8 Reasons Why Businesses Thrive on Coworking

For most businesses in this day and age, utilities, rent, and building maintenance make up a substantial percentage of their yearly budget. But what if you could do away with all of these expenses and invest that money in employees, marketing and new technology while still boosting your employee morale & productivity? Well, coworking can make this possible.

But Just What is Coworking?

Well, coworking is a term that refers to staff from a huge array of businesses working in the same space. This can include independent contractors or freelancers working at tables in a coffee shop, or the more common, full-time employees renting single or multiple workstations in a single building or even occupying a portion of office space. Coworking has become quite popular, with the number of coworking spaces doubling each year.

Keep in mind that coworking isn’t confined to implying a shared structure. It can ideally refer to shared virtual infrastructure like sharing web payment protocols, hosting platforms and other web tools.

Coworking not only gives you an opportunity to save a lot of money and resources when compared to leasing or owning a dedicated space, but it can ideally help your business grow and thrive in ways that you never imagined.

Here Are Several Reasons Why Businesses Thrive on Coworking Spaces:

1) Allows You To Invest More Money in The Business

As mentioned earlier, employing coworking instead of having a dedicated building saves you a substantial amount of money that you can instead spend on growing the business. This could mean a larger marketing campaign, additional salespeople or even new equipment.
In addition to significantly reducing the costs of leasing or owning a building, you will ideally realize savings on services and equipment like printers, computers as well as internet access.

2) Idea Sharing

One of the best things about having your employees use a coworking space is that they get the chance to share ideas from people from other companies or industries utilizing the same space. Getting to know solutions that have worked in other firms is one way of helping your business thrive.

3) Boosts Staff Morale

When you ensure that your staff is happy, you minimize the costs of hiring as well as training new employees. How to achieve this is a topic that has been open to debate since humans started doing business. According to a study by Harvard, however, people in a coworking setting tend to be happier and have higher morale in their workplace compared to those in office cubicles. As a matter of fact, this data overwhelmingly favored coworking that the researchers had to review it in order to ascertain their conclusions.

The study states that it’s because coworkers usually work for different industries and companies, and so, there’s less professional jealousy and competition. Coworkers ideally reported increased job satisfaction as they felt being part of a community and not just a firm.

4) Improved Flexibility

When you lease an office building, you are bound to a lease that forces you to occupy the space for a particular period. This makes it impossible to follow your market base to another region and ideally prevents expansion, as you only have so much space in your rented space.

However, with coworking solutions, you can direct your staff to work in another part of town, increase your staff without renting and new space and even expand your operations by penetrating new markets. Coworking offers more flexibility compared to conventional office space options.

5) Boosts Productivity

In coworking spaces, there’s no temptation to take breaks in front of the TV or run to the store as you have when working from home. When you use a coworking space, the staff will want to make the best use of their time while there. Additionally, nobody wants to goof off in front of other professionals. According to Entrepreneur Magazine, coworkers are less likely to feel lonely or depressed compared to those who work remotely.

Also, most if not all coworking spaces are equipped with amenities such as free drinks, conference rooms, and spaces where you can relax and take a break. All these contribute to increased productivity.

6) Potential for Better Location

Leasing a coworking space to meet clients is less expensive compared to leasing an entire office in the same location. This means that you are more likely to afford a presence in a high profile and more affluent area than you would if you didn’t take the co-working route.

7) Encourages Work-Life Balance

The phenomenon- all work no play- is one you will never come across in a coworking environment. Shared workspaces promote healthy work-life balance by being centrally located and ideally close to public transport. Also, the amenities that promote relaxing and de-stressing play a big role in this, thus ultimately helping your business thrive.

8) Networking Opportunities

Using a coworking space means surrounding yourself and your employees with high-achieving and goal-oriented business people and entrepreneurs. This means that you will constantly have an opportunity to network with professional freelancers, great thinkers, small business owners and the like.

Being a member of a coworking community means that you’re surrounded by potential mentors, partners, and clients, which makes it easier to outsource talented individuals when you need help certain projects. This is one of the major reasons why businesses thrive on coworking.

Conclusion

Any business regardless of the size can reap the benefits that coworking presents. From improved staff morale to reduced costs and enhanced cash flow, there’s a lot to gain by moving out of the conventional office spaces. Hope that this post clearly explains why businesses thrive on coworking

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