By now you have probably heard about coworking. It is a global movement that is growing every day. Coworking space is defined as membership-based workspaces where diverse groups of freelancers, remote workers and other independent professionals work together in a shared, communal setting. While there are numerous benefits and advantages to coworking, here is a countdown of the top five:
5 – Affordable
Coworking is an innovative way to effectively launch and grow your business. It will dramatically reduce the cost of your overhead
to a low, fixed monthly fee that includes items such as rent, electric, Internet, supplies, janitorial, administrative and more. Cowork spaces are fully furnished and equipped, eliminating the need to spend your startup cash on furniture, fixtures, printers and other office equipment. It also opens the door to high-end professional office buildings that could otherwise be cost prohibitive.
4 – Professional Space
Utilizing a cowork space for your business eliminates the distractions you face in your home office and allows you to be much more productive than working from your local coffee shop. Professional spaces give you access to private conference rooms to meet with your clients. Many include a receptionist to greet your clients, receive your mail and provide administrative support. As you grow your business, your cowork space grows with you. Most cowork spaces are membership-based and month-to-month, allowing you the flexibility to adjust your space and resources on the fly without moving locations; no long-term lease is required.
3 – Solutions
Coworking saves you time and provides access to tested solutions. Because you and your coworkers have similar needs and challenges, chances are good someone in your group has found a solution that you can benefit from as well. You can hear about new apps and best practices from your coworkers. People like to share what works. You will be able to see firsthand how this app or that practice saves time and streamlines a task. Top coworking spaces have agreements in place to provide you with discounted business services and software that are instrumental in running your business.
While technology has given us the ability to work from anywhere, cowork space gives us the ability to come together in supported business environments while maintaining independence without isolation. Many studies indicate the value of coworking relationships far exceeds the cost of amenities. When coworking becomes an integral part of your business, you gain support from people who get it, have been there and understand why you do what you do. Being able to work in a community of inspiring and aspiring independent business people not only increases your own creativity and motivation, but could also introduce you to the best referral source you have ever met, your next investor or board member.
1 – Networking
A cowork space gives you a unique and daily opportunity to work side-by-side with like-minded business people. You are able to brainstorm brilliant marketing ideas over a cup of coffee, work your way through a problem at the white board, explore view points from several perspectives that you could never see on your own and become a part of a network that will open doors for you and allow you to open doors for others. In fact, the people you cowork with are likely to become your best resources. Your cowork space is filled with people whose businesses or clients may benefit from your services. On the flip side, if you or your clients have a need, it is likely your coworkers will be able to fill that need. The synergy created in these environments is invaluable.
“Your network is your net worth.” ~ Porter Gale
If these five advantages are not enough to motivate you to consider a coworking space for your business, take a look at the results of several studies:
– 85 percent of participants felt more motivated after joining a coworking space.
– 92 percent said their social circle had increased a lot.
– 80 percent said their business network had grown.
– 75 percent reported an increase in productivity.
– 86 percent said their isolation had decreased.
– 46 percent reported earning higher income since they started working at a cowork space.
One of the most surprising findings is startups that work in a coworking space are four times more likely to succeed than those that do not. Four times; that is quite an edge!
Rhonda Reed, CPA is the owner of CPA Business Advisors, Inc., which provides professional services guiding business owners throughout the business lifecycle. She can be contacted at cpabusinessadvisors.com or 321-593-0925