Coworking spaces have taken off around the world for good reason. Incredible cost savings and the flexibility of not having to sign a major lease are two of the perks of coworking spaces, but many people are unaware of the other advantages that these collaborative workspaces deliver. From performance benefits to accessing a diverse network of partners, the benefits of coworking spaces are diverse and varied.
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Performance benefits
Coworking spaces help people to thrive. Research has shown that people who belong to coworking arrangements – whether they’re freelancers or remote workers – report an average of six on a seven-point ‘thrive’ scale, which is a point higher than employees situated in average offices. Driving factors include finding more meaning in work, the supportive community and work environment, and belonging to a type of social movement integral to modern coworking spaces.
Meaningful work
Coworking spaces can help people feel like they’re doing meaningful work. While it’s true that freelancers are usually free to choose their own projects, the nature of the workspace itself also has an impact on this. In coworking spaces, everyone is working for different companies and projects, which means there’s less competition or politics and more potential for mutual support. Because everyone is doing different work, there’s also the likelihood that you end up developing a stronger work identity and have neighbours who have unique skill sets.
Enhanced communication and collaboration
Coworking spaces can boost communication and collaboration, and this also applies to private coworking spaces exclusive to an organisation. Major brands such as Boeing have invested heavily in coworking spaces for their designers and engineers to encourage collaboration and communication. These teams have been set up with cafés, libraries, soft-seating, and display equipment, with the result being stronger connectedness among employees and the product, improved problem-solving, and higher satisfaction. While real estate costs were massive reduced, overall productivity leapt.
Advantageous locations
Staying close to clients and customers can be essential in certain industries. Opting into a coworking office space lets you access properties in locations that you might not otherwise be able to budget for. Many coworking spaces are based in central areas or special hubs that put you in close proximity to valuable clients and partners. Instead of paying exorbitant rental rates to remain close to clients and partners, you can lease workspaces by unit and on demand in key locales, to minimise costs.
Facilities and services
Some coworking workspaces offer a full range of facilities and services that support you in rapidly growing your business, and allow you to concentrate on your core business activities. These include reception and administrative assistance, printing, courier, tech support, and internet. Small businesses and solopreneurs can find it invaluable to have these facilities and services at their fingertips, and all are included in the same package. This can save time and streamline overhead management.
Enhanced motivation and connectedness
People working in coworking locations can experience a stronger sense of motivation and meaning because they feel like they’re part of a movement. The coworking movement has a strong culture of community, learning, sustainability, collaboration, and learning. The lack of internal politics and competition can lead to a more positive, motivating work culture.
Community support
Coworking spaces can be thought of as living ecosystems that are rich with potential connections with other businesses, experts, and contractors. Many coworking networks have their own unique culture, attracting many like-minded people that can support each other in a community, even if they’re not bound by employment conditions or shared business goals. Even those that don’t interact much with fellow coworkers enjoy a strong sense of community in a coworking space.
Partnering and networking benefits
Coworking spaces provide excellent partnering benefits because of the diverse nature of the people and businesses located within these properties. In any giving coworking space you might have access to teams of freelance graphic designers, coders, marketing experts, and much more. These can be valuable customers for you, or they can be great businesses to partner with for non-core activities. You can network effortlessly by wandering around and chatting to your neighbours, and end up making invaluable connections with other businesses in the same coworking space.
Cost and flexibility
Coworking spaces are relatively inexpensive to lease, and they allow you to minimise your overheads. Coworking spaces allow you to access property on demand. They offer incredible flexibility because you aren’t committing to a long-term lease on a large property. You can easily scale up or down as your organisation grows or according to market conditions, which can be vital if you’re in an industry that has fluctuating or seasonal demand.
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Exploring the benefits of a coworking environment
There are numerous advantages to coworking spaces, whether you’re a solopreneur, a small business, or a large organisation establishing your own coworking arrangements. In addition to cost, flexibility, and scalability, coworking spaces offer networking and community benefits, along with improved productivity and motivation. In all, if you’re starting your own business, there are many great reasons to consider setting up in a coworking space.
