Coworking Spaces- Everything You Need to Know About Coworking from Demand to Future

IN THIS STORY

1. What is a Co-working Space?
2. What Coworking Space Offers?
3. Why do people use a Co-working Space?
4. When Do you Need a Coworking Space?
5. Famous companies that started in a coworking space
6. How to Choose a Co-working Space?
7. What holds for the future of Co-working?

Co-working spaces are the new craze among youngsters and people who like their freedom. A co-working space has to offer you things that a traditional office most definitely cannot. If you are thinking about why they have gained such popularity and have become a trend or thinking about joining one, this article is the perfect piece of content that will give you the necessary insight.

What is a Co-working Space?

As the number of smaller businesses and entrepreneurs is rising, a professional setting to accommodate them increases with time. A coworking space is a perfect solution for everybody trying to bring up something new to the industry.

Co-working could be explained as an arrangement where workers of different sectors, industries, or companies share an office space with shared infrastructure. This sharing is mainly of space's physical assets like equipment, utilities, parcel acceptance services, or even receptionist. To put it simply, a Co-working space is a shared ground for a variety of work. There are more than 3 million coworkers globally marking this a rising phenomenon.

The culture of shared workspaces is more dynamic and upcoming than regular offices as the zest of young blood keeps the vibes high, increasing productivity. Thinking of why coworking space is an unmissable experience? Let this article tell you more.

The culture of shared workspaces is more dynamic and upcoming than regular offices as the zest of youngblood keeps the vibes high, increasing productivity. Thinking of why coworking space is an unmissable experience? Let this article tell you more.

What Coworking Space Offers?

There is a basic set of amenities that any Co-working space will offer you. There is a need for certain infrastructure for a professional setting that will aid you in your final productivity levels. These utilitarian assets include-

Shared Spaces: The nomenclature has it that you will share your workspace with other people who are dedicated to their sphere of professional projects. The aura created by these hard working coworkers will aid your productivity levels and catalyze your process of goal accomplishments.

Dedicated Desks: As different workers work at the same stations, there are dedicated desks with special amenities for people of professions who need more than just a desk and chair. These dedicated desks can include computers, graphic pads, work lights, stationery, and so much more.

Private Offices: If your profession demands frequent client meetings, use of sounds, or are working on some classified projects that require to rent private office space , you can also opt for private booths and offices offered by co-working spaces. These are cabins designated for workers who need privacy while working on their projects.

Virtual Offices: Virtual office provides its clients with a business address to help them in the registration process. This platform can provide a company with conference and meeting rooms as per their requirement. It is a safe environment that any company can rely on and take care of their business virtually. Mail receipts and mail handling is another feature that the virtual office can provide. As a co-working space, this platform can benefit a virtual receptionist to ease the flow of the business meeting, etc.

Meeting & Conference Rooms: Some professions demand frequent client meetings and conferences either physically or virtually. People belonging to such professional spheres do not have to worry as co-working spaces have designated meeting rooms designed to provide privacy and comfort. There are many meeting rooms in a single co-working space so that different organizations can hold simultaneous conferences.

Why do people use a Co-working Space?

After knowing what is coworking space, the new question for you would be, why the hype? What is the reason behind this buzz as the number of coworking spaces worldwide has risen almost to 20,000 in 2020? So here are a couple of reasons you cannot miss the opportunity to work in such a space-

Cost: Let’s not beat around the bush and come to the most important point of running a business. The capital and investment cost are the biggest expenditure you frame your business on. If we say, a small business can save more than 2700 dollars monthly by incorporating a coworking space instead of a regular office space? This is the truth as leasing an office is expensive, and so is incorporating other amenities. In coworking spaces, you can rent office space hourly or you can share costs with other inmates who pay equally for the utilities. This relieves business costs, alleviating you from the pain of paying the loans for your office space.

Networking: The right contacts are the most important yet unseen assets of any growing business. With multiple other companies working in the same space as you, better collaborations are made. Potential partnerships, employers, and duets as freelancers are constant in such spaces. Do you know Uber and Instagram are a product of coworking space networking?

