The need for co-working space is rising as many businesses look to this flexible way of working to minimize expenses, expand new markets and boost agility. What is a co-working space, and why is it a good option for conventional workspaces? Let’s explore this great alternative and know the reasons why a lot of professionals are choosing this over traditional working environments.
What is a Co-Working Space?
A co-working space is the latest trend among small entrepreneurs and business owners. This space allows professionals to go somewhere besides their homes and coffee shops to get work done. It often includes video/audio equipment, meeting rooms, office equipment, reserved desks, internet access, and an office kitchen.
Why Co-Working Space is a Great Alternative to Traditional Working Setting
Many see this as a great alternative to a home office or renting a space for long-term use. Here are some of the reasons why.
Co-Working Spaces Offer a Professional Environment
Many small entrepreneurs find it hard to work from home; in most cases, loud pets, children, and TV can be distracting. Even if working from home or in a shop or library is usually free, these spaces don’t often help since there are a lot of environmental factors that can affect your focus. While co-working spaces have a fee attached to them, they often have a more professional environment that many people find compelling.
Co-working spaces eliminate the hidden expenses and risks of owning an office, allowing tenants to pay only for the required space. With this kind of setting, there is no traditional lease or extra expenses that go with it.
Provide Networking Opportunities
Chances are, if you decide to join a co-working space, you will be meeting business partners and clients. You will be exposed to the other professionals sharing this workspace.
Tip: Before joining a co-working space, ask what types of professionals or businesses will be sharing the room with you. See if there is any possible networking or partnerships, and see if those businesses are in direct competition for your clients or customers.
Design-inspired working space settings, regular education events, a creative community, and perks like game areas or indoor gyms all work to promote productivity and creativity.
The perks of co-working spaces extend to customers too. Freelancers and entrepreneurs without a fixed workspace or office can hold urgent conferences and meetings from a fully-equipped, professional office setting at a desirable business address.
Read More: Entrepreneurs work-life balance: How to effectively manage it?
Factors to Consider When Looking for a Co-Working Space
Choosing the best co-working space is not a simple task. With many offices opening up daily, it could quickly get stuck in analysis paralysis. How can you decide on a co-working area that will fit your needs? Let’s look at some of the factors you should be looking for to deem them worthy of your consideration.
Location: Co-working space’s location is a significant factor in how much value you get out of your membership. Not having to drive, or walk, long distances to reach your temporary office will cut your time in half. This will also give you more time for your work than the commute.
Community: When you partake in a co-working space, you join its community. Knowing that being encircled by other digital professionals, entrepreneurs, and talented independent experts is one of the biggest perks of joining this kind of workspace.
Amenities: Looking for a co-working space that provides everything you need to make the best out of your work experience is vital. Is free juice or coffee a must for you? How is the internet connection in the co-working space? Does your job often need you to access a 3D printer or Zoom for client calls? It would be best if you considered the amenities offered.
Budget: How much you are willing to pay monthly is vital in picking a shared space. Membership at a premium co-working space, with complete access and amenities packages, living accommodations, and fitness, can be expensive. However, this is a perfect package for successful entrepreneurs wanting an ideal workplace to expand their networks. However, you might need to compromise on a few things if you are on a tight budget.
Ultimately, only you, as entrepreneurs or business owners, can choose whether a co-working space is perfect for you or your business. Will being in a professional setting make you productive? Is exposing your customers to others bring up problems with the competition? Is it more cost-efficient to invest your money and time into your office space? These are vital questions to ask before making a decision.
If you want to learn more, be sure to read the other blog we have carefully created to help companies improve their business strengths through proven strategies and helpful tricks.