Looking to learn about coworking spaces?
With tons of freelancers and companies shifting to them, it’s no secret that the coworking industry is booming in 2020!
But what are coworking spaces and why are they so popular?
In this article, we’ll go over everything you need to know about them and show you how to select the right one.
This Article Contains:
- What Is A Coworking Space
- How Much Do Coworking Spaces Cost
- Who Uses Coworking Spaces
- The Benefits Of Using Coworking Spaces
- Coworking Spaces Vs. Other Alternative Workplaces
- 5 Things To Consider When Choosing A Coworking Space
Let’s get started.
What Is A Coworking Space?
Coworking spaces are places where people gather to work on projects and other activities. People use these shared office spaces to work on projects individually or even as a group. Unlike typical office environments, the people in a coworking space may or may not be part of the same company.
However, just like a traditional office, coworking spaces come with all the basic amenities you need to carry out your activities. Most coworking spaces have Wifi, hot desks, conference rooms, printers and even refreshments!
The main benefit of coworking spaces is that they’re extremely flexible.
For example, you can rent out an entire private office space or a dedicated desk – it’s up to you. Additionally, as there are no long-term leases, you can move from one space to another with ease!
How Much Do Coworking Spaces Cost
While the price for coworking spaces varies on a case-by-case basis, it usually depends on a few things such as:
- Location – Coworking spaces in prime real estate at major cities like New York City, Los Angeles and San Francisco will cost more. This is the case for most coworking chains like WeWork, Regus and Impact Hub.
- Amenities – if your coworking space comes with tons of unique amenities, it’s usually going to cost more
- Space – generally, larger coworking spaces cost more than smaller ones
- Timings – coworking spaces that are open 24/7 usually cost more than ones that are open for a few hours everyday
According to Deskmag, the average cost of a coworking membership in the United States is $195/month. That works out to $6.50 for a day pass – the price of two coffees!
Who Uses Coworking Spaces?
With over 35,000 flexible workspaces around the globe, the question is – who’s using them?
A. Freelancers and Remote Workers
Freelancers and remote workers love coworking spaces for two key reasons:
- They’re a cheap, flexible alternative to renting out your own private office space
- As you’re working alongside other people – it’s a simple way to beat the feelings of isolation that most remote workers go through. It’s also a great place to meet other entrepreneurs and network effectively!
Additionally, as coworking spaces offer Wifi, refreshments and other amenities – it’s the perfect option for anyone looking for an all-in-one solution. You won’t have to rent any of this yourself – just go the coworking space and everything’s already provided!
B. Startups and SMBs
Coworking spaces don’t come with the high costs and commitments associated with typical office leases. That’s why it’s no surprise that they’re the go-to option for most early-stage startups, SMBs and non-profits.
Think about it.
Your team can gather and interact in a collaborative space – without the financial costs of leasing an office! Plus as Wifi, heating and other overheads are already covered – you’re reducing your business overheads as well.
Even enterprise companies like Nike, Google and Facebook are turning to co-working spaces now.
Most of these large companies have thousands of employees all over the globe. Manually setting up offices and maintaining them is an enormous effort that they’d like to avoid.
That’s why they contact coworking spaces to do this for them.
Most enterprises ask coworking chains to build them custom-made shared spaces and even maintain them. This way, the employees get a state-of-the-art business center and the company doesn’t have to worry about maintaining anything.
It’s a win-win for everyone!
The Benefits Of Using Coworking Spaces
Here are the ways that coworking spaces benefit you and your company:
This is the most obvious reason to switch to a coworking space.
Instead of renting out an office space for yourself or your company, you can turn to shared workspaces instead.
Here’s how it can save you money:
- Most coworking spaces charge on a per-table basis. This way, small businesses and partnerships aren’t paying for space they don’t need!
- If you’re a solopreneur and need your own dedicated office space, renting out a table at a coworking space is far more affordable than renting out a separate one-room office.
- Coworking spaces don’t charge you for overheads like electricity and Wifi. If you were operating from your own office, you’d paying for these business needs – increasing your overall spend.
Another key benefit of the coworking model is that it’s incredibly convenient.
Unlike regular offices, you don’t have expensive long-term leases – you can pay for exactly how long you need it. These short-term contracts also make it easy for you to switch from space to space.
This is incredibly helpful for digital nomads who are always on the move and spend only a few weeks in the same place. From Seattle to San Diego – you’ll find coworking spaces wherever you go!
Additionally, as coworking spaces manage the amenities and overheads themselves, companies don’t have to worry about it. This saves them tons of time and effort when it comes to managing their activities.
