Shared coworking spaces have gained popularity across the globe in the last decade. The concept of renting a desk for work purposes has benefited not only independent contractors but also small businesses and big corporations to work efficiently in their local business community.
As remote and flexible working environments have become more common with technology advances, the modernization of the corporate world is reaching a new normalization. According to a study conducted by Coworking Resources, 5 million people will be working from coworking spaces by 2024.
Moreover, the projected growth of coworking spaces worldwide is expected to reach 20,000 in 2020 and double to 40,000 by 2024. The unprecedented coronavirus pandemic slowed down this prediction to about half, however, people realized the opportunity to work from a non-traditional workspace. Because of this, growth is expected to rebound and develop at a faster speed than ever before.
With over 19,000 (and counting) coworking spaces around the world, it’s important to understand the benefits that come from sharing a workspace. We gathered the top benefits of coworking you should know to plan for your business success.
1. Networking & Collaborations
One of the top benefits of coworking spaces is the opportunity to connect with other individuals. This ability can lead you to cross paths with professionals from other industries, which you may never interact with if you work from home or in a closed-off office space.
In a working space with many goal oriented people, it can create professional relationships and collaborations. Interacting with like-minded people generates a sense of community that wouldn’t exist in an isolated office. In a collaborative workspace employees are able to understand the importance of exchanging ideas.2. Cost-Efficiency
The beauty of renting your own workspace is that it allows you to only pay for the space you need, for however long you need it. Flexible payment options can allow anyone to work at their own leisure, it doesn’t matter if you’re a part of an established team, or an individual freelancer, you don’t need to be tied down to a restraining contract.
Additionally, the cost of renting a traditional office space comes with extra costs, for example, furniture, utilities, and tools you need in an everyday workplace. This can take up added time and expenses, whereas a coworking space provides entrepreneurs with a fully equipped office without having to worry about setting it up themselves. Not only are they saving effort on a tedious task, but most coworking spaces offer free coffee and snacks, and include built-in services like business mail, which is almost necessary for most businesses. These expenses can add-up in the long run and potentially save you thousands of dollars.3. Boost In Productivity
The boost in productivity is a benefit for everyone, but especially those small business owners or independent contractors who work from a home office. Days can become a blur working from home, and it can be easier to get distracted than from a real office setting. An everyday work space should accommodate your needs to get important things done and reflect the seamless workflow we all desire. Being surrounded by other entrepreneurs also can lead to increasing your motivation and productivity. Coworking spaces have a feel of optimized productivity, generated by a structured comfortable space that turns on the “work mode” mentality.
One of the benefits of coworking is that it allows entrepreneurs to choose what suits them best. You can either choose a personal desk or several office rooms, as there are several options to cover your business needs. By choosing a shared workspace, you have the freedom to make adjustments to your workspace in an efficient manner.
Since they already offer flexible agreements to expand your office or even cancel your membership, you can try out to see if you like the coworking experience at your discretion.5. Increased Creativity
There are many advantages of working from a coworking space, one of them being you are able to get out of your comfort zone. Working with other individuals will allow you to expose yourself to different personalities and perspectives which can increase creativity. By joining a creative coworking space, you are able to step out of the average work bubble and discover a unique environment with other ambitious professionals trying to grow their businesses.
There are multiple benefits of using a coworking space: from networking, to flexible payment options, and increased overall productivity, there’s a reason coworking has gained popularity in recent years. If you are looking to hop on the coworking wagon, check out COW-ORK, a coworking solution with a number of locations across Miami. Membership is only $89 a month, and provides access to the best coffee shops, cafes and restaurants in town. Find the best location for you and get started today!
Di Risio, A. (2020, July 03). Global Coworking Growth Study 2020. Retrieved November 03, 2020, from https://www.coworkingresources.org/blog/key-figures-coworking-growth