With the the pandemic reversing the entire global landscape of business, companies have started thinking about branching out in ways that will be cost-effective and add flexibility. And, adding to that significantly was the undeniable demand of choosing coworking spaces over private spaces.
To make this even more insightful and evident for you, experts have forecasted, that more than 3 million co-workers globally will double by 2022. According to reliable data, co-working spaces have experienced a 2.1% compound annual growth rate in 2021, which is said to escalate to 12% by 2025. With 65% of Americans preferring a hybrid work model, at present, the USA stands third in the top countries with maximum co-working spaces.
The modern way of working and collaborating is co-working. Coworking office space 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. Usually, the seekers are freelancers, entrepreneurs, start-ups and small teams who want a versatile place to take advantage of.
Co-working 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 fewer than 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.
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 WorkSocial 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.
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 shut 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!
Aside from having a common workspace, co-working members also share a virtual space. Each member gets their own official virtual email address. 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.
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.
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 multiple startups, freelancers, and entrepreneurs of various professional backgrounds.
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.
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 comradely as there are many like-minded individuals with shared interests working towards common goals.
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.
Co-working space advantages are not just about productivity, but also chances for real connection. Countless opportunities for mentorship, influence and even relationship have surfaced 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.
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.
In recent times, the art of slow-living has been popularized, and step one to initiate this process is to strike a work and lifestyle balance. Co-working spaces provide employees with a dedicated workspace that is close to home, so balancing work and personal life becomes feasible. Through co-working spaces, employee burnout rates can be avoided thereby resulting in higher productivity.
Getting more dynamic, coworking spaces now pampers your business’s requisites by offering digitally sound, virtual offices. With the world seeing a new dawning of the ‘new normal’ companies worldwide have opted for virtual offices and gone beyond the physical realms for their business’s address. Now co-work from anywhere with virtual offices that let you own space for your business remotely thereby curtailing a lot of extra expenses for renting a physical space.
The ongoing pandemic has had a lasting impact on the smooth conduct of businesses globally, especially affecting co-working spaces, due to the contactless- lockdowns that were in play. It has been proven that conducting businesses remotely has done a business more harm than good. The necessity of co-working spaces stems from an attempt to revive dwindling business on a global scale.
Getting more dynamic, coworking spaces now pampers your business’s requisites by offering digitally sound, virtual offices. With the world seeing a new dawning of the ‘new normal’ companies worldwide have opted for virtual offices and gone beyond the physical realms for their business’s address. Now co-work from anywhere with virtual offices that let you own space for your business remotely thereby curtailing a lot of extra expenses for renting a physical space.
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.
