According to Statista, coworking spaces will increase from around 17,000 in 2018 to roughly 42,000 in 2024. These numbers indicate that shared office spaces are indeed the future of work. Even if you Google ‘coworking space’ right now, you will come across countless shared office spaces in your area. What makes them highly attractive? Today, we will explore the benefits of coworking spaces in detail.
Coworking Space Benefits
One of the unique points of a coworking space is its atmosphere. You will have people from different backgrounds working together in a shared space. It opens new opportunities for growth and collaboration. Suppose you have run a small digital marketing business using the shared space. There might be a WordPress developer working in the same space. A little conversation can lead to new ideas that can benefit both in the long run.
Whether an entrepreneur, freelancer, or remote employee, all are susceptible to burnout, especially when working from home or in traditional office space. You don’t have to worry about complex organizational policies or distractions such as household chores in a coworking space. You can focus solely on your work and initiate conversations with others to address your burnout. Do check out how to recognize entrepreneurial burnout and avoid it.
While traditional office spaces are making steps in the right direction, they are still inflexible compared to shared spaces. For instance, you must adhere to a specific dress code, and follow certain communication guidelines, and other organizational policies. You don’t need to worry about these things in a coworking space and only focus on your work.
On top of it, don’t worry about the hassle of going through security deposits or complex rent agreements. Most coworking spaces charge by the month or even per usage. In other words, you don’t have to make any payment if you don’t feel like continuing at a coworking space.
In addition, you can use a coworking space to network with individuals and businesses outside your current circle. For instance, most people in your network will be from the marketing industry if you are a marketing professional. In a coworking space, you will encounter people from different backgrounds. It can help you expand your business or explore new employment opportunities.
If you work from home, you may think you are saving money. However, it is not the case. Your electricity usage will increase, and you may need to spend more on the internet. When you factor in the cost of low productivity due to distractions, the overall cost of working from home will increase significantly.
A coworking space helps you separate your home from work. When you walk into a coworking space, you can put on your ‘work’ hat and forget about domestic responsibilities for a while. On top of it, every coworking space offers free internet and covers utilities, thereby reducing costs. If you are an entrepreneur with a small business and employ other individuals, a coworking space is less costly than a traditional office space.
Another benefit of preferring a coworking space is professionalism. There may come a time when your client wishes to meet you in person. If you send them your home address, it will look quite unprofessional. You may even lose your client due to it. On the other hand, inviting clients to a shared space and using their meeting room will create a positive experience. As every industry faces intense competition, don’t lose clients due to poor choices.
As said earlier, the coworking space industry is seeing significant growth. It is why existing shared spaces are trying new ways to retain and recruit members. Numerous coworking spaces employ professionals from various fields who guide freelancers or entrepreneurs. So, you can learn from experts on expanding your business or improving your products or services.
8. Reduce Loneliness & Anxiety
Unfortunately, working from home or in traditional offices can increase feelings of loneliness and anxiety. After all, you will spend all day in your home or interacting with co-workers with whom you don’t enjoy a good relationship. In a shared space, you will come across vibrant faces each day. You get to decide whom to interact or form bonds with.
9. Caters to Different Routines
Coworking spaces are open 24/7. Your job may require you to work the night shift, or you may have clients from areas with a significant time difference. You can come and go at any time you want, which makes these places highly effective.
10. Makes Travel Hassle-Free
When you are working from a coworking space, you don’t have any long-term rental commitments. It means you can change spaces at any time without any hassle. It is a great benefit for people who love traveling. You can simply visit a new place for a few months or weeks and join a coworking space in that area without any financial impact.
Lastly, coworking spaces offer free meeting rooms, tea/coffee, light snacks, and gaming lounges. They even host regular events. These are a great way to reduce your anxiety, enjoy work, and lead a productive professional life. Even top organizations don’t offer such amenities.
These are only some of the benefits of a coworking space. As the industry expands and competition heats up, you can expect these shared spaces to find new ways to attract members. In other words, the potential benefits of using a shared space will increase.