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Benefits of Co-Working: Shared Spaces & Simplified Business Solutions

Calendar Icon April 4, 2020 BY WorkSocial Press and Editorial

With 30.7 million small businesses in the U.S. in 2019, it’s clear more working professionals are turning away from traditional jobs to pursue entrepreneurship. The start of an endeavor as an entrepreneur, tech-preneur, startup, or freelancer can be a humble beginning, but there is great potential for a lucrative and profitable ROI. However, achieving this requires thorough budgeting, and many ways companies cut costs is through utilizing co-working spaces. New companies are turning to this popularized business practice for multiple reasons that only improve their experience as an entrepreneur and their overall business.

The benefits of using a co-working space are compelling enough for 37.93% of small to medium-sized businesses, 27.12% of startup teams and16.61% of freelancers to use them, according to Coworkinginsight.com. Shared workspaces offer many benefits; here is a list of 11 ways these spaces are worthwhile.

What is a Coworking Space?

The modern way of working and collaborating is coworking.

Coworking spaces are built to provide their diverse occupants with a productive and interactive atmosphere and are created without corporate limits on what is considered to be an ‘office’ environment that provides flexible memberships to meet most needs.

For those seeking to escape the loneliness of a home office or coffee shop, they provide affordable office space. A suite of office-like facilities such as hot-desks, private conference rooms, kitchens, coffee and more are offered in these shared workspaces.

Sometimes, they provide a group as well. Usually, tenants are freelancers, entrepreneurs, start-ups and small teams who want a versatile place to take advantage of.

Advantages of Coworking Spaces

Cost-Effective Space: Coworking spaces alleviate financial burdens established in a traditional business structure. Many businesses use a brick-and-mortar format that requires buying or leasing a space. Small businesses with under 12 employees can save around $2,700 monthly by using these spaces versus leasing an office. No complaints there! With such significance in budget cuts, companies can allocate funds to other areas of business.

Co-Working Spaces Have Great Features: Many would say the best advantage of working in a co-working space is the freedom and flexibility that comes with it. These typically large facilities have multiple conference rooms, offices, and amenities like gyms, cafeterias and outdoor areas. We at Work Social are located on a pier with an amazing view. Imagine taking your break in front of the water. These shared workspaces are curated to make working solutions all-around a business. With the proper planning, entrepreneurs can use these spaces with more liberties than a traditional office and perform with effective tools and support.

Reduces Business Costs: Another financial benefit is shared access to co-working amenities and utilities. Co-working spaces offer these within their facilities, once again alleviating financial burdens. Entrepreneurs can work in these spaces without the worry of the internet shutting off, replacing office equipment, running out of Keurig cups, or whatever other obstacles occur when in operations alone. It also doesn’t hurt to have a maintenance staff that will take out that trash for you!

Corporate Mailing Address: Aside from having a common workspace, co-working members also share a virtual space. Each member gets their own official email, a subtle but impacting display of professionalism. As a startup or small business, first impressions are that much more critical when building clientele. A corporate email provides a distinct way to validate the business’ credibility as a report and trust is built.

Greater Flexibility: From choosing a desk to scaling up to a larger space, there are many options within co-working spaces. Entrepreneurs have greater flexibility to adjust their space according to current business needs. With the vitality of the business, change is constant. Being in a shared workspace allows for adjustments to be made with increased ease and in an efficient manner.

Networking Opportunities: Aside from the financial and structural benefits of a co-working space, there is also a social one. With multiple other companies working in an office sharing the same facilities, there are opportunities to network. Connections and collaborations have the potential to arise while working with so many startups, freelancers, and entrepreneurs of various professional backgrounds. That creative seeking technical help may not have to look any farther than their co-working facility.

Improvement from Monotonously Working at Home: Working from home is often sensationalized. Freelancers and remote workers fantasize about working in their bed and not having to dress for work. However, people do not consider the many distractions and the lack of encouragement experienced while working from home. At a shared workspace, one is surrounded by other motivated members, focused on their laptops while drinking their coffee, thus creating an environment of productivity while not feeling alone or bored in the process.

Counters Loneliness at Work: Many freelancers and remote workers also are remised of how lonely working from home can be. Everyone else is at work or school while the freelancer is left to be productive on their own. Even at a traditional job, an individual may experience a sense of loneliness, especially when others do not understand your ambitions. However, at shared workspaces, there is a sense of comradery as there are many like-minded individuals with shared interests working towards common goals.

Launchpad for New Learning Skills: Constant up-gradation and acquiring new techniques and skills is the mantra for sustained success in today’s world. Co-working offers the ideal space where one meets other professionals and learns about the latest business skills that are evolving dynamically and changing the face and pace of business.

Emotional Support: Co-working space advantages are not just about production, but also chances for real connection. Countless opportunities for mentorship, influence, and even relationship have undergone due to the networks built within a shared workspace. These facilities also host various events that allow time to socialize and take a moment to discuss topics besides business.

Enhances Productivity and Efficiency: A workspace offers a non-traditional work environment that boosts productivity. With the best working conditions, members can produce quality work. Many of these offices have central locations that are perfect for coordinating any meetings, events, and other various activities.

This trend in work structure is gaining trajectory for startups, remote workers, freelancers, small to medium businesses, and others. With all the benefits of using shared workspaces, it is no wonder new businesses are turning to this method. If you are in this niche of business, you may want to consider a co-working office. Avoid the hassles of leasing space and the burdens that come along with it. Be open to a new work model that will provide a path to your booming business along with your best self.

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Having WorkSocial’s private office space for rent in NJ is definitely one of the best choices for small and large businesses alike. WorkSocial offers:
Having WorkSocial’s private office space for rent in NJ is definitely one of the best choices for small and large businesses alike. WorkSocial offers:
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