Tag: shared office

Categories
Office Space

3 Benefits of Co-Working Office Space For Entrepreneurs

New Start Up Business - The Collection

There are 582 million entrepreneurs in the world; some of them work alongside others, some of them work independently. But one thing is consistent: the need for office space for entrepreneurs. Are co-working spaces the answer?

 

Coworking spaces exist for one major reason: there is a significant number of businesses and individuals who find that it is too expensive and often unreasonable to rent or own office space in some of the world’s largest and most central metropoles.

 

These individuals create room for a unique demand: space that they can rent on much shorter terms, with far less setup and overhead required. As we continue to forge ahead into a future that emphasizes a fast paced approach to everything, many startups and new entrepreneurs desperately need a space they can call their own within minutes.

 

The Benefits of Shared Office Space for Entrepreneurs

 

The traditional office isn’t dead, its era hasn’t passed – but it seems there’s room for more than just one type of space, and co-working office space for entrepreneurs is evidently here to stay.

 

Should you pay it any mind? If you hope to be successful, the answer is yes. Here are the 4 main reasons to consider co-working or flexible space as an entrepreneur.

 

1. Having Your Own Space Can Be Expensive

 

More and more businesses are cropping up globally today than ever, but fewer people are starting them (especially in the US). This tells us two things:

 

      • First, it’s easier today than ever to start a business.
      • Second, it’s easier than ever to have a business crash and burn.

 

Becoming an entrepreneur and launching a startup business carries with it a considerable amount of risk and requires a serious amount of committed capital. It’s important to know when and where to cut costs, and where to invest.

 

For startups, one of the biggest initial investments is in space. Startups need space to flourish – they need a place to grow, a place where people can come to work and deliver to their market. Co-working office spaces for entrepreneurs exists to fulfill a critical demand in a time of economic instability, especially among young entrepreneurs, who are much more likely to struggle with student debt and financial stability.

 

These shared, flexible spaces provide room for potential startups to flourish and innovate, rather than die much earlier on. But the fact that we are seeing more startups despite seeing fewer entrepreneurs also leads us back to that crucial second point: it’s easier than ever to crash and burn.

 

This means that entrepreneurs today cannot afford to make serious long-term decisions without a backup plan, and a way out. Coworking office spaces for entrepreneurs provide a little less stress  of a security deposit and the mandatory long-term lease – instead, startups today can rent space on a monthly basis, and cancel their membership whenever necessary.

 

A lower initial cost, and far less risk: these are things that are highly attractive to individuals who know that 9 out of 10 startups fail, and most successful entrepreneurs are the serial kind.

 

2. Why Not Work from Home?

 

Entrepreneurs are not just self-employed, but they’re monetizing an idea. They’re commanding a business, and in many cases, work with teams to get their idea off the ground and into the realm of reality – and onto the market. When organizing and running a business, it helps to have a team to physically interact with and oversee. A coworking space lends itself as the perfect initial spot for small startups to work without investing massively into office space.

 

However, not every startup needs an office. There are plenty of businesses that can operate just fine virtually, and many business models can survive and thrive with each individual member of the team telecommuting and working from home. That being said, there are substantial benefits to being an entrepreneur (or even a freelancer) at a coworking space, rather than restricting yourself to your own four walls.

 

For one, the co-working space can help you thrive. For many, it’s better to work with others than to be stuck at home alone. It can make you: more productive, help stave off the feeling that things aren’t moving in the direction you want them to and can even help you avoid loneliness.

 

Not everyone feels this way. There are plenty of freelancers who do much better simply working from home, where they can prioritize their work, manage their time more efficiently, avoid unnecessary costs and commute, and spend more time doing the things they want to do after hours, like exploring the city or grabbing a drink with friends. Which type are you?

 

3. Networking is Critical 

 

Coworking spaces provide a spot for more productivity, more innovation, and better chances at thriving. Why? Partially because it is a communal experience. Members of a shared workspace do not feel disconnected or disjointed but feel as though they are part of something greater, despite not being connected to a single company.

 

There is no hierarchy, no single boss or upper management for the whole office, and no one’s tasks are dictated by any one individual or committee. Instead, small groups and industrious individuals can coexist and work on separate projects, while sharing a space together, becoming colleagues and coworkers, and even exchanging information.

 

Networks are created organically, projects begin and come to fruition, and all this happens without a sense of internal politics or the friction of direct competition. Joining a coworking space specifically to seek out clients and business prospects is a no-no. But these networking connections can happen, and they’re a definite plus.

 

 

Should You Go for It?

