With technology facilitating remote work and professionals increasingly searching for flexibility, the popularity of co-working has surged in recent years.
Co-working offers all the practicalities of a traditional office, but with added flexibility in a collaborative work environment that caters to a diverse range of professionals.
So, if you're contemplating whether co-working is the right choice for you, this blog explores the various aspects of co-working, its benefits, and considerations, to help you make an informed decision. Let’s get started.
Co-working is more than just a physical workspace; it’s a lifestyle. These spaces have been designed to foster collaboration, creativity, and a sense of community.
From sleek urban office environments to more laid back, creative hubs, co-working spaces offer amenities such as shared workspaces, private meeting rooms, high-speed internet, coffee on tap, dining and lounge areas, socials and networking events.
Co-working caters to freelancers, start-ups, remote workers, and even established companies looking for flexible alternatives. The idea is to break free from the traditional office norms and embrace a more agile and adaptable work environment – no matter where you are.
One of the advantages of co-working is the opportunity to connect with people you wouldn’t otherwise meet. This is particularly beneficial for remote workers and solo entrepreneurs looking to expand their professional circles and tap into different pools of talent and alternative ideas.
Sharing a workspace with individuals from various industries, backgrounds, and skillsets offers you opportunities for collaboration, knowledge exchange, and even potential partnerships.
What’s more, many co-working spaces host a regular timetable of socials and networking events dedicated to encouraging connections among their members, in the form of themed meetups, skill-sharing sessions and casual after-work gatherings.
Typically, co-working spaces combine a variety of work environments to cater to different working styles. Members will find more workspace options than a traditional office, but greater structure than working from home.
Office cubicles are a rare sight in co-working hubs. Instead, members are likely to find open-plan layouts and communal spaces designed to fuel collaboration, along with convenient hotdesks, lounge areas, and breakout zones.
That said, members can also enjoy the exclusivity of private meeting rooms, soundproof booths (perfect for making confidential calls), and designated quiet zones for more focused tasks.
See also: Benefits of hiring a meeting room for your business
This means co-working professionals are not restricted by the limitations of a one-size-fits-all workspace. Instead they are empowered to tailor their day based on the nature of their tasks and individual preferences.
Whether you need to start your day bright and early, or burn the midnight oil, co-working can provide flexibility that isn’t always viable within the confines of the traditional office. Many co-working spaces offer round-the-clock access, allowing workers to choose the hours that best fit their peak productivity times.
What’s more, co-working enables entrepreneurs and growing start-ups to comfortably scale up or down as their business demands change. There’s no need for long-term leases and no hassle with setting up and maintaining your own office. Instead, co-working offers a solution that adapts to your evolving needs.
All this comes with cost savings. Renting office space, furnishing it and managing utilities can prove a significant financial burden, especially for smaller businesses. Co-working eliminates these headaches, so that you only ever pay for the space you actually need, while enjoying built-in amenities like a front desk and cleaning staff.
The ability to plug in at any time, from a wide range of locations, is a core benefit of co-working. Whether you're on a business trip, visiting another city, or simply craving a change of scenery, co-working allows you to seamlessly transition your workspace to different locations within the network.
Today, co-working spaces and established chains are dotted in cities around the world, meaning workers can travel internationally knowing that they are never far away from accessible WiFi and office essentials, such as printing, meeting rooms and coffee.
For businesses embracing the co-working lifestyle, this widespread network opens up a vast talent pool. You can extend your recruitment globally, knowing that wherever your recruits are, there's likely to be a co-working space nearby.
For remote workers, co-working introduces a sense of community that can prove to be invaluable in creating structured discipline – a common challenge when working from home 24/7.
For those transitioning from a traditional office setting, co-working provides greater autonomy, allowing employees to take charge of their work environment. This freedom can contribute to a feeling of ownership and responsibility, positively impacting employee productivity.
Moving to a co-working space can undoubtedly be a positive change for many individuals and businesses, but it's important to carefully consider the following aspects before making the switch:
One of the first things you’ll want to consider when moving to a co-working space is the cost structure and how it fits in with your budget and your typical working habits (e.g. full-time, part-time, or day passes).
While co-working spaces are often more cost-effective than the traditional office, it's essential to be mindful of potential hidden costs, such as fees for meeting room usage, printing services, or additional amenities that are vital to your daily operations.
It’s not uncommon for co-working contracts to include charges for general services like cleaning, security, and utilities, along with tea and coffee – all of which can quickly add up. So be sure to do your calculations beforehand, to be certain that a co-working membership is within your business’s budget.
You should also carefully review the terms of your co-working agreement, considering factors such as contract length, cancellation policies, and the potential for future scalability.
Unlike the rigid structure of traditional office leases, co-working arrangements often offer more agility, allowing you to adapt your workspace commitment to your evolving needs. However, it's crucial to be aware of the specifics of your contract to avoid any surprises down the line.
Some co-working spaces may offer short-term monthly rolling contracts, which can be ideal if you’re unsure of your future plans. Others may require longer commitments, with potential discounts for extended terms.
What facilities are essential to you? And which would be nice to have? This will be something you’ll need to consider as part of your budget planning.
Some co-working spaces offer luxurious facilities like fitness suites, rooftop gardens and restaurants. These can be great perks for attracting new talent to your team, but will also come with an additional cost.
Assess your specific needs and priorities. If access to state-of-the-art facilities aligns with your business goals and employee satisfaction, it could be worth the investment.
If you have team members, talk to them about their preferred methods of working and any amenities that may help them in their roles, to ensure co-working can accommodate everyone.
The accessibility and convenience of your chosen co-working space can significantly impact your daily routine and overall satisfaction.
Consider the proximity of the co-working space to your home or other key locations. A well-located co-working hub not only reduces commuting stress; it also enhances your work-life balance. Additionally, a central location may be advantageous for hosting client meetings or networking events.
Co-working can be a great move for businesses in search of enhanced flexibility, state-of-the-art facilities and hassle-free terms.
As long as you carefully consider aspects such as your team’s preferences, your budget, and facilities that align with your business needs and long-term goals, co-working can transform the way you work.
If you are not sure that a co-working space is right for you, a good alternative may be to use a serviced office or even simply to hire a meeting room from time to time.
See also: Key benefits of using a serviced office
See also: How to book a meeting at 71-75
If you would like to know more about either of these options, contact our team at 71-75 to book a tour of our sustainable and modern serviced offices and meeting rooms.
