Why should you/your business work in a co-working space?
To help you appreciate the benefits of working in a co-working space, we asked business owners this question for their best insights. There are several reasons that would encourage you to get your business to start working from co-working spaces as a result of the benefits it brings.
Here are 13 reasons these leaders and their businesses work from co-working spaces:
- It’s Cost-Effective and Easier to Manage
- Encourages Networking and Healthy Atmosphere
- It Provides a Cost-Saving Community of Support
- Provides Opportunities for Community-Building Events
- Makes It Easier to Implement a Hybrid Work Schedule
- Offers a Place for Free Coffee
- The Environment Makes You Feel More Work-Oriented
- The Atmosphere and Interaction Create Inspiration
- Meet New People and Explore New Opportunities
- Offers a Favorable Home Away From Home
- Enhance Collaboration Among Employees
- Makes it Easier to Test Out Different Office Set-Ups
- It Helps Cut Down on the Fixed Costs of the Traditional Office
It’s Cost-Effective and Easier to Manage
For several years I ran an office for our company of about fifteen employees. When the internet went down, I was on the phone with tech support getting the internet back up. I managed snack subscriptions, janitorial supplies, and office decor. Conference room schedules had to be created, desks had to be assembled, and space consistently had to be thought about with the high growth nature of the business. With a co-working space, you don’t have to worry about any of that stuff.
Instead, three community managers at our co-working space put breakfast, snacks, and beverages out each day. They organize activities. A cleaning person is on staff and cleans all day. Software organizes conference room schedules. It’s just easier, and clears the path for productivity. If your company has fifteen or less employees, a co-working space can be a much more flexible and cost sensitive office option for your business.
Encourages Networking and Healthy Atmosphere
Ideal for online small businesses without much in-person interaction, co-working spaces unlock a fresh source of leads through networking. Partnering with those offering similar services or products, a new revenue stream can open up for little effort save being friendly to your co-working space neighbors! Of course you’ll want to reciprocate when there’s opportunities to do so, because this will help your overall reputation there as one looking out for others.
Feeding off the energy from other driven entrepreneurs also provides the solopreneur with a sounding board to bounce ideas off of. Whereas they may waste resources on a bad idea while working from home, they can shelve them before investing after talking with peers at a coworking space. The power of collaboration and being around like-minded problem solvers could potentially help small businesses grow faster in an environment of success.
It Provides a Cost-Saving Community of Support
Co-working spaces provide remote workers with a sense of community. Working alone from home can sometimes feel isolating. And this is a concern as the mental and physical well-being of employees is becoming a priority for more and more businesses. While flexible working spaces have long been a place to spark motivation and boost productivity for those working offsite, many of these establishments now offer wellness classes, meditation, and yoga. While companies see co-working spaces as a cost-savings solution at a time when a recession is looming, remote and hybrid workers view them more as a fountain of support and inclusion in challenging times.
Chris Gadek, Head of Growth, AdQuick
Provides Opportunities for Community-Building Events
Coworking spaces provide outstanding opportunities for community-building events. These events are great venues for learning from industry experts, building strategic partnerships, and simply unwinding with your peers. A much-needed social break from work helps reduce your stress and restore your productivity levels. At the same time, you get to widen your perspective and knowledge of your industry through professional insights. These factors help drive your business growth and personal development. These community-building events are very fruitful for everyone involved in them.
Makes It Easier to Implement a Hybrid Work Schedule
As many people return to the office, there’s a huge mix of feelings about the best way to go about it with some employees preferring a remote system, other employers feeling the need to interact and many people recommending a hybrid work schedule for the transition until we’re able to analyze what really works. Working in a co-working space allows for an effective and efficient hybrid work schedule without adding unnecessary business costs until the most productive system and schedule is decided upon.
Offers a Place for Free Coffee
Coffee. Plain and simple. For those working remotely, why make your own when all you can drink is at your disposal in a co-working space? There are a plethora of spots that offer coffee options including the popular WeWork. They offer bottomless hot and cold java for free. So keep your team energized all day long without having to brew or clean coffee pots!
