What is it about co-working spaces that has got the corporate world buzzing? Sure, the concept is appealing with its modern twist on traditional ideas, but it’s more than just a novelty. Co-working spaces are experiencing astronomical spikes in popularity; they’ve earned their place and are here to stay, and here’s why.
When your business is still in its infancy, chances are you don’t have the dosh to lease your own office. Or at least certainly not one that is fitted out with all the trimmings and is smack-bang in the CBD. With co-working spaces, it’s likely that the location will be better than you could have afforded on your own. The range of options in a shared office means the physical space you work in is consistent with the business brand you are building.
Many small businesses are launched from a home office, and because of financial constraints, some often stay there. However, this can be an isolating experience. As a small business owner or freelancer, you often miss the social aspect of an office environment and it’s easy to feel out of touch. Co-working spaces help reduce the loneliness of a solo workplace, help you stay motivated and feel part of a community.
Renting your own office space requires you to commit to a long-term lease, pay hefty deposits, and be responsible for utilities and maintenance. Not to mention you still have to buy furniture and décor. Very few start-ups have the financial means to drop some serious coin on their workspace. But with co-working spaces, you can easily step into a professional environment at a very affordable price. A shared office is a far more cost-effective solution than hiring out office space, without the worry of long-term commitment.
Imagine being able to walk straight into a fully-functioning office straight after starting your business. Because that’s exactly what happens in a shared office environment. It can take months trying to set up a professional office, which wastes valuable time and money in the early days of your venture. However, when you choose a co-work environment, you can step right into an already-established venue for immediate use. It really doesn’t get any easier than that.
Some startups grow very quickly; others may grow and shrink several times before taking off. But the good thing about a co-working environment is that you can work on your own as a sole proprietor, or build up your staff as you need to. Whatever your business requirements may be, a co-working space is able to accommodate you, no matter the size of your enterprise.
Better work/life balance
Starting a new business requires putting in some long, exhausting hours, day after day. However, when you work from home, there are often many distractions which affect your efficiency and productivity. This is why co-working spaces are ideal. Many are open 24-hours a day, meaning you can create the work-life balance you need and customise it to suit your life. Finding a work-life balance is crucial for entrepreneurs, as being so goal-oriented, it’s very easy to push yourself into burnout.
Working alongside like minded business people gives you a great opportunity to share ideas and skill sets. Because you have access to such a variety of networks, your fellow co-workers may be able to offer help and advice in the areas you need it. Small business owners can learn a great deal from the experiences of others, even if those professionals are not actively involved in the same field. Cross-collaboration is also another fantastic way to reach more clients and expand on your services.
Overall, co-working spaces are an affordable, innovative office solution for entrepreneurs and small business owners. Find out why so many people are choosing to break down the traditional corporate walls, and enjoy the benefits of this popular office trend.
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