Co-working spaces are a fairly recent, but increasingly gaining phenomenon. More and more start-ups and small businesses are choosing co-working spaces over traditional offices. It offers a refuge from the isolation of a home-office, the commotion of a coffee shop or pub and the constraints of an office-cubicle. If you are not already a part of the co-working community, here are 10 reasons why you should be.
1. Increased productivity- Individuals who work in co-working spaces are four times more likely to succeed in their endeavours and have their earnings increased by 46%, as reported by deskmag.com. These individuals are also found to be more innovative. Therefore, not only will you and your employees get the job done, you will get the job done creatively.
2. Networking- A co-working space provides a generous opportunity to network with individuals from various fields and occupations. You will meet like-minded and talented individuals, to build lasting relationships with. Who you know is almost as vital to your business as what you know. The most valuable resource to you as an entrepreneur is these professionals with a diverse skill set and experience, managing various operations and enterprises. An extensive network can have lasting benefits for your business.
3. Collaborative networks- We constantly experience obstacles and problems at work. Imagine having the answer to your problem sitting in the seat beside you. Co-working spaces offer great opportunities for collaboration of employees from different professions and industries. You can bounce your ideas off your unofficial colleagues without the fear of politics and betrayal. Inspiring discussions and clever teamwork might just be what your business needs.
4. Budget friendly- You don’t have to splurge too much to rent a co-working space. It is certainly much more affordable than renting out a full corporate office. After you are finished with the deposit, broker fees, maintenance fees, service charges, insurance, etc. there is barely anything left in the bank for capital expenditure. They also include long-term contracts. Co-working spaces are a restoring alternative with affordable short-term renting contracts. These contracts can last anywhere from a day to a month, enabling you to make a choice based on your requirements and financial resources.
5. No-hassle setup- The only thing you have to bring with you is your laptop to a co-working office. All office equipment is typically provided at these locations. You don’t have to spend on office accessories such as printers and Internet as well as amenities such as bottled water, microwave and kettle, as these are available at co-working spaces. Most of these spaces have distinctive environments with a diverse collection of setups, people and atmosphere. Each one has a unique story to tell.
6. Flexibility- With co-working spaces you can choose your own hours, as they are usually open 24/7. You can take long lunch breaks or work from home when you want without the repercussions of a regular office. This helps to reduce the usual pressures and stress and foster a better work-life balance. Co-working spaces give you much more mobility as you can choose the location of your office along with the duration of your lease.
7. Structure and discipline- Although co-working offices offer flexibility, they also provide structure and discipline. A routine helps to motivate employees and increase productivity. A professional environment reduces the common distractions of television, family, fridge, etc. frequently encountered in a home office environment. It also provides a stimulating atmosphere of competent and compatible professionals. This encourages people to increase their own levels of proficiency and consequently, succeed in their endeavours.
8. Community- The concept of a co-working space is not only an advancing business model but also a social movement. Co-working spaces offer a sense of community to like-minded entrepreneurs. Unlike regular offices people in co-working offices are from a broad array of industries and don’t have to compete with each other for promotions, pay raises, incentives, etc. Therefore, a culture of mutual co-operation exists, where individuals aid each other and facilitate in other’s projects. Spreitzer, Bacevice and Garrett reported in the Harvard Business Review that people who work in such spaces experience their work as more meaningful as these workers with specialized skill sets can facilitate the projects of other members. Enterprises involving such collaborative teamwork have a higher chance of success. Such circumstances also help to bolster the work identity of employees.
9. Talent- Such office setups are a breeding ground for various kinds of talent. Not only do they provide an atmosphere that is vital for innovative thought processes but also for shared thought processes. It is wise to take advantage of this situation and trade your skills and expertise for others’, as it will be advantageous to your business in both the short-term and long-term.
10. Mental health- People working in such offices often report better mental health. Co-working spaces are a shelter for the battered employee. People working in such offices experience lesser isolation and higher levels of interaction. However, interaction is by no means obligatory and individuals can progress according to their own levels of comfort. Even individuals, who report lower levels of interaction with others, find more meaning in their work when they are in a co-working setup. These individuals are more motivated as they work in a stimulating environment, have a better work-life balance due to the flexibility that co-working spaces present and are more self-confident as they have stronger work identities.
The benefits of a co-working environment are extensive and enduring. Sharing work environments is becoming increasingly popular as it fosters the rapid growth and productivity of organizations.