The Environment Makes You Feel More Work-Oriented
It’s up to everyone individually to stay on schedule and have the discipline and motivation to not only do the necessary work but to excel within your position. Co-working spaces may not sound as appealing as one’s home or favorite coffee shop, but they can significantly impact productivity. They should be especially considered when you’re having trouble keeping on track or staying focused. Every routine needs an anchor of some sort, and a co-working space can be just that. Contrary to popular belief, you don’t need to interact with others in a co-working space. Depending on our needs, you can approach the space more socially or set boundaries, so it doesn’t become distracting. Nevertheless, having an environment of people also focused on work (or just a place you can go to instead of just staying at home 24/7) can be beneficial for your work ethic and mental well-being.
The Atmosphere and Interaction Create Inspiration
The biggest reason I would give for any company to work in a co-working space if they have the opportunity is quite simple – inspiration. Co-working spaces allow for a merging of minds in a way that you may not get in a regular office, and rather than the community aspect being seen as a distraction, it should be understood as a vital tool that can inspire team members, keep them productive, and even develop their learning. These spaces are great for safe idea sharing amongst a variety of professionals who can help each other develop and achieve their goals.
Despite not necessarily working together, it can be a great place to actually talk to new and varied people who because of this community aspect end up naturally becoming a part of creative conversations – not necessarily about specific projects you or they are working on, but more generally in a way that keeps everyone thinking creatively.
Meet New People and Explore New Opportunities
Meeting like-minded people within co-working spaces is in the best favor of the business. You never know when you can come across a brilliant growth opportunity. Interacting with high-performing individuals boosts confidence and lets you brainstorm for the better. And, by meeting different people every day, you never know, but you may run into a potential customer. Since individuals with other businesses work in a co-working space, your service may be needed by someone else working on the same premises.
Lastly, meeting new people releases stress and FOMO issues that could arise when working from the four walls of your home. And working around different minds can instantly give you a boost in creativity and help you ace your productivity as well.
Offers a Favorable Home Away From Home
Co-working spaces give remote and hybrid employees some much-needed workspace away from work-at-home. It’s true that working from home allows for unparalleled flexibility, but many find that their home mixes with their work as well as oil mixes with water– in that it doesn’t. Sometimes, the state of our home, or the people we share it with, prevent us from being efficient and the best option is to go somewhere with fewer distractions.
According to a study by Microsoft, more than 52% of the American workforce wants to work remotely, but remote workers are also finding that there’s little public infrastructure that can compensate for not having an actual workplace. Rather than filling up public libraries or spending $7.00 on coffee every day just to sit in a cafe, a co-working space designed for remote workers gives structure and camaraderie with minimal distractions.
Sara Alshamsi, Chief Operating Officer, Big Heart Toys
Enhance Collaboration Among Employees
At our company, we use co-working spaces to enhance collaboration among employees. As a creative business that likes to stay ahead of the constantly-changing fashion trends, we benefit immensely from our employees working together to create masterpieces. That’s why we use co-working spaces. Our employees find it easier to work with each other when the four walls of an office or cubicle don’t divide. Higher collaboration has many positive impacts on other sectors, too. Employees feel socially secure in the workplace, increasing motivation and productivity. Collaboration between different teams leads to high synergy projects that utilize business resources efficiently.
Makes it Easier to Test Out Different Office Set-Ups
Co-working spaces allow professionals a more traditional set-up with far more flexibility than a conventional office. When you invest in an office space, you’re locked in by a lease, but co-working spaces allow you to test various office styles relatively easily. Whether you prefer a hot desk, meeting room, lounge area, or private office, there’s a little something for everyone. You can enjoy some quiet work or lively brainstorming sessions all in one great space. And if you don’t love a co-working space in your area, most major and small cities offer multiple options, making it easy to swap providers and test out a different one!
It Helps Cut Down on the Fixed Costs of the Traditional Office
Many businesses are now operating a hybrid model, with their employees spending only a few days in the office. This creates a huge amount of wasted costs as the company office is no longer being used to its capacity. The majority of these businesses can save a lot of money by terminating their office lease and using coworking spaces instead. This also means teams can be more flexible with where they meet and the facilities they need.