Co-working spaces are the current trend, and the new phenomenon shows no signs of stopping. Across the globe there are trendy office spaces organized to bring entrepreneurs, startups, and lean businesses together in fun, fresh, funky spaces, from posh, eco-friendly lofts in lower Manhattan to old textile factories in Sabadell, Spain, remodeled with the latest in tech to serve communities of individuals that are hungry to succeed.
There are different amenities available in different facilities, and they range from free Wi-Fi and coffee to weekly seminars with notable guest speakers and shared staff members such as receptionists, lawyers, or accountants. The serendipitous exchanges at the coffee machine or at the snack bar is really where the magic happens. The knowledge and insight into the world of business your peers offer through informal meetings around the fax machine can lead to amazing ventures and collaborations.
Find out how these 8 benefits will convince you to leave the comforts of home and set up your office in one of a plethora of jovial co-working environments.
1. Business Network Opportunities
Not all co-working spaces are designed the same, but most offer one large, open great room with small conference rooms tucked in for more private conversations. This expansiveness, without cubicles or office doors inhibiting conversation, can allow for easy networking. Not to mention, the whole host of events available at the office helps members get acquainted with one another. This is the prime environment for investigating the talent pool you could potentially work with in the future.
2. Low Start Up Costs
Rather than investing in your own space paying rent, buying furniture and often the license to do business, co-working environments offer the perfect solution. Nick Clark, founder of The Common Desk, a co-working space with two-locations in Dallas, Texas stands firmly in his belief that businesses could save 75% in total costs.i
3. Better Office Space and Location
Can’t afford prime real-estate? No problem. Often co-working environments are located in established neighborhoods or commercial centers, where one might not be able to afford on their own, can rent for a fraction of the cost when the expensive rent is divided amongst the communal members.
4. Free and Shared Amenities
Coffee anyone? In order to stay competitive and lure in a young and vibrant community of entrepreneurs, co-working spaces are often fitted with the most modern conveniences, from a coffee shop and snack bar to print facilities that make you feel you stepped foot on Google’s campus.
5. Flexibility and Scalability
Do you have to travel for work? Are you ready to hire staff? The beauty working in a co-working environment is the ability to have flexible lease agreements. This means if you have to fly off to Southeast Asia for a month to meet with clients or will need to take on a staff, there is room to customize and grow accordingly.
Coming back to that old cup-of-joe, have you ever noticed what inspiring and insightful conversations occur around the coffee machine or in the break room? Being in an environment that hosts individuals from an array of industries is a potential match that could spark some of the most amazing idea, projects, or collaborations.
7. Support Staff
Many well-established co-working spaces have relationships with in-house human resources groups, lawyers, and/or accountants. This is not a coincidence. Founders of co-working spaces want to make work the easiest it can be. Having these resources only a few steps away saves time and hassle running across the city researching and meeting with outsourced providers.
8. Increased Sense of Community
While some times out of necessity we want to save a few pennies, and working from home seems like a viable option to remedy the strain on the wallet, but this is not always the best-case scenario. Working from home can be challenging, combatting loneliness and productivity. Working in a co-working space may feel like a big investment, but the return can potentially outweigh the costs. Feeling like you are a part of something, surrounded by your peers all working towards their dreams and aspirations is invigorating and that feeling is contagious.
Working in an open, communal space is not for everyone. Feel it out. Do your research; every co-working environment is different, and some will satisfy all your requirements, while others may fall short. Maybe you opt for your own private office, and that’s okay too.
GBSB Global Business School is shaping the world’s future business leaders today. That is why the participants in our business programs learn to develop increased cultural sensitivity and cultural awareness. At GBSB Global Business School, we teach our students to work comfortably and efficiently with people who have totally different values and behaviors. Whether working for a multinational or in a startup, these character traits will transgress borders and build relationships that will lead to heightened success and growth in business.
Written by Emily Dawn Szajda, GBSB Content Manager
[i]Crone, Emily Starbuck. 24 July 2015. 7 Business Benefits of Using a Co-Working Space or Executive Suite. Nerdwallet. Retrieved from https://www.nerdwallet.com/blog/small-business/7-business-benefits-coworking-space-executive-suite/