“The industry is young. The future is bright.”
Yes, that stands right. We need different perspectives to grow and expand in the industry. It is about how the young generation thinks and proceeding towards their goals with unique ideas. Coworking is one of these ideas which is growing massively.
What is a coworking space? How is it beneficial? Is it okay to work in a coworking space? Why do young entrepreneurs choose shared spaces? If these are the questions in your mind, you have landed at the right place.
Here is the answer to your queries about why coworking spaces are superior to traditional workplaces in this blog.
What are coworking spaces and traditional offices?
A coworking space is a shared working environment, often an office, and independent activity. Usually, it is attractive to work-at-home professionals, independent contractors, and young growing entrepreneurs. The spaces are generally outfitted with comfy furniture, shared equipment like printers and Wi-Fi, and even free coffee to foster a collaborative and communicative environment. It does not have any bondages or long-term contracts and has more flexibility.
Now, what are traditional offices? It is about renting an office space, typically with restricted hours and limited access. Sometimes entrepreneurs need to pay for expensive equipment and additional costs like phone lines, internet access, and amenities. In some cases, additional costs like furniture and electricity also get included in the lease. You may also need to worry about maintenance for the building itself and your office. On top of all that, when you rent a traditional office, you may be required to sign a lengthy lease agreement with an early termination clause that could make it hard to find relief if your needs change.
What do young entrepreneurs want?
In recent years, shared office spaces have become a natural solution for young workers and businesses. And with so many options to choose from, entrepreneurs and freelancers may effortlessly discover what best matches their needs. On the other hand, the advantages of shared office spaces are only one side of the story. The young generation entrepreneurs desire a lot of more things in their workspaces as follow:-
- They want the ambiance of shared office space to stimulate quick expansion.
- They want a work atmosphere that encourages employee involvement while maintaining a healthy work-life balance.
- They want the reflection of their firm concept in the shared office space.
- They seek assistance with administrative operations and business support.
Reasons why young entrepreneurs choose shared office spaces over regular offices?
All-Inclusive Features
While searching for a workplace, an office is not the only requirement. It does include a lot more services and facilities. Coworking space provides it all in one place, like IT services, support staff, conference rooms, meeting rooms, and private offices. It also offers furniture, lounges, and kitchen facilities. But, in a traditional office, it all can raise costs for a startup entrepreneur.
Coworking spaces make it much easier to establish a new business and give you more flexibility as your company grows. You can expand your workforce at any time without incurring the costs and obligations of a commercial lease. All the inclusive facilities make a choice easier.
Low Initial Capital Outlay
Renting office space and establishing a business there requires a 2 to 10-year lease agreement. It also necessitates a deposit, which can be difficult for a startup. So, as a result, shared office spaces save money by decreasing the requirement for an upfront capital expenditure. Aside from that, shared office spaces make it simple to grow a company’s physical footprint.
Coworking space is more like a club membership, with space often rented on a month-to-month basis, but some providers offer weekly hourly or even pay-as-you-go choices. Coworking space is best for startup businesses searching for a professional office without the upfront fees or long-term commitment from a cash flow standpoint.
Unique Surroundings
Working in a coworking space is an energizing and enjoyable experience. It has a varied range of communities, something that other offices lack. Access to the community is a bigger goal that coworking fulfills. It’s easy to get into the habit of marking off one project after another in your home office.
But, a shared workplace environment gives employees the feeling of being a part of something bigger. Employee satisfaction and productivity is improved when they are a part of a work community. It makes the new entrepreneurs communicate around the different levels and expand their social networks and interactions.
More Diverse Skill Set
You can have a lot of ideas in your mind for the business, but you can’t execute them without the help of others. If you don’t enjoy public networking events where you’re likely to meet people who are merely there to market their products and services, shared office spaces can be a better choice.
Coworking space helps you meet the diversity of professionals and take their assistance in numerous areas of your startup. It has a lot of professionals with a miscellaneous skill set. Entrepreneurs and professionals can use coworking spaces to meet mentors and advisers to help them establish a well-built business.
Flexibility
With time companies grow, and they require more staffing requirements. If you rent a traditional office, it would not be possible with time, but coworking can help you out immediately with this issue. There are no such restrictions while working in coworking spaces. You can rent a one-day or short-term office if your job requires you to travel frequently.
You can choose your favourite coworking spot wherever you are, as well as a professional setting to meet clients and form long-term beneficial partnerships flexibly. Flexibility also refers to the unrestricted access that shared space provides to its members to its locations worldwide.
Less Responsibility
Another appealing attribute of coworking space is fewer responsibilities. Coworking facilities offer hardly any duties, which is appealing to millennial entrepreneurs. In coworking space, building management is responsible for all maintenance and cleaning of the premises. Coworking considerably simplifies bookkeeping and tax preparation by providing monthly invoices.
As a highly cost-effective alternative, shared spaces provide all the required services and make the process of building a team easy for entrepreneurs. It helps the startup focus on the business more while not worrying about the other in-hand necessities and taking the work to another level.
Small-Scale Commitments
Coworking does not ask for much from entrepreneurs in return for the services. It provides the flexibility and freedom to select your place at your convenience. Also, there is no going back and forth to finalise the agreement and settle on the best cost, furniture, and the high setup expenses.
It all helps the entrepreneurs to focus on the core business by offering short-term accordance. Enterprises can pick what is best for their business in the long term when coworking takes care of all the above factors. It builds skills for success and creates more business opportunities for future projects without worrying about any long-term commitments.
Urban Focused Locations
Nowadays, working in urban locations is the new concern of rising professionals. According to a survey, 62 percent of young entrepreneurs prefer to live in areas where resources such as grocery shops, restaurants, and entertainment are handily available and shared by others. That is why coworking spaces occupy the urban locations to fulfil the urban location dream of millennials.
Furthermore, urban-centric locations aid in attracting talent and clients to the coworking space. The centric location assists employees in increasing their productivity, connecting with the city more freely, and spending more time communicating with others. Additionally, the centres offer an inspiring, collaborative atmosphere and a built-in business network for every member.
Bottom Line
The most vital factor in choosing coworking spaces over regular offices is the ability to share ideas, knowledge, and experience with like-minded entrepreneurs and startups. Young entrepreneurs are growing in number, and coworking spaces benefit them in various ways. Around eighty percent of respondents choose coworking spaces over regular offices because it allows for better interaction with other entrepreneurs, freelancers, and like-minded individuals.
Young entrepreneurs who look for a convenient way to set up an office while also getting other benefits prefer coworking spaces. Rather than renting traditional offices, they hire shared spaces to create a more productive work atmosphere. In essence, coworking is becoming popular among startups.
Whether it’s networking, business expansion, or simply for convenience, coworking spaces are exceptionally beneficial for young entrepreneurs. Currently, young entrepreneurs are choosing coworking spaces over traditional offices because it gives them a sense of satisfaction.
