Coworking benefits have become mainstream over the last decade. As more people realize the economic and social benefits of coworking, they are starting to make use of hot desks and sometimes dedicated offices as a way to meet people and improve productivity.
In this article, we will explain why you should start thinking about signing up to a coworking space now or in the future! We will start by listing the top three reasons to sign up to a coworking space an explain why so many entrepreneurs prefer it to existing working situations.
Why Use a Coworking Space?
Some of the benefits of coworking include:
- Increased productivity and happiness
- More networking opportunities
- Less financial commitments
As mentioned in our previous article about coworking space design, we explained how some companies give their employees stipends to join or even start a coworking space. Others are probably waiting till it becomes cool enough before hopping on board.
Even though I think coworking is an amazing thing, it is probably not for everyone. This article will also highlight two important considerations for using a coworking space. After that, we will outline four more reasons why coworking is still the future.
It is forecasted that by 2020, 50% of large companies will have some form of shared office space. Even more surprising are the results of research into coworking habits that suggest that almost 90% of people who cowork reported being happier. 84% of people who cowork are more engaged and motivated.
The most staggering coworking statistic of them all is the fact that:
Coworking now takes up 27million square feet of office space across the US – Allwork, 2018
With that being said, here are the main benefits of coworking:
Top 3 Coworking Benefits
- Economic Benefits: Over time, it could end up being cheaper than going to Starbucks or Costa. In the case of libraries, they are even free. The only downside to a library is that whenever you want to use the toilet, you have to pack your valuables before leaving. Otherwise, you’ll probably be getting a nasty surprise when you return. Also, when you want to eat, there isn’t a microwave to heat the food. Whenever I take home cooked food to the library, it has already cooled down by the time I’m ready to eat. Maybe I need some kind of container to keep my food warm. But that seems like more hassle than necessary.
- Social Benefits: You can make new friends and meet business owners or collaborators for your new venture. As mentioned in previous articles, developing a strong network of fellow business owners and entrepreneurs is incredibly important.
- Creative Benefits: Being in an environment where people are eagerly building their businesses, will greatly boost your own creativity and help you maintain the drive you need to succeed.
4 More Coworking Benefits
If you are still not convinced, here are four more reasons to consider joining a coworking space.
- Flexibility: There are several membership options that can enable your business to be more flexible. The only major consideration here is how much you are willing to spend.
- Health Benefits: You can improve your mental and physical health through on-site yoga services offered by some spaces.
- Business Benefits: As mentioned, in addition to finding new collaborators, there are also greater opportunities to maintaining clients. Imagine meeting a client or investor in Starbucks. That’s not exactly the best first impression. Coworking spaces that offer private offices for an additional cost could come in handy in this case.
- Productivity Benefits: This point builds on the one about creative benefits. In my view, if you’re in the financial position to invest in one, coworking spaces can make you far more productive than working from home. The environment just screams motivation!
Pros and Cons of Coworking
- One of the major downsides to using a coworking space is the issue of cost. Not everyone can pay for a coworking space. If that’s you, then you probably still need to keep working from home. Or the next best place after home, a local library. Some university libraries even offer access to students from other universities.
- Not everyone likes the idea of working with others. Some people may prefer the solitude that a home provides. If this is you, don’t feel pressured to change your ways. Stick to whatever makes you productive and efficient.
Conclusion – Why You Should Consider Coworking
Being a startup or new business is cut throat enough as it is. You need all the help you can get. If financial, social and creative benefits don’t convince you to start saving up for a coworking space, nothing will.
Despite the immense benefits that can come from coworking spaces, we understand that it is not for everyone. Some people may prefer the solitude that their homes provide.
In that case, stick whatever works for you. It is also getting pricey for people that are just starting out on their entrepreneurial journey. If that’s where you are, there is no shame in working from home or using one of your community libraries if you are lucky enough to live close to one.
I believe that coworking really is the future of how businesses and entrepreneurs will work. So let’s wrap up this article with some more benefits.
In addition to enabling you to be more flexible, it makes you more productive by immersing you in an environment that is infused with other eager entrepreneurs. So whenever your blog starts bringing in a few hundred pounds a month, I’d recommend joining a coworking space to reap the networking, community and economic benefits.