And this connection to people in a community is one of the most valuable and rewarding benefits of coworking spaces. 

And if you don’t think isolation eventually leads to problems, just watch/read The Shining. Are we saying the events in The Shining could have been avoided if Jack Nicholson had a coworking space to write from? ……..YES! 

“All work and no play makes Jack a dull boy.”

All kidding aside, just having people around that you can choose to talk to or not can do wonders for your work mood. And that does wonders for your motivation, productivity, satisfaction with what you do, and your quality of life.

Different coworking spaces attract different kinds of people depending on the area. So, in a sense, you can choose the kind of people you work around and the community you want to be a part of.

Each coworking space is a unique community. Many have weekly social activities you can choose to be a part of. Getting to know the different people you work around can make you feel you are a part of something bigger. That’s especially an asset to independent workers who feel like they are on their own. And the possibilities from networking during these social times are endless. You can make friends and help each other when needed and provide some mutual accountability.

There are even coworking spaces that are geared towards certain groups of people or trades. There are specific coworking spaces that cater to dancers, lawyers, filmmakers, artists, and even women-only.

Conclusion

There are so many unique benefits of coworking spaces for your business. If you haven’t considered them before, you really need to. Not convinced yet? Check one out for yourself! Coworking spaces give free tours of their facilities, and most have day passes available so you can try it out. 

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