We’ve seen time and time again that professionals truly thrive in coworking spaces. Compared to a traditional or home office environment, mingling with others from various companies in a shared space has some sort of inherent magic to it. So, why is that?
Here, we’re going to explore everything you need to know about coworking spaces to understand why and how they help professionals thrive.
Here’s what we’ll cover:
Keep reading to get the full breakdown.
Coworking brings entrepreneurs, freelancers, and remote employees from various companies together in a single workspace, which is referred to as a coworking space. There are thousands of coworking spaces in the US. The idea is to bring professionals together and sprinkle the power of networking into the daily grind.
So far, this idea has been a remarkable success.
Coworking spaces are used by professionals who are able to work remotely. Freelancers, employees, founders, and even investors choose these working environments to take advantage of the benefits.
A study by Coworker cites small to medium sized enterprises as the largest adopters of this work model, making up 37.93% of all coworkers; next in line are startup teams at 27.12%. Large scale corporations and digital nomads make up only 2.35% and 2.82% respectively.
Now that we’ve covered the who’s and whats, why are coworking spaces so popular amongst the above demographics? Let’s explore the key benefits.
Productivity is crucial for entrepreneurial as well as freelance and corporate success. In business, low productivity leads to stunted growth. Proven by research from the Journal of Facilities Management (and several other studies over the last decade), coworking has a notably positive impact on productivity.
People who mingle while performing their regular professional duties in coworking spaces seem to accomplish more. Once you know this, why would you trade it in for a traditional or home office environment?
Originality and inspired idea are the seeds from which success sprouts. Without these sparks to light the way in any industry, we all might as well work on assembly lines. Nearly a decade ago, compiled research demonstrated that coworking had a definite helpful impact on creativity.
Since the beginning of the movement, coworkers have seemed to exhibit higher levels of inventiveness and innovation than traditional office workers. Professionals who spend time around creative people will naturally find inspiration and motivation to follow-through with their own new ideas. Plus, once the ideas start, there will be people around to brainstorm and share resources with.
Obviously, cost savings are a win for any business as they help increase the bottom line. Fundamentally at least, less expenditures usually mean higher profits. Coworking spaces undeniably cost less than traditional commercial offices.
For home office workers, the first prospect of a couple hundred dollar membership fee might sound like an unnecessary expense. But, when you factor in amenities like wi-fi, refreshments, cleaning services, printing, office furniture, and professional development events, the mental price tag starts to shrink.
Remote workers are naturally prone to face feelings of isolation and loneliness. These feelings can impact mental health, productivity, and overall well-being. Rather than work alone, as most remote employees, freelancers, and solopreneurs do, coworking presents a powerful way to combat isolation.
Coworking beats the blues. And, positive mental health and well-being has a ripple effect on the individual, the company, and the community as a whole.
Traditionally, networks have been built through family ties if not colleagues met at business school. Enter the digital era when information suddenly became accessible to everyone. After this, people born in every class claimed the ability to build fortunes from the ground up. But, not everyone who walks the startup path is able to reach their goals. Why?
Throughout history, if they had nothing else in common, successful entrepreneurs have always surrounded themselves with the right people. And, this is probably the key reason why coworking helps people thrive: in a mixed environment, any professional relationship is possible. Even an intern can establish a face-to-face relationship with a CEO from a neighboring company, which isn’t something that happens anywhere else.
A combination of coworking aspects help professionals thrive. This system helps people be more productive and creative. And, while shared offices cost less than traditional workspaces, they also provide a remedy for loneliness at work. Perhaps the most powerful ingredient in this potion is the built-in networking aspect of working with others in various positions at multiple companies.
Find out more about Workbox’s coworking and business acceleration services. Schedule an in-person or virtual tour.