Productivity: Surrounding yourself with able and hardworking people is always a motivation towards a better output. As co-working spaces are mostly used by freelancers and upcoming businesses striving to mark the market, the zeal to succeed is extremely high. Success follows hard work and perseverance, which are strongly portrayed by the employees working in these spaces. This energy is instilled in all the coworkers who struggle each day for a better tomorrow. This aura surges the productivity levels ensuring better output.

Alone, but not lonely: Working from home, on your bed, in your pajamas while usurping the fridge may sound like a dream, but it isn't. Loneliness will strike you hard one of these days, and your work output will hit the newest low. Making you understand how coworking spaces work. Though you are working all on your own, on your terms, just like you wanted your freelance life to be, you are still surrounded by all these people following similar paths as you, making you one of the wholes. This provides emotional support and elevates your production. Thus, these spaces have been growing at an annual average rate of 23% since 2010.

Attractive Features: A Co-working space can provide you a lot more than a normal office floor for higher rent or lease. As co-working spaces are made for community uses, it comes with a larger plot area. This includes multiple conference rooms, Utilities such as a canteen or a kitchen, several refreshment spaces, and outdoor spaces. The flexibility and freedom of these shared workplaces are unmatched as you can work on your schedule without being answerable to anyone. Coworking spaces are curated in such a fashion so that coming to work does not feel burdensome. It is foreseen that by 2022, 13% of Businesses, other than US-based ones, will be using these coworking space models.

When Do you Need a Coworking Space?

As we know what a co-working space is used for, our turn is to know the people who utilize this facility to its maximum. Though anyone in need of a workspace can use it, statistically speaking, there is a demographic distinction in who needs these the most. Following data will give you an idea about when a coworking space is needed –

• Freelance: Co-working spaces are the best choice when you are a freelancer. As coworking spaces are flexible, you can issue your presence according to your needs of the day. You can be present there while you aren't answerable to anyone for your absence on your days off on the days you need to work. This is an excellent network building space as employees look for freelancers to hire all the time. You can build your connection in your break time and have a hearty chat with other freelancers sharing your experiences. This is a great mingling space when you need to correspond with anyone as well.
• Small Scale Business: Not all businesses are huge capital invested in heavy-duty industries. Some are upcoming businesses and startups looking for cheaper office space and even some interns to work for them. This is how co-working spaces work in gathering the needy and the needy together. As shared workspaces are cheaper, it reduces the financial burden of smaller businesses. The coworking space also provides them with amenities they could not have afforded if they had to pay for an office lease. Thus, it is an excellent option for them.
• Large Scale Enterprise: A need for extended workspace arises when a large enterprise with too many employees does not stop growing. Industry pioneering companies like Nike use spaces enterprise coworking as they need to get their work done on time. As huge enterprises work internationally, managing office space becomes a hassle that can be made simpler by these shared workspaces with minimum orthodoxy and strictness.
• Non-Profit Making Organizations: As non-profit making organizations do not depend on their trades and profits, they are cost-conscious and believe in resource-saving and optimum utilization. Co-working spaces are apt workstations for them to meet more people and build connections while cutting operational costs.

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Famous companies that started in a coworking space

Co-working spaces have seen many successes and failures, as this is where a lot of the beginners started dreaming. As more startups begin to flourish, the popularity of co-working spaces and questions around how coworking space work starts. Here are some companies and conglomerates which started in co-working spaces and made it big-

• Uber: This global conglomerate, which functions in almost all developing or developed countries, conceived on-road and incubated in a co-working space in New York called The Yard. It started with two men working together at shared working spaces, which increased to 8 people in another co-working space and now into a multinational company employing thousands of people.
• Instagram: The idea of Instagram was developed after the makers refurbished their old idea of another social media photo uploading site called Burbn. As they realized while working in a co-working space, the photo filter became the popular aspect of the application. They renamed the app Instagram and relaunched it.
• Spotify: Shared office spaces can be considered a big launching pad for miniscule organizations, such as Spotify, to guide their path. This company with humble beginnings was originated in Sweden but got its big launch while in the coworking space of san Francisco in the US.
• Wanderfly: This budget-friendly travel and exploration company was bought by TripAdvisor 12 months into its launch. In the hot desks of one coworking space in New York was the idea of Wander Fly conceived, which went onto become one of the important bases of new exploration.
• Indiegogo: A wall Street Analyst started one of the largest crowdfunding portals sitting at one of the desks in a co-working space. This is a motivation for all the data analysts’ freelancers who dream to make it big. These spaces are a breeding ground for ideas as companies make it big after getting started here.

