A co-working space is an environment (can be social spaces, collaboration hubs, or community centers) designed for different workers to create a shared environment to work in. Those spaces typically include shared facilities, services that everyone can benefit from, and common tools to use. Besides the tools, services, and facilities, co-working spaces allow an environment where brainstorming and socializing occur.

The nature of remote working is convenient for coworking spaces. With the benefits it brings to the remote working environment, coworking spaces are trendy.

With the increased popularity of remote working, it was inevitable for coworking spaces to be as popular as them. Coworking spaces became so popular because they solve different pain points of remote working concepts in general, which can also be counted among the reasons it is so beneficial.

Moreover, co-working spaces carry extra significance for startups and entrepreneurs. As we dive more into co-working spaces’ details, you will also understand why you should be interested in coworking spaces.

How do coworking spaces work?

It is important to understand how coworking spaces work to be able to truly understand the benefits. Typically, there are no strict rules and guidelines about how a coworking space should look like, but there are some general things we can mention here.

For the sake of making things simpler, you can think of a coworking space as an office that does not belong to either a company or a person. Since the office does not belong to a single company or person, there can be many different workers from many different backgrounds. That office environment is characterized for being affordable (since many people are using it).

Typically, coworking spaces are used by remote workers who want to get rid of all the stress remote work isolation brings and want to experience remote working in a more social manner. Just like a normal office, a coworking space would include amenities like meeting rooms, coffee and tea service, a kitchen, and more.

As we mentioned earlier, those who use coworking spaces tend to be part of startups, freelancers, and entrepreneurs. The flexible environment of coworking space makes it the perfect destination for those who want to pursue a career in the mentioned areas.

How much do you need to start work in a co-working space?

To start to work in a coworking space, one needs two things. One, a group of people to be the part of the coworking space, and two, the environment itself. Typically, the first one is the more challenging one.

Of course, you will have your teammates with you if you have a startup. However, you might want other people around to benefit from the part of the reduced cost of the co-working space — if you are looking for a private space in a co-working area. Those people can be found on social media or by snowballing. You might start with several people and then add more people to your circle.

The reason why we mentioned the people included in your coworking environment in the cost section is that they are as important as the money you are going to pay. Remember, the people around you are some sort of an investment, too.

The monetary value of starting to work in a coworking space can depend on many different variables. Those variables include the size, location, and amenities of the place, as well as your team’s size. For the sake of giving an idea, a coworking space can be between 3,000 USD to 20,000 USD, depending on what the variables are. What a significant difference, right?

For this reason, it is crucial to do research first and choose the most efficient one. For example, you might be using a coworking space for 5,000 USD rent with ten people. But there can be another space, bigger, and 10,000 USD rent. But in the latter option, there are 25 people. Which one makes more sense now?

Reasons a Coworking Space Make Sense For Your Startup

Now that you know all the necessary information about the coworking environment, it is time to tell you about all the reasons why coworking space is very plausible for startups. Remember, depending on the type of your startup, those reasons may or may not apply. It is essential to take what resonates and leave what doesn’t to make the healthiest choice. The following are some of the reasons why you should consider having a coworking space.

1. Socializing

In the remote work context, socializing can mean many different things. It refers to the fact that you are networking with people, bonding with your colleagues, performing efficient teamwork, reducing loneliness, and enhancing connection. It is essential to define socializing in those terms in the remote work context.

One of the major pain points of remote work is remote work isolation, which typically results from the lack of human interaction. Indeed, if you are always working from home, that can be the case. A coworking space is characterized by having people around, so your startup’s team members will be there to socialize with you.

Even if you are all too busy with the work, the presence of your teammates will make a lot of difference. Moreover, networking in a remote work environment can look different than what it is in the physical environment, so a coworking place is a great option for networking while working remotely.

2. Increased Productivity

Another reason why your startup needs a coworking space is the productivity problem. When people are alone at home trying to work, they can quickly feel less motivated, which can lead to significant decreases in productivity.

In a coworking space, on the other hand, your teammates have the opportunity to encourage each other and get the best out of their productivity.

Moreover, since you will have people right next to you, you can always ask them questions where you feel challenged with the work and get their ideas. This will increase your motivation because you are solving an issue you thought you couldn’t handle and strengthening your bonds with your colleagues.

3. Reduced Costs

Start-ups typically start small, with a low budget. While this is the case, it might not be plausible to spend all your budget on an office. Moreover, coworking spaces typically have flexible agreements, meaning that you do not have to stick with them for extended periods. If something goes wrong, you can easily change it.

With the facilities and amenities, other costs will also be decreased. For example, you might not need to pay an extra fee for coffee if it’s included in the fee you are paying to the coworking space.

4. Time Management

Another reason why a coworking space can be plausible for your startup is time management. Working from home can be hell for people who are not good at time management; since you are at home, there are many other things to do and distractors.

In a coworking space, everybody can monitor their teammates. This is also connected with the motivation part. Moreover, you can always create a schedule for your team regarding what you will do during the day, so nobody gets hurt, and everybody gets things done on time!

Time is cash; time is money.

5. Better Work-Life Balance

Start-ups typically require too much time and effort, especially in the beginning. Running from a distance to every job task can cause people to ignore home life. In fact, they may be carrying the house to work and the work to the house without realizing it. This is because we do not have a certain workplace perception, and the coworking space solves this problem perfectly.

Your work is in the coworking space, and as you leave (hopefully), your focus will be somewhere else. This part is also relevant to time management because one of the reasons why the home office is causing time management issues is that the work and life balance is so corrupted.

Why is co-working so popular?

Coworking is so popular thanks to the benefits it brings to remote workers. Some of the coworking benefits include increased productivity, more focus, improved work and life balance, and networking opportunities.

Are co-working spaces worth it?

The answer may depend on person to person, but many people generally state that their overall job satisfaction (especially in the remote working environment) increases thanks to coworking spaces. So, it is safe to say that usually, coworking spaces are worth it.

Why are co-working facilities attractive to entrepreneurs?

Thanks to their low costs and effectiveness, coworking facilities are attractive to entrepreneurs. A high price-performance level is something all entrepreneurs need in their career paths.

Who provides entrepreneurs with small spaces on flexible terms?

Business incubators are organizations that provide small spaces on flexible terms. Those organizations help small businesses and entrepreneurs to improve and grow.

What are the best co-working spaces for startups?

The answer to this question greatly depends on what kind of a startup we are talking about, what the budget is, and expectations. However, statistics show that the best co-working spaces for startups are 1871 (Chicago), Avila Spaces (Lisbon), Plexal (London), and Work & Co (Cape Town).

Originally posted on November 22, 2021 @ 9:04 pm