Another great thing about coworking spaces is their culture and vibe.
Coworking spaces are usually filled with entrepreneurs and budding startups – making them the perfect place to network with co-founders and incubators. If you’re looking for the next big thing, chances are it’s going to come from the coworking community.
It’s no surprise that successful companies like Instagram, Spotify and Uber all started in coworking spaces!
Additionally, many coworking spaces host networking events like happy hour Fridays to encourage networking among the independent workers at the space.
Coworking Spaces Vs. Other Alternative Workplaces
Coworking spaces are one of the best alternatives to working in-office.
However, they aren’t the only option available.
Here’s how they stack up against two other alternative workplaces:
A. Working From Home
Working from home is the default option for most people looking to work remotely. There’s no commuting, you wake up when you want to and take as many breaks as you like!
However, it isn’t perfect.
Working from a home office can make it hard to focus. As you’re working in the same place you use to relax, it’s harder for your brain to adjust to work and stay alert. You may even have tons of household distractions preventing you from focusing on your work.
Additionally, if you stay by yourself, working at home can be quite isolating.
Luckily, coworking spaces can solve all these issues:
- As you’re not working from your home, it’s easier for your brain to focus on your tasks.
- You avoid any household distractions.
- Coworking spaces still give you the freedom (breaks, clock-in times, attire) that you get from working at home.
- As you’re surrounded by like-minded individuals, you won’t feel isolated.
- You won’t have to pay for high-speed Wifi and other work-related overheads yourself.
B. Working From Coffee Shops
Working from coffee shops is another popular remote working choice.
You get high-speed Wifi and the wonderful aroma of coffee – what’s not to love?
While coffee shops can help you overcome feelings of isolation and take care of your internet needs, they’re not great for focused work.
Think about it:
- Most coffee shops usually play music that could distract you from your work
- Sometimes, the strong smell of coffee and food could disrupt your focus
- You could be distracted by the tons of people walking in and out, busy with their own discussions
With coworking spaces, however, this isn’t an issue.
Remember, the reason coffee shops have distractions is that they aren’t built to be an ideal work environment.
Coworking spaces, on the other hand – are built for focused work.
You get all the amenities you need to focus and some even have a coffee station built-in to satisfy your caffeine needs!
5 Things To Consider When Choosing A Coworking Space
With so many coworking spaces around, how do you select the right one?
Here are a few things to consider when looking for a co-working space:
Location is one of the most important things to consider when choosing a coworking space.
Choose a coworking space that’s:
- Not too far from where you live to minimize traveling costs
- Has parking spaces and is near public transit to make commuting easier
- In the heart of the city to make it easier to entertain clients and guests
However, remember that coworking spaces in prime neighborhoods of major hubs like Brooklyn or Miami will cost more than spaces in smaller towns like Amarillo, Texas.
The best coworking spaces boast of having tons of unique amenities like dedicated meeting rooms, phone booths and cappuccino machines.
But are you going to be using these perks?
Remember to only choose a coworking space that gives you the amenities you need to carry out your work. There’s no point going to a coworking space that offers freshly brewed coffee if the Wifi is super slow, right?
Different coworking spaces charge different rates. Remember this when choosing your coworking space. For example, if you’re a growing team that’s looking to expand soon, you might want to avoid spaces that are too expensive as you aren’t looking for a permanent solution.
Additionally, pay attention to the business model of the coworking space you use:
- Is it on a per-desk basis?
- Is it a monthly or yearly fee?
- What’s included in the membership fee?
Clarify all these things before settling on a coworking space and you’ll be fine!
A big reason for the popularity of coworking spaces is the sense of community that they have. Look for a coworking space that’s populated by like-minded individuals that you get along with.
As you’ll likely be working alongside these workers and community managers, ensure that you enjoy their company!
Some coworking spaces are even community-specific such as tech-specific ones or ones solely for startups.
Remember to always look at a coworking space’s timings before selecting one. For example, if you’re a freelancer working with clients on the other side of the world, you’ll likely need a coworking space that’s open 24×7.
However, if that isn’t something you need, you can go for part-time coworking spaces with designated work hours which usually cost a lot less.
Coworking spaces are one of the most convenient and cost-effective places to get your work done. Whether you’re a solopreneur, a small business owner or even a large company – you’ll benefit from them!
Just follow the tips we listed here when selecting your coworking space and you’ll have no trouble finding one that suits your needs.
Have any other questions about coworking spaces? Let us know in the comments below.