 

Ultimately, there are many arguments for co-working office spaces for entrepreneurs – and some against one. It bears mentioning that there can be good reasons not to opt for such a space, including the fact that some businesses need the space to truly function, and for entrepreneurs working purely from home operating a much smaller, more virtual enterprise, it may be a good idea to cut the time and financial costs of showing up to a coworking space and just getting organized within your own four walls.

 

But for thousands of potential and current startups across the country, and hundreds of thousands of businesses, entrepreneurs, and freelancers around the world, these office spaces represent a godsend in a market that otherwise requires immense capital and serious financial commitment, potentially with unfavorable conditions, no equipment, poor amenities, and no utilities.

 

Conclusion

 

Flexible office spaces for entrepreneurs come with their own amenities, a unique work culture, an environment tailored towards productivity and cooperation, and the freedom to move from space to space without being made to settle on a single spot.

Categories
Real Estate

Why Host Your Company Christmas Party in a Shared Workspace?

Choosing to host your company Christmas party in an office rental building comes with many benefits; here’s what to know.

 

With the holidays around the corner, it’s a good idea to start thinking about preparing presents for friends and family and scheduling your December to fit both your working obligations and your social plans. However, one event that’s always debatably skippable and often considered quite awkward is the professional’s company Christmas party.

 

Usually scheduled within the first two weeks of December and held in an office environment between coworkers, the office Christmas party is notorious for being one celebration that workers often seek to skip, rather than genuinely enjoy. In many cases, people approach it with a mindset of survival rather than indulgency.

 

But hear us out here. We’re here to make the argument that Christmas parties are genuinely different when celebrated in a coworking environment, or a shared office, rather than a traditional office space.

While the differences between a coworking space and a traditional office might seem rather superficial at the surface, there’s a lot behind the deeper workings of a shared workspace that makes them very different to the traditional office space, to the point that they change the social dynamic of the office and allow for a much more chill, much less tense, and far less awkward social environment.

 

Why Bother with a Company Christmas Party to Begin With?

First, it’s important to field the most obvious question: why bother in the first place? The months of November, December, and January have more than their fair share of celebratory occasions, mandatory family get-togethers, and excuses to be with friends and head out to party.

 

What’s it hurt to skip one of the more awkward social events, especially if you’ve already separated yourself from the ‘mandatory’ nature of traditional office parties, and are more of an introvert to begin with?

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Arguably the greatest reason to host a company Christmas party at work to begin with is to promote teambuilding. However, you might counter that it’s strange to think of a coworking space as a ‘team’, when attendance and membership is transient and ephemeral, and many of the people coming to ‘work’ are generally strangers.

 

The nature of coworking means that no matter how new someone is, they meet with others fairly quickly. While there is no formal team, there is a sense of collective identity, especially in coworking spaces that make a point of hosting regular events and get-togethers as a way to promote cohesion and develop a friendly and harmonic atmosphere at work.

Other Benefits

Besides teambuilding, there’s also value in hosting a company Christmas party as a way to prepare for:

 

  • The upcoming year
  • Recap previous achievements
  • Celebrate specific milestones
  • Feature certain workers
  • Speak about policy changes or certain goals that might exist past the horizon of the current year

 

More than just a space for people to work separately on their own projects and deadlines, coworking spaces also offer a collective identity and sense of culture. The management that often works closely with workers to create a better, healthier workspace, and that means that moments wherein workers come together to talk about what they liked and didn’t like about the year are an important opportunity to introduce improvements in the early days of the next quarter.

 

Coworking Parties vs. Traditional Office Parties

It’s true that social events can be a little bit more of a pain to get through when you’re primarily introverted (which could really just mean that you’re not much of a party person to begin with), but there are still plenty of pragmatic reasons to attend Christmas parties in coworking spaces, and they’re usually far less awkward than those in traditional office spaces.

 

With lesser worries about hierarchies, a more casual environment all year round, and more regular events, coworking spaces are far less likely to confront the problem traditional office spaces have where everyone’s freak flag flies high after being bottled up for the entire year. Some offices see the Christmas party as a great way to ‘really’ get to know one another, while in coworking spaces, such social interactions are part of the norm. You also don’t have to worry about looking ridiculous in front of the boss.

 

It’s Still a Christmas Party 

At the end of the day, many of the same rules apply, especially when hosting the party itself. Keep the atmosphere light and fun, incorporate something to do aside from mingling and drinking, get a DJ or even a live band performance, and hire a catering service. Christmas parties can have a them, and they can even be celebrated entirely without alcohol (some workers might resent that).

