Coworking Spaces: What Makes Them So Successful?

Advantages of Coworking Space for Your Business

Coworking spaces were an unheard concept nearly a decade ago. But now, the popularity of coworking spaces has been on the rise in recent years.

The demand for such spaces has been on the rise because it offers an ideal environment for entrepreneurs who are looking for office space but don’t want to commit to long-term leases or pay for expensive office equipment.

“Though the COVID-19 pandemic has negatively affected coworking spaces, it is expected that this industry will continue to thrive and grow in the post-pandemic era too. – Source

Coworking spaces are mostly a place for entrepreneurs, freelancers, and startups to work, share ideas, and network.

There is no particular company that has started the idea of coworking space, but it has evolved from workspace rentals and space-sharing offices. Today, some of the most popular coworking spaces are WeWork, Industrious, Regus, etc.

But what makes these coworking spaces so popular? Let’s look at some of the most significant benefits that it offers.

1. More Flexibility

Coworking spaces are changing the way we work. People can arrive and leave the office when they want to. Coworking spaces give people flexibility in their schedule, which is great for individuals because it allows them to come and go as they please.

If employees don’t live near their employers, coworking spaces also offer accessibility to a physical office for remote workers.

Some of these are open 24 hours a day, 7 days a week. According to a report by Deskmag, 59% of the coworkers prefer 24/7 access to their coworking space.

When you’re working on a tight deadline and need to be at your desk in the middle of the night, or you need to do some work on a Sunday to get ahead for the week, you may not be alone.

2. More Cost-efficiency

Coworking spaces are a great way for small businesses to grow. This cost-saving option is essential for companies that have outgrown their home offices but don’t want to be tied down by long-term leases.

Coworking spaces only cost you for the space you plan to use, with some of the perks you get at no additional cost. For instance, you can get extra services like cleaning staff, coffee machines, and printing for free.

3. More Productivity

Coworking spaces offer a variety of work environments with structure and build-out, often accommodating various work styles.

While these spaces are similar in some ways to small offices, they have more variety than a typical office and have specific features to boost productivity and connectivity.

These spaces have several workspaces and settings that allow you to work alongside other productive individuals.

In a nutshell, coworking spaces are conducive to productivity — more than the typical office and less than working from home.

4. Networking Opportunities

Coworking spaces are a great way to network with people you normally wouldn’t meet.

Coworking spaces offer companies that are looking for new business partnerships or clients an opportunity to network, brainstorm, hold educational workshops, and much more. These spaces also offer fun activities, such as luncheon events and workout classes.

5.  Access To a Variety of Work Areas

In this new era of work, coworking spaces offer much more than a typical office. There are no cubicles here.

You’ll find an open-concept space for collaboration, with plenty of lofts and lounges. There are also private meeting rooms and private offices if privacy is what you need.

These meeting rooms and private offices are also bookable according to time slots through various apps.

6. Reduces Workplace Loneliness

When you work from home, you have fewer people to bounce ideas around with and can feel isolated. When you work from a coworking space, surrounded by a network of professionals, you can reduce the isolation sometimes associated with working from home.

A report shows that 89% of coworkers report feeling happier after joining a coworking space, while 83% report feeling less lonely as well.

It might not seem that big of a deal, but a sense of belonging comes from the small, seemingly irrelevant interactions that happen every day.

Acknowledging the five-minute conversation with your coworking neighbor can help boost happiness and reduce workplace loneliness.

7. Enhances Discipline

Even with a job that requires working from home, it’s easy to get distracted and lose track of time. You may sometimes find yourself working late into the night or reading emails from bed or working on projects before your morning coffee.

A remote office can help you focus on your work and separate it from your home life. They are a great option for those who have trouble disconnecting from work.

It brings a structure and a routine to your day, in the form of arriving somewhere at a certain time and leaving once your workday is complete.

8. Boosts creativity

When you build a community of like-minded people, you can have a huge impact on the success of your business.

When you surround yourself with these people or work with other companies, you share knowledge and ideas. You also learn so many amazing things that you can apply to your next big business project.

Working alongside other like-minded people in a team provides you with creativity and wisdom.

In a Nutshell, Coworking spaces have gained immense popularity among freelancers, entrepreneurs, and also remote workers who prefer to be part of a community rather than working from home.

Although they are more known among startups, corporates and SMEs are increasingly embracing this flexible way of working to collaborate and grow business.

From the early days of coffee shops and home offices, coworking spaces are a perfect option for location-independent workers and entrepreneurs, and companies.

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It offers the freedom of working independently while also providing an office environment that can help productivity — literally the best of both worlds!