What is a CoWorking Space?

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A coworking space, also known as shared office space, gives small businesses, freelancers, and independent contractors a space to work, network and participate in the local business community.

From cost savings to increased collaboration, a coworking space makes for an ideal office, especially for small and growing businesses.

From collaborating on independent projects to meeting other business professionals, a coworking space is a shared location where people with varying and unique business ideas can get together and learn from each other. Being part of a coworking space can mean new opportunities to participate in a community.

The following are essential benefits for small businesses to consider:

1. Networking opportunities

One big benefit of a coworking space is having the opportunity to connect with other bright and like-minded professionals who may be using one of our offices. If you’re only working in an independent office or home office, you may be missing out on important connections that may help to drive your business forward. All you may be missing is that spark that being around other successful professionals can bring.

2. Collaboration opportunities

A coworking space can expose you to opportunity and chance. By working next to or with other professionals, a casual conversation may lead to a new collaboration opportunity. You may find out about new and creative opportunities or you may end up being hired for a job or gig or you may find your next new employee or partner. You may simply have the chance to “pick the brains” of professionals in your own line of business or of someone new who can help your business grow.

3. An increase or boost in creativity

When working with other individuals, you are exposing yourself to new perspectives and ideas. Coworking space can be the catalyst to bursts of creativity. Switching spaces and the act of going to a new office may help to refresh your mind and consider alternative solutions to your business problems and challenges.

Break out of your comfort zone and give yourself a chance for new solutions by interacting with others.

4. Increased productivity

When we work from home or in a location not meant for private or secure operations, distractions are often a factor in productivity. The house needs a cleaning, the kids need attention. Home projects can often creep into our minds and get in the way of our productivity. Even a coffee shop can offer distractions or not be conducive to a private conversation with an established or new client.

By going to a different space, you can create a “work mode” that can lead to an increase in productivity. Stop devoting potentially productive hours to interruptions and distractions that normally happen during the day. Coworking can be that respite you need. 

5. Cost-efficiency

When you rent an office, you have a lot of extra costs to deal with. Coworking spaces usually come with perks like free coffee and snacks all at one daily or monthly rate. Other savings include the cost of a wi-fi contract, office supplies like pens, sticky pads, and bathroom supplies. A coworking space may even function as a virtual office where you can have your business address that is separate from your home address that allows you to receive business mail or small packages. Your virtual office may include a receptionist who can greet your clients in a professional setting.

Your coworking space may offer speakers who can help members do better business by providing advice and insight that can help you grow.

6. More flexibility

Many coworking spaces officer flexible agreements. It is easier to cancel a membership rather than a long-term office lease.

A coworking space allows you to get out of your own little bubble by exposing you to new perspectives. In this way, you may be able to build a better business. An efficient workspace that is comfortable is important to any business’s success.

7. Avoiding loneliness

Entrepreneurship can be lonely. Over a period of time, working at home can have an isolating effect. Being your own boss can let you create your own hours, work from anywhere you like, and make a living from your passion. This also means you’re often doing work alone. 

Coworking is a great solution! Working alongside others can give you a sense of camaraderie, even when you are creating totally different products and meeting different goals.