 

Some things are universal, including how to throw a good party – and knowing what to avoid when trying to throw a good party. Simple examples include charging members of the coworking space extra to attend the party, disallowing plus ones, making the party mandatory (or practically mandatory), and so on.

 

Don’t skimp but maintain a healthy budget. Prioritize the important things: that is, food, beverages, and music. As mentioned previously, the beverages don’t have to be alcoholic, and there are plenty of ways to have fun while sober, and further minimize the potential of having people embarrass themselves.

Less Post-Party Shame

This one is arguable, but some might say that there’s less shame in letting loose at a company Christmas party than a regular office holidays party. This is partly because, in theory, all workers in a coworking space generally work on the same level and there is no hierarchy – while the landlord or landlady owns the space and may be involved in its management, the management of a space is separate from the people who work in it, and you don’t have to worry about feeling like you made a fool of yourself in front of a department head or your boss.

 

Since the relationships between people at a shared space are purely social and voluntary rather than being based on contracts and demonstratable differences in power, there’s room for a generally much lighter and more socially conducive atmosphere.

Categories
Work Environment

6 Things You Should Never Do In a Shared Workspace

Just like any other office, there are do’s and don’ts to working in a shared workspace. This guide explores what exactly you should never do when renting a coworking office.

 

Depending on who you are, where you are, and what you need, a coworking space can be a great boon – or not worth your time. It’s all about understanding what coworking spaces are for, and what they’re not for. First and foremost, let’s define a coworking space. A coworking space is an office space that consists of several independent parties, including:

 

What is a Shared Workspace?

Shared workspaces are designed to appeal to a broad selection of workers, rather than providing a very specific atmosphere, but they are still offices. They exist to provide a place for people without office space of their own to work away from home, either in a team or potentially in close cooperation with other workers.

 

However, they do differ from normal offices. Hierarchies aren’t visible. Cubicles don’t exist. There are no dedicated spaces for specific members or individuals. There are different spaces within any coworking community – spaces for socialization, spaces for group work, and spaces for concentrated solo endeavors – but all the trappings of a normal office melt away and no longer exist.

 

There’s also an unspoken etiquette that comes with working at a coworking space, and it revolves around understanding that this is an environment for everyone’s benefit – and that by working together, you’ll each bring one another further along.  In line with that, here are six things you should never do if you’ve rented a spot in a coworking space.

 

1. Don’t: Heavily Waste Time

Nothing begets nothing. While there is some data that suggests that coworking spaces improve productivity and are certainly a boon for some creative types, the coworking model doesn’t change that work still needs to be done, and work is, for the most part, work. You sit down, concentrate, and focus on the task at hand.

 

For many who are easily distracted, coworking spaces can present a greater challenge. If you simply cannot be self-sufficient at home, then the colloquial and social environment of a coworking space can help you get into the swing of things. There’s a fine balance between being more productive in a positive environment and simply wasting the majority of the work day getting into long conversations with other coworkers.

 

It takes time to make it to a coworking location, get set up, plug in your laptop, get your workstation in order, and procure that first cup of tea or coffee. By then, you’ll likely have run into several other coworkers, all of whom might have something to say. That’s great when you aren’t busy – but when you are, efficiency is key.

 

Setting limits for yourself and being strict with your time management is key if you’re going to work from a shared workspace location. Know when you can afford to stay and talk, and when you simply need to close off from others and be with your work.

2. Don’t: Rely on Others to Do Your Work

Coworking spaces become a great place to coordinate and cooperate on others, find new partners for brand new ventures, and brainstorm with your team. But it’s common knowledge that everyone needs to pull their own weight, just like in any other office or workplace.

 

When people talk about collaborative efforts and the networking potential of such spaces, an emphasis is placed on the potential for collective productivity – one hand washes the other, and that way, we’re all better off.

 

3. Don’t: Join Solely to Fight Loneliness

Coworking might seem like a good way to simply get to know more people or hang around others for a while – but if that’s your issue, then you should work on your social life in general. If you can do your work at home no problem, and don’t have issues motivating yourself to be productive (and don’t need to work with a physical team to begin with), then a coworking space will very clearly become more of a time sink than a way to improve yourself.

 

It’s important to consider working with others if it’s clear that you don’t work well on your own – but if you do, and simply need some company, find other places to socialize. Coworking spaces are primarily for work. While it’s nice to make some friends here and there, that’s not their primary function. Instead:

 

      • Hit up a bar
      • Go to interesting cafes
      • Visit hobby meetups
      • Go to the gym
      • Take a stroll through the park with your pet

 

One caveat is that some coworking spaces do feature specific events for socialization, and to build a sort of team spirit. If you’re bored with working from home, or simply lack inspiration, then joining a shared workspace just to be in a different environment can make a difference.

