The growth of coworking spaces is one of the most noteworthy trends of the modern era, particularly relevant because of its implications for small and medium-sized businesses. What was once a novel idea has now gained widespread acceptance as an alternative to conventional office settings, particularly among start-ups and entrepreneurs.
Coworking spaces are not just used by small businesses and freelancers anymore; big companies are also getting in on the trend and reaping the benefits of these shared office spaces. So if you have also been playing with the idea of using a coworking space for your small business, here are some benefits that might help you decide.
1. Networking Opportunities
Effective networking is the lifeblood of every business. Among other things, it enables you to figure out the industry benchmarks and best practices to accomplish desired goals. Connecting with other business owners may help you learn more about the industry trends and what your competitors are doing. It can also end up opening business and revenue opportunities for you.
While the trends regarding coworking spaces are different in the West and Asia, the number of these shared office spaces is still on the rise. Coworking spaces in Asia have experienced explosive development over the past two years, driven primarily by demand from corporate occupiers as opposed to the burgeoning freelance and startup culture that has been the norm in the West. Singapore is one of the top three countries with the largest coworking spaces per capita. So finding shared office spaces in Singapore is as easy as finding offices for rent, which will soon be a norm in the rest of the world as well.
Your mind gets sidetracked when you are not operating in a proper working environment. You may have to engage in housework or maintenance, accommodate visitors, and keep up with several other potential interruptions and surprises during working hours. That is why the productivity of small business owners, especially those who previously worked from home or public venues, increases drastically after switching to coworking spaces.
Currently, millennials make up around a third of the working population in the United States. These employees place a premium on a friendly work environment and adore the increased opportunities for meaningful interactions that coworking spaces provide. As a result, they experience less loneliness and feel more driven and engaged at work. All these factors add up and boost employee productivity. According to a well-documented study, employees who work in a coworking space have a greater sense of job control, a higher perception of the importance of their work, and a sense of belonging to a larger community.
Leaders in the Fortune 500 have identified creativity as one of the most important qualities in a CEO. Even more significantly, it is considered crucial to attaining economic growth. Coworking spaces have the potential to spark creative ideas by providing employees with opportunities to collaborate with their colleagues and gain exposure to a variety of perspectives.
Moreover, natural light is abundant in many shared office environments. Common rooms in shared office spaces sometimes also include window seats and patios where employees can relax between meetings. Both provide you with a wealth of opportunities to bask in the warmth of the sun. Sunlight is a natural way to get more Vitamin D, which helps keep your immune system, brain, and nervous system healthy. The more in tune you are with yourself, the more unclouded your thoughts will be.
Finding reasonably priced, temporary office space for small business owners is a major challenge. The typical length of a commercial lease is between three and five years. A vast majority of startups cannot make this commitment. As your company is only just starting, your income and spending will likely fluctuate. Thus, it is important to have a flexible office lease early on. Enter coworking spaces!
They allow companies to expand without incurring high costs. Since they are willing to work with you month-to-month and provide various other services, coworking spaces are a viable alternative to conventional offices with expensive and long-term lease agreements.
The work-from-home trend is getting a lot of traction these days because it eliminates the need for daily commutes. However, this makes coordination somewhat difficult, despite the emergence of the latest communication tools. Once again, shared office spaces could be a lifesaver.
A coworking space requires all your team members to be present under one roof. But they do not have to be in their cubes until the workday ends. Instead, coming to a coworking space means stepping into a well-lit place with nice furniture that does not restrict employees to a single location or prevent them from interacting with others.
Whether a pressing deadline or an unhappy customer, coming together in a lively coworking space helps solve various business problems. Everyone is organized, disciplined, and on the same page with all the necessary business amenities at their disposal.
Most small business owners are fiercely committed to staying in the game. However, having such a mentality makes it far more likely that your typical workday could last between 16 and 18 hours. Well, this is not good for your health in the long run as it could be a surefire recipe for stress, anxiety, and exhaustion. You will need a lot of stamina and an unshakable mental outlook if you want to see your firm grow and prosper. So, do this by participating in social activities and putting your work aside every once in a while. Most coworking spaces also host various events and activities, allowing business owners some much-needed downtime to recharge their batteries.
Small businesses play a key role in strengthening the economy of any country. And a productive and pleasant office environment is crucial to the success of any company. That said, starting a small business is easier said than done. But the good news is that renting a coworking space will lay a strong foundation for your venture and empower you to deal with several challenges.