Co-working: What’s the big deal?

BusinessManagement

  • Author Don Milne
  • Published February 5, 2020
  • Word count 560

Over the last few years, Co-working Spaces have been popping up everywhere. Don’t believe me? Grab your phone and do a quick Google maps search - a 3-mile radius around you -surprise! You’ve been invaded by Co-working Spaces and weren’t even aware of it.

There’s been a global upsurge of Co-working Spaces. The projected forecast for 2022, 30,432

spaces and 5.1 million. Right now, we have all the right ingredients for a perfect storm of this kind.

A paradigm shift on the nature of business practices and employee to boss relationship, an abundance of freelancers and remote workers, and established enterprises - with generations of experience under their belt - trying to venture quickly and dynamically into new markets.

What Are Co-working Spaces?

Essentially they are shared workspaces.

Affordable offices brimming with all the trimmings and benefits of a conglomerate headquarters, where you’re rubbing elbows with other freelancers.

Picture a giant space, warehouse or building, quartered out and sliced into sections and then each square meter rented to a bevy of

freelancers. A reception, a shared snack bar, free coffee, and everything that a normal office comes equipped with. You only pay for what you need.

Fax machines, printers, and copiers ready to do their job. A landline and a secretary at your

disposal. WiFi ‘till your heart’s content. An army of support staff. Some are open 24/7, which is perfect for the night owls.

But What’s The Big Deal? Why the hype?

Coworking Spaces are hot. Why? Mainly because, to put it bluntly, they are all that and a bag of chips. To cap it off and cover the phenomenon in one swoop: "they are pretty, flexible and

cheap." Let me explain.

They are cheaper to rent than a traditional office: no long term commitment, no need to give a down payment or a security deposit, no need for any sort of lease. You can simply pick up the phone, call and if they have an opened spot they’ll start charging you by the day, week or month as soon as you walk in. Some even offer "drop-in" options where you pay as you go. Think

Netflix Membership with easy cancellation.

Business have found that renting out these types of spaces cuts their overhead by a staggering percentage.

You pay for what you use. You don’t have to stock up on office supplies, or hardware, or any sort of office-related set-up minutia. They have it all. All you need is a laptop - and some even offer those to rent - and willingness to ask for whatever pops into your mind. Do you need a

conference room and a projector for a presentation? They have your back covered.

They result in more productive work. Freelancers and employees for different companies seem to

do more efficient work in these types of set-ups. Studies have shown that people find it much

easier to thrive in Co-working Spaces. They offer structure and allow workers to focus solely on their tasks.

They gift your team a competitive environment where they can relate and network with others of their kind. The aesthetics and ambience of most Co-working Spaces have been tweaked by professionals to provide a dynamic mood and atmosphere - no grey cubicles and flickering strip light.

And, finally, they remove freelancers from the distractions of domestic life.

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