 

4. Don’t: Spread Rumors and Stoke Flames

An office space is no place for drama or office games. Not only are they disruptive and toxic in a traditional office as well, but they have even less of a place in coworking spaces, which are typically far more open, while hosting a much wider variety of groups and individuals.

 

Hostile behavior, bullying, and abuses of power are tolerated even less in coworking spaces and will not get you anywhere.

5. Don’t: Skip Events 

There’s more to a shared workspace than just work, although that is its primary function. As mentioned previously, some spaces host events and fun activities at the coworking location itself, or in other places.

 

Rather than skipping out on these because they aren’t exactly conducive to your progress as a company or as an individual, consider joining anyway. Not only can it be a lot of fun, but it helps to bring you closer to others without disturbing them at work. It’s an opportunity to get to know who you’re working alongside, without wasting time. Oftentimes, the events will be held in the same building also.

 

6. Don’t: Join Just to Find Clients

Coworking spaces are a collaborative experience. While they are a place to network, there’s a difference between building teams and forging connections at a shared workspace to the benefit of everyone and using the space solely to network and market your own endeavors, at the expense of everyone but yourself.

 

Conclusion

No one likes a spoilsport, and someone who joins a shared workspace just to spam fellow members and talk to them all the time about potential business opportunities without getting any work done is not only wasting their time, but wasting a lot of other people’s time.

 

They’re making a space that should be collaborative and safe, suddenly feel hostile and exploitative. There are good ways and bad ways to use a coworking space, so be mindful of your shared workspace etiquette.

Categories
Office Space

Why Do Companies Use Shared Rental Work Spaces?

It’s no longer just freelancers and small businesses that use shared rental work spaces anymore – they are actually quite popular; but why?

 

With steady growth leading experts to estimate that approximately 3.8 million people will be making use of shared work spaces in the world by 2020, from just 1.18 million in 2017, it’s become clear that coworking is supplying a demand that was previously left untapped, and unrecognized.

 

As it becomes more and more prohibitively expensive to lease and manage office spaces in the world’s largest and most competitive cities, entrepreneurs and businesses alike are forced to find alternative work spaces. Coworking spaces have also grown to meet a new demand for flexibility in an age of eternal uncertainty – as businesses and individuals seek to take greater risks and chase after bigger ideas for the sake of innovation, it becomes more and more important to cut down on costs and minimize commitment.

 

Shared spaces save on space and allow a larger number of individuals and groups to account for the costs, giving startups and other professionals the opportunity to set up and work in some of the world’s most competitive and exciting cities at a much lower cost, without the pitfalls of working from home or virtually. But what constitutes a rental workspace, and how is it superior to working out of a coffee shop, or leasing a cheaper office further away from the city center?

 

What are Shared Rental Work Spaces?

At its simplest, a rental work space is an office that consists of multiple professionals and companies, rather than just one company. As such, they function on a fundamentally different model from traditional office spaces, particularly in terms of pricing and freedom.

 

While a landlord may lease an empty office space to a business for several years, with the permission to redesign the office as they see fit, these work spaces are furnished and designed by the owners, with spaces leased to individuals and companies on a monthly basis. Like a monthly membership or subscription, companies are free to simply leave and opt out of their monthly renewal or continue.

 

Work spaces come with a variety of amenities rolled into the monthly price, including wired or wireless high-speed Internet, break rooms, comfortable seating, secluded meeting or conference rooms, a kitchen, and more. Some spaces encourage companies to bring their own equipment, while supplying equipment that is usually communal, such as:

 

      • Printers
      • Conference equipment
      • Monitors
      • Televisions

 

As such, the workspaces feature a much lower overhead, as well as an attractive monthly fee versus a several-year-long commitment to a hefty and expensive lease. For smaller companies and freelancers, this makes for a much better alternative to seeking out a private office in a large city.

 

Because shared workspaces are inviting to a variety of different professionals, they have also opened the door to a completely new way of working together, encouraging cooperation and networking within the office. But for whom?

Who Uses Them?

Rental work spaces are ideal for partnerships, businesses, and individuals that lack the capital to afford a private office and could benefit from networking and potentially cooperating with other professionals in a variety of different fields. Coworking spaces are very popular among sole proprietors and smaller teams, but function equally well for:

 

      • Smaller companies
      • New start-ups
      • Temporary partnerships
      • Entrepreneurs
      • Freelancers

 

Aside from smaller firms and partnerships, coworking spaces are ideal for temporary teams, for professionals who need a shared space to work for just a few months on a project, before disbanding. While common among film crews, this type of setup is now growing in popularity in other industries as well, especially with the growth of virtual workspaces and rental spaces.

