Coworking Space: What Is It?
If you wonder what a coworking space is, then the simple answer is a neutral place where different people come together to work on individual or the same projects. They may or may not be employed by a single organisation, making such a space different from a conventional office setting.
The thing to understand is that a coworking space offers some of the many benefits of a conventional office and may even offer a lot more. Today, many different organisations are choosing to go the coworking route to meet the demands of modern workplaces.
History of Coworking
Did you know that coworking will double globally by the year 2025? That’s right. Understanding the history of coworking space goes back to 1995 when it started in Berlin, Germany. Then, it was 17 engineers who came together to work in hacking!
The term ‘’coworking’’ was first introduced in 1999 by an American game designer, and he constitutes an important part of coworking space history. His name was Bernard DeKoven.
In 2002, the most important part of coworking’s history started when what we know as coworking today was introduced in Austria.
Now, such coworking spaces abound all over the world.
Biggest Myths People Have About Coworking Spaces
The most prominent myths about coworking spaces are eye-opening:
- It is expensive: It is NOT. In fact, if a company wants to cut down on expenses, then coworking can be a great choice. It actually helps save money.
- It Can Be Noisy: While many people working in a shared office space can be a bit loud, it is just people working together. You can have dedicated desk space without any interruptions to your work which is a boon.
- It is Unprofessional: No, such spaces can have all the modern facilities required and be more professional and productive than traditional office spaces.
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What Are The Pros of Coworking Spaces
There are so many advantages of coworking spaces. The most important ones are:
- A Lot Of Flexibility: For start-ups or even older organisations, flexibility is wonderful to have. Whether it is in terms of payment options to aesthetic decorations, such coworking spaces offer a lot of flexibility.
- Networking Opportunities: An excellent benefit of coworking spacesis networking opportunities. A shared office space makes it easy to share ideas and network more.
- Affordability: Such spaces are affordable. For start-ups and organisations with tight budgets, such an option works very well as it helps them save money every month.
- Being A Part Of A Community: The truth is that coworking spaces can be extremely energetic and community-inducing. This is great because it allows organisations to be a part of a community of a larger network of people. This helps employees work better and boosts productivity.
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What Are The Types Of Coworking Spaces Available
Some of the most important types of coworking spaces are:
- Traditional Coworking
This is a dedicated desk space for 5 to 10 people to work together and can work very well for smaller organisations.
- Open coworking space
This is a variant where anyone can join in, and it works for low-level employees who don’t require a lot of privacy in working.
- Private workspace
This is great if a locked door and private office space are what your organisation needs. So though you will be working in a coworking space, your space will be away from prying eyes and ears.
- Meeting space
This is a space that is meant for conferences and meetings that need to be held.
- Full-Serviced Coworking Space
This is fully serviced and has all the amenities of a traditional workspace.
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Understanding coworking space vs traditional office space will help you select the right option for your business.
- A coworking space is perfect for collaboration and networking, while traditional office space is right for organisations that require more privacy.
- Coworking space from a reputed agency will provide all the amenities and facilities you can expect of traditional office space, and it all comes together in a monthly payment.
- A coworking space can be challenging as far as asset-sharing is concerned. This is because a varied group of people may share printers, computers, and coffee machines.
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Coolest Facilities Available In A Coworking Space
Are you thinking of a coworking space for your organisation? Then here are some of the most fantastic facilities you can expect:
- Not Pricey At All
This is so cool, isn’t it? Your organisation may save money on office space by choosing a coworking space.
- Vibrant Office Space
Another great coworking space facility is having access to vibrant office space and lovely conference rooms. Again, this will be wonderful for your employees.
- Friendly Environment
Another cool facility is that you will get friendly faces and a friendly environment to work in because you will be sharing the space with others! Yes, there may be challenges, but the truth is that you can work in a friendly environment and build a community of like-minded people.
- All Services
If you choose a fully serviced coworking space, you won’t have to worry about housekeeping staff or computer repair. It will all be done for you.
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Things To Consider When Choosing A Coworking Space
Here are some pointers about how to choose a coworking space for your business:
- Affordability Is A Factor
The most important factor is whether the agency is affordable. Does your business have the budget for availing of a nice coworking space? Learn the prices in the sector and find one that is most affordable for you.
- Great Location
You want a location your employees will be able to reach with ease. The city centre is usually a great choice.
- The Amenities You need
The coworking space should offer you the amenities your business requires.
If you can find an agency that meets your above requirements, then you have made a great choice.
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Will A Co-Working Space Be Ideal For Your Start-up?
If you answer yes to any or all of the questions below, you will know why you should choose a coworking space that can be perfect for your organisation.
- Do You Want to Save Money?
Coworking spaces allow businesses to save money on overhead costs.
- Do You Want Someone Else To Worry About Housekeeping?
With a professional coworking agent, you don’t have to worry about housekeeping and maintenance at all because everything will be taken care of.
- Do You Want To Boost productivity?
Reports say that cowering spaces can improve your business productivity.
- Do You Want Flexible Payment Options?
With such office space, you will be able to pay with more flexibility.
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Trend of Coworking Space
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Some of the top coworking trends in 2021 are:
- More Corporate-Friendly: Since many corporate have started shifting their employees to coworking spaces, agencies are doing their best at integrating a more corporate culture.
- Very Employee Friendly: Another coworking space trend in 2021is making such spaces highly employee-friendly so that they can enjoy a boost in productivity.
- More Advanced Technology: Coworking spaces also bring more technologically advanced designs so that modern companies can be comfortable working in such a space. This means that there are better computers, faster internet speeds, and all the tech-related things in such workspaces.
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Fun Facts About Coworking Spaces
Some fun coworking facts are:
- More than 38 million people are working in coworking spaces at present.
- India has a huge coworking space population. At least 13 million people in the Asia Pacific region are working in coworking spaces, and the majority of these workers are based in India.
- Another coworking space statisticis that top cities in India have many coworking spaces on offer for corporate and start-ups.
- Big corporate companies love working in coworking spaces, and they are one of the top customers for such agencies.
- In the 2018-2019 financial year, corporate companies took up 72% of the coworking spaces available in India.
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Can Coworking Spaces Be Profitable For Your Business?
This is the crux of the matter, isn’t it? If you want to know, are coworking spaces profitable for your business or not, the simple answer is yes. Here are some ways in which they are profitable:
- They Help You Save Money
Whether it is electricity or high-speed internet, the overhead costs of running an independent office space can be too much. Choosing a coworking space for your business can help you save money every month because you will be paying a fixed amount of money.
- High Flexibility
A coworking space can be used for a couple of hours or months on end. This gives you a lot of flexibility.
- Flexible Payment Options
Most coworking spaces have flexible payment options. This can be greatly profitable on many counts for your business.
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