If you still think that shared workspaces are a passing fad, sorry to burst your bubble; coworking spaces are here to stay!
In 2020 alone, coworking space as a percentage of total office space nearly doubled from 1.1% in 2017 to 2.1% in 2020. The coronavirus pandemic definitely contributed to an uptick in demand for hybrid work models, which coworking spaces were quick to offer in the last year.
People decide to join a coworking space for a myriad of different reasons, depending on their own needs. Freelancers, startups, SMEs, large corporations, established companies, and small businesses are some of the people you can find within the coworking community.
More than 70% of employees who have experienced being in a coworking space before the pandemic said that they plan to return to it, due to the flexibility and low operational costs. With attractive prices for hot desks, dedicated desks and private offices offered by many coworking space companies, it’s no surprise that 55% of those who have never tried it are already considering signing up for one.
Here are 6 good reasons why coworking space is an excellent investment for your business.
1. Rebound for coworking spaces
A few years ago, the challenges coworking space owners faced were probably about retaining regular members and building the popularity of flexible workspaces.
Now, everything has changed – the coronavirus pandemic has resulted in a necessary shift towards working from home and working online. It is only natural for the majority to take time to adjust to this drastic change of minimal human interaction and lack of a normal work environment.
That’s where coworking spaces comes in as a friendly solution. With safety management measures in place and the provision of multiple conducive workspaces to suit individual and business needs, freelancers, teams, and corporations can continue their daily business operations while combating the pandemic situation.
The positive work environment, like-minded people in the space, flexibility of time, ability to design your schedule, and independence to focus when working are huge benefits of coworking spaces that draws both old and new users to join.
As a result of the demand for coworking spaces and the need for flexible working environments, you will likely find not one, but several coworking spaces in your town or even neighbourhood.
2. Added values of coworking spaces vs. traditional offices
Working at a coworking space isn’t just renting out office space.
Moving into a partial or fully-furnished office allows you to focus on your business rather than the nitty-gritty things like cleaning services or operational maintenance. Depending on what the coworking space offers, there might also be premium services.
Front desk support
On-call IT specialists
As a business owner, you wouldn’t have to worry about these things which are very important if you want to have a healthy and happy team. Your employees can keep their heads in the game and work efficiently. In the long run, the coworking space you join might also help build a good community culture.
3. Cut back on your spending
If you’ve been an employee or the boss running the business, you’ll know long-term commercial leases for traditional office spaces costs large amounts of money, commitment, and maintenance.
As a business owner, you’ll need to hire administrative staff, buy new furniture and electronic equipment, establish IT infrastructure, invest in emergency recovery scripts for your website and databases, take care of utilities, and make sure everything works at its best all the time; all out of your own pocket.
Compared to coworking spaces, you can move in your whole team in an instant without worrying about creating a physical office from scratch. Besides the benefits of a coworking space, there are separate areas for pantries, brainstorming sessions, and meeting rooms available for important client meetings.
Not only that, businesses that opted for a coworking space instead of a traditional office space saw 15-25% savings because they didn’t have to hire anyone to be in charge of the reception, security, hygiene, lifts, maintenance and more.
4. Sift & pick your perfect fit
Check out what different coworking spaces have to offer so you can pick the one you feel suits you the best. Even if you decide to pause or terminate your membership, some coworking spaces like Found8 have flexible terms and low-commitment plans that make the process easy.
If you require the use of niche equipment like a 3D printer or a scanner regularly, find a coworking space that might provide or can fit that kind of equipment in a private office. Some coworking spaces are focused on a certain business niche, like IT, health & wellness, law, parenting etc. If they all seem the same to you, check out what kind of community events they organise and decide which one will give you the biggest added value.
Another great feature of coworking spaces is that some of them are open 24/7. If you have clients in a different time zone and you need to have meetings with them during the night, or you belong to a startup that don’t stick to the 9-6 hours, investing in a coworking space with flexible and secured 24/7 access is a problem-solver.
5. Networking & finding new talents
As a founder of a startup, managing partner of a business or solo-preneur, having the means to meet new people easily is a fantastic opportunity to turn these chance meetings into new business collaborations.
Your team members will have the chance to meet many new people in a coworking space, not only while working but also during various physical/online events organised and shared by the coworking space.
Watch out for sparks of inspiration and new collaborative ideas between complementary businesses when you engage with like-minded entrepreneurs, professionals from business niche, and other innovative and open-minded people. Networking is a great way to find inspiration for further developing your products, building strong connections, or even start working together on a new project.
You might even find new clients or talents within the coworking community, or among their friends and business associates. There are usually freelancers, SMEs, other large and small corporate teams in coworking spaces who are in search of new projects and business opportunities.
6. Conducive & positive work environments
The space layout and decor in a coworking space is equally important when you decide to work there for a long period of time. Test out the vibes of a space before you pay and commit, to determine if the amenities fits your working style.
Tip: At certain coworking spaces like Found8, you may request for a free day-trial during your tour, or check out their Instagram and Facebook for occasional giveaways and promotions.
Building on that community vibe, it is important to maintain good mental health for yourself and your employees. Not every interaction should revolve around your business. Engaging in social interactions during coffee breaks and having casual conversations with other members is a good opportunity to learn more about recreational topics.
Sharing your frustrations, challenges you’re facing, and successes with someone who is or was going through the same thing can be quite relieving and even thriving. You can find comfort in those contacts, or even make business-related jokes which you don’t often share with friends or family members. You’ll never know, you might find solace in another member!
Don’t be afraid to try out something new – you don’t have to shift all of your employees to a coworking space at once. You can pick a team that works from home, that is from another city/town, or that works on a specific project, and accommodate them in a coworking space.
Get feedback on how the team likes working in a coworking space, and make the decision to commit from there. You’ll be able to measure and experience the various benefits a coworking space can have on your business.
Are you a startup entrepreneur, freelancer, or corporate company looking for support to grow your business?
Found8 is the leading coworking space provider and second home to an extensive community seeking collaboration and growth opportunities. We pride ourselves in delivering high-touch customer service underpinned by care.
This article was contributed by Mariya Koracheva. Mariya is an SEO consultant and loves to write attention-grabbing content, contributing to various high authority websites over the past 4 years.