 

Larger corporations can also make use of coworking spaces by utilizing them for satellite offices in regions far away from their usual private offices, saving on the costs of preparing an office for every physical location. While established businesses profit from having a branded space to receive clients, this is not always necessary.

 

When to Transition from Shared Work Spaces to a Private Office?

It’s still critical not to forget that the private office isn’t going out of style – it’s simply coexisting with a brand-new model for work rooms. Companies that can afford to invest in their own private office space are not going to wholesale give up on that luxury for a coworking space potentially shared with competitors.

 

However, it is very likely that they are already profiting from the benefits of a coworking space through the work they outsource to freelance professionals and other smaller companies, as well as entire departments and satellite offices set up in different states and cities.

 

If you’re thinking of choosing between a private office and a coworking space, it helps to keep in mind the pros and cons. Shared work spaces, as previously mentioned, provide the space for collaboration, improve productivity in many cases, help keep workers happier, and boast much lower costs than traditional offices. However, there are cases where the cons of coworking overshadow its benefits.

 

If you have an established business with serious capital, then the need for networking and collaborating on projects with other companies or professionals may not be that high. Meanwhile, you may also want to control your own work environment, improving productivity in your own way by catering to your workers, rather than being at the mercy of how busy a coworking space may be at any given day.

Choosing The Space That is Best for You

Your clients may also be expecting a certain level of business, meaning that having your own office and signage could be important to sending the message that you’re an established and growing business looking for larger long-term profitable relationships.

 

      • Through your own office, you maintain complete control over:
      • Ergonomics
      • Furnishings
      • Break room choices
      • Lighting
      • Design, and much more

 

You can match your business’ tone with your choices in design and layout, rather than having to mesh with other companies as well. A private office is also a safer office, especially if you’re working with client information that is best kept confidential.

 

Private office space is not ideal for every business, especially in this day and age. But there may come a time when you outgrow a cowork space. Ideally, you can put the benefits of both to use, working with professionals out of nearby coworking spaces while providing a private space for your own crew.

 

Luckily, The Collection offers both. Whether you are looking for shared workspace, or your own traditional office, call us today!

 

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Creating a Positive Work Environment With Coworking
Categories
Work Environment

Creating a Positive Work Environment With Coworking

Creating a positive work environment for your employees is essential for your productivity, and your bottom line. Shared office spaces can promote a healthier environment through smarter working.

 

Desk jobs aren’t healthy. Cubicles aren’t good for your mind. Open plan offices don’t seem to help either. And work as we know it – the usual 9-to-5 grind in a clunky and sterile office – is almost designed to make you feel tired and unmotivated.

 

Mental fatigue and burn out are just two ways that sitting at a computer and trying desperately to meet deadlines or please your higher-ups can leave you feeling depressed and anxious about the next day, and your ability to keep up your performances.

 

Do Shared Spaces Promote Positive a Work Environment?

The answer to our burnout isn’t to stop working altogether, of course. It’s simply to work better, and smarter.

 

There are ways to circumvent many of the problems associated with desk jobs and office jobs today, from smarter floor plans and healthier hours to better time management, more engagement, and a communal setting.

 

Shared offices and coworking spaces are doing a fantastic job of taking what we currently understand about sedentary work and all the ways it can be improved and implementing these improvements to help today’s and tomorrow’s generation work better, healthier, and smarter.

 

The benefits aren’t something we only stand to gain from in the future – they’re here right now.

 

1. They Provide More Flexibility and Relaxation

Few people are able to sit down and concentrate on a single thing for more than an hour or so before experiencing mental fatigue and a loss in overall efficiency. Sure, you can do something – anything – for much longer than thirty minutes, but you’re likely to get worse at it.

 

This is true even for professions that require concentration for several hours, from truck drivers and airline pilots to surgeons. Our reaction times slow, and our vigilance drops – we become slower to notice mistakes and our thinking is diminished.

 

There are ways to change this – the brain responds well to:

 

      • Incremental training
      • Frequent breaks
      • Greater stimulation

 

Taking breaks to stretch, meditate, or just look out into the sky can help you recharge.

 

The same goes for work. But many workplaces don’t account for this, and don’t have efficient ways to help remind workers to take breaks or help them manage their time in such a way that they can optimize their hours at the office. However, coworking spaces give you this flexibility.

 

Focus and concentration, as well a motivation and willingness to work are also linked to things like mood.

