Whether you are an entrepreneur, an independent contractor or a small business owner with just a few workers, the advantages of coworking are changing how and where people work. Why? Because the rise in self-employment as well as the social distancing requirements brought on by the latest pandemic have led to an explosion in the need for more flexible workspaces.
Statistics indicate that self-employment will rise even further. More than 50% of the U.S. workforce is expected to consist of freelancers, independent contractors, and on-demand workers by 2027. And coworking facilities have a proven track record for being the right type of space for these workers. Consider that many multi-billion-dollar tech companies such as Uber and Instagram got their starts in coworking spaces.
Advantages of Coworking
Coworking Spaces Offer Lower Costs Than Traditional Commercial Space –
Normally, renting traditional commercial office space requires signing a long-term lease. Anywhere from two to 10 years in length is typical. But coworking spaces are offered more like a club membership—space is usually rented by the month, with some providers offering weekly or hourly options. Therefore, a coworking space is ideal for startup entrepreneurs looking for a professional workspace without the high upfront costs and long-term commitment.
Coworking Facilities are All-Inclusive –
Another major advantage to coworking is being able to avoid most of the other private space startup costs. These can include furniture, utilities, lease service charges, and even appliances. A coworking space membership typically includes:
- A desk and chair (depending on your membership level, this may be any open desk, a dedicated desk, or even a private office)
- High-speed internet
- Access to a shared printer/scanner/copier
- Free coffee, tea, and use of shared kitchen facilities including a fridge and microwave
- The use of a conference room on a reservation basis
Coworking Helps Avoid the Distractions of Working from Home –
Depending on your family situation, a home environment can be very distracting. So too, can other locations where entrepreneurs sometimes choose to work, such as coffee shops or malls. But one of the benefits of coworking spaces is that they allow you to isolate work from your home life so you can easily make the switch between them.
Coworking Offers Collaboration and Synergy –
Isolation is often one of the downsides to being self-employed. Working from home, many contractors don’t get the synergy and social interaction that working in an office with a group of like-minded people can offer.
A coworking environment offers a flexible, convenient, and professional work environment that encourages productivity.
Coworking Spaces are Ideal Networking Environments –
Do you need assistance with bookkeeping? Need a web designer for your website, or someone to help with your social media campaign? In a coworking facility, there may be an expert sitting a few desks away. And by offering your services to other members, you could bring in new business to your company.
Coworking Spaces Offer Room to Grow –
As your business grows, you won’t have to look for a larger space and renegotiate a lease. Because adding employees is usually as easy as adding memberships, without the costs of moving or the commitment of commercial lease space.
For solo entrepreneurs and particularly startups — the low cost and flexible nature of a coworking facility like CoLab, makes it a very attractive workspace option.