Coworking spaces are making waves in the business world. While a relatively recent development in the grand scheme of things, it has proven a great idea. Coworking spaces provide local businesses with many benefits.
Working on projects, networking, and generally being closer to their community are only a few of the benefits of coworking spaces. However, why should your business participate in this practice? That is exactly what we’ll be doing today.
What’s a Coworking Space?
Coworking is when people gather in a neutral location to work on different projects alone or in groups on the same project. Because the people in a coworking environment aren’t all employed by the same company, it differs from a traditional office setting. Coworking spaces provide many of the same benefits as a regular workplace, as well as a lot more.
Because you don’t have to sign a long-term lease in a coworking space, versatility is a key differentiator. Different companies pay for the use of a single building, drastically reducing the costs. So much so that business credit cards could be used by employees to pay for them.
A Brief History of Coworking Spaces
The term “coworking” was first coined by Bernard Koven, which he used to describe a space that opened up in 1995 in New York which offered flexible desk settings. Of course, it’s likely a few coworking spaces here and there already existed before the word did, but they were few and far between. Nevertheless, Coworking would take off in the mid-2000s, starting in San Francisco and expanding outwards.
These early coworking spaces provided desks, wifi, shared lunches, zen areas, and even bike tours. Of course, a huge variety of coworking spaces would soon pop up all over the place, with their little gimmicks. Now in 2022, there are thousands of shared workspaces around the world. Though relatively niche in the grand scheme of things, businesses are slowly but surely adopting the practice due to its many unique benefits.
The Benefits of Coworking Spaces
Coworking spaces offer many benefits that aren’t found in traditional workspaces.
Coworking spaces have been shown to increase productivity among employees. This is doubly true for smaller businesses or home office setups. Home offices provide several distractions to you or any other employees.
Small businesses may find themselves suddenly with more employees but no space to put them in. Coworking spaces give an affordable and productive workspace for employees to work in. Not to mention, most of them are open 24/7.
One of the most important advantages of a coworking space is the possibility to meet new people. If you operate from home or an independent office, you may be denying yourself crucial connections that may help you grow your business.
Proximity to other companies while working could be the push your business needs to start a partnership. Networking is already difficult to set aside time for, so coworking spaces are like two birds with one stone. Plus, certain coworking spaces are even industry-specific, making it even handier.
If you rent an office, there are a variety of additional fees to consider, particularly if your staff wants to benefit from amenities such as food and drinks. These and other benefits are included in the monthly cost of coworking spaces.
Before choosing the right space for your business, think about what features you require. Small firms stuck in overly expensive leases may find cost-efficiency to be a critical benefit. Coworking spaces offer a test run in ways that office spaces simply do not.
Many coworking spaces provide extremely flexible contracts. If you ever need to close your account for any reason, there are usually several choices available. This makes it an excellent business service to try out and evaluate. You’re set if you had a positive encounter. If not, terminating your subscription isn’t a big deal.
Exposure to other companies also provides a whole host of ideas for your business. Stagnancy is one of the biggest worries in business. Coworking spaces let you see how other businesses are faring. In this way, you apply new strategies and practices to your business thanks to the wide range of voices available to your team.
To take things one step further, your business could even collaborate with others on projects after networking. Small businesses are always in need of partnerships to establish a reputation. Coworking spaces organically provide that opportunity.
Plus, being a coworking space, there is no worry about where the collaboration takes place. The place you met is where you do your projects. Coworking spaces were made for the express purpose of expanding a business’ thinking.
Coworking spaces could also help you scout out talented workers. If they are working for a company but find themselves stuck, you could offer a way out. These are found out naturally through experience and conversation.
Not to mention, coworking spaces are great places for interviews. New hires will enjoy the non-stuffiness of the typical coworking space. There is no overwhelming sense of “corporate 9-5” present in most modern offices.
To learn more about coworking spaces, check out our blog here!