 

The more depressed you are, the easier it is to procrastinate and seek distractions. And the harder it becomes to focus on a single task and get things done at work. You find yourself checking your emails more often, listening to music, dozing off when you attempt to concentrate, and quickly finding yourself under increasing levels of pressure.

 

2. Coworking Spaces Are Communities

Traditional office spaces are often conducive to both a lack of breaks and increased depression.

 

They provide workers with fewer opportunities to take proper breaks due to increased workloads and a lack of amenities, as well as often driving workers into isolation due to:

 

      • Poor office design
      • Long working hours
      • Overtime
      • Increased pressure to produce and be productive at the cost of any social life

 

Benefits:

A shared office space can create a positive work environment and alleviate some of the pressure by:

 

      • Featuring better office design
      • A greater focus on the communal and social aspects of work
      • A series of amenities both designed to help improve worker productivity and focus
      • Provide further spaces for collaboration and human connection

 

As valuable as technology is, it does not fully replace the critical element of physical interaction. Coworking spaces re-emphasize how important it is to be among other people, often rejuvenating workers that spent years working non-stop hours out of stuffy cubicles.

 

People work better as a community, and it shows. 

 

 

3. The Collaboration Breeds Positivity

There’s no doubt that there are plenty of economic benefits to collaboration. But it’s more than just about the money. If you’re a business with a moderately-sized crew, then it’s in your best interest to find ways to maximize productivity without grinding your workers. That means maintaining a positive work environment through their job satisfaction and general mental wellbeing.

 

A mentally healthy person is a smarter, and faster person. They’re more likely to be motivated and take on a greater initiative within the company, as well as come up with better ideas.

 

One of the ways to promote a positive work environment through mental health is to generate collaboration. And this is something shared offices and coworking spaces excel at. While competition is a basic part of human nature, we’re actually better at collaborating than we are at competing.

 

And while all startups and companies have to compete regardless of where they work, it’s much harder to partner and collaborate with other businesses if you don’t have a physical presence anywhere where other people work.

 

There’s no doubt that shared offices help companies come together and find ways to work together on projects, often improving them beyond what either party could have hoped for.

 

Are Coworking Spaces Always Better?

A shared office often creates a positive work environment and is usually a healthier office, mentally and socially. But there are some cons to consider as well, and it’s important to remind workers and businesses that coworking spaces are not the end-all-be-all.

 

It’s difficult to create a unique office culture in a shared office blended with other companies. While collaboration is healthy, there’s always the fear of competition. There are plenty of conversations and crucial decision-making steps that you should have with your company in private settings.

 

Depending on how you work, some of the amenities and social gatherings in shared offices can make it difficult to focus and concentrate, rather than helping you be productive.

 

In the end, it’s important to take from the best of both worlds to create a genuinely positive work environment. Take advantage of the incubation and flexibility of coworking spaces, while learning to develop better and more productive practices in the future.

 

Categories
Office Space

What Are the Benefits of Coworking?

The benefits of coworking are aplenty. From lower costs to greater networking opportunities and plenty of improvements to innovation and productivity, these spaces enable over a million workers around the globe to work smarter, rather than harder. 

 

There’s nothing wrong with hard work – but it’s easy to argue that there’s plenty of that going around as is.

 

As mounting evidence shows that stress at the workplace and a lack of healthy balance is contributing to worker burnout and rising levels of depression and anxiety, we must do more to help keep workers and freelancers healthy.

 

The Benefits of Coworking

 

It’s only when we’re healthy that we can work productively.

 

As such, the benefits of coworking extend past the bottom line and toward critical issues, such as worker crunch and the mental effects of a monotonous and oppressive office atmosphere.

 

Combating the Negative Side Effects of Telecommuting

 

While telecommuting allows many to take better advantage of the time usually spent physically relocating to an office, showing up to work and being around other people is important.

 

 

Loneliness is a crushing problem affecting millions of Americans, and despite being more digitally connected than ever, we’re spreading ever further apart. Coming together in a collective space to share ideas and work together can be very healthy and productive.

 

The benefits of coworking spaces is that they enable more people to do just this, often with better commutes and a greater variety of options on where to work, and when to work. There is more flexibility and freedom.

 

Cheaper Overhead, Simpler Costs

 

Perhaps the greatest benefit at a glance is the lower overall costs, and the much lower time investment.

 

Startups with few resources as is now have the opportunity to seek out a premium office space at a monthly cost, without the hassle of finding the right space to lease out for a year or more, not to mention the costs of getting everything up and running with the proper equipment.

 

The overhead for setting up an office can be immense – yet there’s little reason to do so when there are more benefits to be enjoyed from working through a coworking space, especially in the first few months.