How to Choose a Co-working Space?

Trying out something new for the first time, and getting no help from any source must be difficult. In this article, we have already discussed what is coworking space. But you want to experience it for yourself to agree with us. Here are some tips for finding you the perfect coworking space tailormade for your needs instructing you on what to look for when choosing your workspace and how does coworking space work -

• Location: This is one of the most important points to look for in your place of work. You have chosen this option with the reason to save your time and money. You should look for places closer to your home to reduce commute time and cost. But you cannot deny safety and thus should choose a location where it is peaceful. Also choose a location with easy access to public transport, restaurants, shops and parking space. Difficult right? Do your research to find the best co-working space for yourself.
• Cost: You are looking for a long terms’ solution with effective budget-cutting pros. Plan your budget and needs before settling in a workspace. Expensive co-working spaces will have premium amenities, yet they will surely burn a hole in your hard-earned savings. Cheaper working spaces will not serve your purpose as they will offer you fewer services. The proper balance that fits your budget should be planned in the beginning.
• Environment: How does coworking space work is the primary question that should strike your mind while searching for one. Every space has its own culture and work environment. Choose one that suits your principle and work ethics, or you will be in constant clashes with your coworkers, which will affect your work output negatively.
• Type: The type of Co-working space entirely depends on the community of coworkers residing there. A particular batch of specialty professionals may favor the space for specific reasons. E.g., a content writer may choose a specific co-working space where he or she can collaborate with other writers for a newer project. Space may be comfortable for them because of the library of research material it has. Likewise, different spaces have different perks, especially for a variety of professionals.
• Amenities: Though this is of tertiary importance, you can always check up on the utilities and resources a co-working space provides before joining. Besides basic amenities such as the morning coffee and the Wi-Fi, you definitely can have special needs. There are luxurious amenities such as a gym, lounges, and parks in certain shared spaces. So, if you aim to choose a premium place with certain off-beat amenities, check beforehand.
• Duration: The commitment to the place and work is something you should consider before checking in and finalizing on a co-working space. Are you using this place for a filler till you get an office space of your own? Then this is a short-term plan, and you can settle with just about any workspace. But if you are planning to continue being a coworker, choose a space that solves all your desires. Do not settle with just anything as the lack of the needed amenities will affect your work. Other than this, your business goals also determine your workspace needs. Are you aiming to go global? Is your business more interested in local clients? Everything depends on the duration of office use. Settle your short term and long-term goals before finalizing your office space.

What holds for the future of Co-working?

As the youngblood of the world travels the roads not taken traditionally, freelance and startups are increasing in multi-folds. It is estimated that the number of co-working spaces is expected to double by 2024 worldwide, surpassing 40000. There will be more than 6 million coworkers globally by 2022.

These are statistics that speak louder than words about the bright future that lies ahead for coworking space. As the need for an extended workspace and hot desks rise, more options are made available to the coworkers. Co-working and sharing of spaces will become the new norms for the workforce entering the market today. The genuine rise in corporate workers who work from their own space has led to this flourishment. This benefits the organization as well as the employees. The organization saves infrastructural money while the worker gets a suitable and comfortable space for their desire to work.

With the influx of the Covid-19 pandemic, Co-working spaces have an ever-increased demand. This is no surprise as most workers cannot work in crowded office spaces or take the public bus to commute to their office area. However, work from home has become the new norm; most dedicated employees abstain from this setting. This is because of the informal infrastructure and lack of professional approach at their home spaces, which remarkably lessen their productive streak. This has given rise to the work-near home normalcy where people look for safe co-working spaces to carry on their daily professional duties.

It is the need of the hour to understand what is coworking space and how much it has helped today’s growing startups and small businesses.
Co-working spaces are the future of the workforce as industries go global, and trades become less orthodox. This setting provides a win-win situation for both employers and employees in a corporate setting, while freelancers and small-scale businesses get a ground to start from. This is a wholesome shared environment for every professional looking to start their daily duties regarding bread earning. A lot of dreams are made in these spaces and do get their wings here.

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