 

The flexibility of being able to renew a membership every month also removes the sense of commitment that comes with signing a lease. This gives startups the ability to change their mind at any moment and invest in a space of their own when they feel the time and money to do so is available.

 

Something for Everyone 

 

A common criticism among first-time purveyors of the idea of coworking is the fact that, at first sight, it’s an incredibly chaotic environment.

 

The lack of personal space in the classical sense, and the lack of the ‘box’ by the oppressive cubicles of old, seems to inspire the fear that anyone willing to give it a chance is going to find loud noise and chaos.

 

Yet this isn’t true of most flexible spaces, including The Collection. While some are overcrowded and underequipped, good spaces are limited in the amount of space they provide. Therefore, it is not an issue for workers or freelancers to find a spot they feel comfortable in.

 

Many spaces set aside a portion of their space specifically for areas of silence, where those bothered by the noise and the networking can retreat temporarily to do the bulk of their creative work, before returning to the ‘overworld’ to socialize, network, soak up fresh ideas, or just take a quick break before attending to the next task.

 

For example, our monthly offices are private offices, giving everyone in our office rental space their privacy, while only paying for monthly terms.

 

It’s important to remember that it tries to address the fact that many people work differently. Work styles don’t evolve per generation, but per person – some enjoy working in the small hours of the morning, before dawn, in a space entirely their own, with no noise to distract them save for the tapping of their own fingers.

 

Paid Networking

 

One of the primary benefits of coworking is the melding of ideas – and in a sense, it’s worth it to come back to that, and explore the benefits of networking with professionals in entirely different fields, despite the superficial lack of overlap.

 

As our ideas for the working conditions of the future continue to evolve in the face of ever-more sophisticated automation and machine learning, and the eventual reality of AI in the workplace, we must realize that career fluidity often trumps specialization.

 

The worker of the future will have to educate themselves on more than a single kind of work, especially when trying to develop products to sell and market. Shared workspace enables a unique form of socialization that benefits:

 

  • Writers
  • Coders
  • Accountants
  • Artists
  • Marketers
  • Executives

 

Of course, that might not be everyone’s cup of tea. Creatives often struggle to work out of a traditional office but still need a healthy separation between home and work – and these spaces market themselves as the perfect place for individuals to seek a place of productivity.

 

A Rapidly Growing Industry

 

There’s no doubt that this trend will continue to thrive in developing and developed countries alike, as it becomes more expensive and more time-consuming to move workers to dedicated office spaces.

 

For startups, satellite offices, freelancers, and established companies alike, coworking will continue to play a role as a place for the free exchange of ideas, a melting pot of work styles, and a hub for creativity and productivity to flourish as everyone seeks their own ideal space.

 

Recent stats report that the number of people working in flexible spaces is expected to rise to 3.8 million in 2020, up from under half that (1.6 million) in 2017.

 

More spaces will be built to accommodate the expected growth, and although the traditional office model won’t go anywhere anytime soon, it’s not expected to come out unscathed – there’s plenty to learn from the benefits of coworking, even in regular offices.

 

Common Questions

What is Coworking?

Coworking can mean a couple different things; from renting one flexible space with individuals in a coffee-shop type setting, to renting furnished offices with other businesses monthly. It is a shared space where others come together in one location to work on their individual needs and projects.

What are the Benefits of Shared Space?

It can boost productivity and creativity, along with flexibility and freedom. It also provides cheaper overhead and simpler costs to businesses while promoting networking opportunities.

How Popular is Coworking?

Shared office space is an increasing trend, especially for startups, satellite offices, freelancers and established companies. The number of people working in such offices is expected to rise to 3.8 million in 2020 (from 1.6 million in 2017).

 

Categories
Business Trends

6 Reasons to Consider Flexible Office Space

Coworking is more than just a buzzword – more and more businesses are moving towards flexible office space, because it saves both money and time.

 

While the concept of coworking has traditionally been attractive to rising startups and small business, often in search of a transient office space to get setup and continue their growth, there are signs of a new development, as more and more corporations begin to invest in flexible office space.

 

Why?

 

Largely because it just makes sense – financially speaking, corporations have just as much to gain from turning towards monthly rental office space to entire more talent, save on costs, increase their locations, and more.

 

What is Flexible Office Space?

This latest trend is taking business by storm, and for good reason; but what is it?

 

Flexible office space refers to a fluid space to conduct business that allows for a wide range of diverse work environments. These shared office spaces allow you to have a designated space for work, but on your terms.

 

Traditional building leases make less sense for many business owners, as the new trend continues to grow.

 

Here’s why it’s becoming more popular.

 

1. Greatly Reduce Costs

The first benefit may be the greatest. Flexible office space greatly reduces overhead costs for corporations – cheaper leases, flexible terms (which means a smaller commitment, and less risk), and the cost of rent covers the expenses for not only the workspace, but for:

 

  • Amenities
  • Break rooms and lounges
  • Printers
  • Event space
  • Desks
  • Meeting rooms

 

An on-site manager means any complications may be addressed immediately, and crucial requests are heard right away. A stocked washroom and regular cleaning services further reduces overhead costs.

 

To simplify it further: it’s cheaper. While there are some benefits to leasing your own office space, there are other costs at play. Added up, most companies and corporations end up spending far more housing workers and departments in their own office space than potentially outsourcing that space to a well-managed and reputable coworking location.

 

2. Access to In-House Contractors

Coworking spaces attract not only companies, but plenty of freelancers, contractors, and independent pros.

 

This is advantageous to any large company, as the current marketplace is shifting more and more towards outsourcing most of the legwork to independent contractors, rather than hiring more full-time contract workers and in-house employees to handle the workload.

 

Furthermore, this helps corporations streamline, cutting costs and maximizing the bottom line. Coworking spaces are a great place for companies to scout potential independent professionals and make the best of their services.

 

As the industry grows, so does the pool of available and nearby freelancers, ever expanding to fill in any number of needed positions, with flexible terms and lower overall costs.

 

3. Widespread Presence 

For many larger companies, it’s fortuitous to have a large physical presence. While it’s true that we’re in the age of telecommunication, not everything can be handled over the phone – or over VoiP.

 

There’s still much room in today’s marketplace for face-to-face meetings, and clients often seek physical contact to the companies they work with. But it can often be very pricey to send representatives across the country.

 

Corporations could massively cut costs and boast a smaller carbon footprint by simply utilizing the cost-efficiency of coworking spaces to broaden their workforce across the country without the need for the acquisition of expensive and at times frivolous office spaces.

 

When you need a greater presence in one city for a set amount of time, it’s better to invest in a flexible office space than sign a lease for much longer than needed. In this sense, ‘satellite locations’ greatly broaden a corporation’s reach, putting them in contact with contractors and partners across state lines.

 

4. Cut Wasted Space

Landlords are eager to sign deals with companies and paying tenants, which sometimes leads to deals that might include more space than a company would initially need. Some companies get past this by renting out the extra space, but the costs of unused space could simply be avoided with more flexible office space.

 

Coworking spaces allow for terms that allow companies to customize their coworking plans, using up as much space as they need, or as little as they need.

 

For corporations seeking to streamline, this arrangement is ideal.

 

5. Flexible Terms

Rental office spaces boast other examples of flexibility. The most crucial one is time.

 

Office space can be rented monthly, avoiding the upfront costs and potential losses of a long-term lease. As corporations take on greater workforces – or cut down – they can adjust their plans accordingly and avoid unnecessary losses.

 

It’s no secret that coworking is playing an increasing role in the future of office spaces – and some would go so far as to state that it’s become the norm of today.

 

Startups cannot afford to lease valuable office space in a major urban hub to allow all their employees to converge and work together, as the overhead of running an office is often tremendous, to the point of being nigh unmanageable for most small businesses and moderately successful startups.

 

6. The Bottom Line

Because the nature of nascent businesses is the need to constantly adapt and overcome, and because the odds of failure are often so high, flexibility is key.

 

Transient office spaces with paid-for and pre-managed amenities and a reliable connection have gone from being a niche to becoming the norm for companies all over the world, and especially in the United States.

 

Yet flexible shared offices are more than just a steppingstone into a greater office. While corporations will likely continue to hold onto traditional offices, many are working on including the benefits of coworking in order to increase their bottom line, taking full advantage of the lower costs and extra benefits that come from sharing spaces with other companies and renting cost-efficient office spaces all over the country.

 

Conclusion

Regional offices are often cumbersome, underutilized, and very expensive – opting to transfer a regional operation to a coworking space can eliminate these issues at the cost of less privacy, which is not a major issue for companies and corporations that need not worry about data safety.

 

Even so, most flexible office spaces are entirely aware of the issue and are often working on providing the best possible physical and digital security on the market.

 

Perhaps the greatest final argument is talent – coworking has become more convenient not only for companies, but for workers as well, often offering comfortable and productive office spaces in attractive locations, with a much more modern office culture, catering to the work styles of the modern worker.

 

Why not provide the best spaces for your workers to do their best work? 

 

Flexible office spaces are the future, but it’s up to each company to figure the best way to take advantage of this growing industry.

 

 

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