9 Reasons Coworking Space is One of the Best Investment for Small Business Owners
Coworking space as an innovative work environment has made a huge difference in the world of business. Besides giving freelancers a sense of community, these practical spaces are giving small business owners a chance to take a new approach on how to run their business.
The trend of coworking spaces is clearly growing. According to Statista reports, there are currently around 18,700 coworking spaces around the globe. This number will continue to grow daily and by 2025, the number of coworking spaces is expected to reach nearly 26,000. Besides the statistic, there are numerous reasons why coworking spaces are a good investment for a small business, and here are some of the main ones.
#1. It is a Cost-Saving Investment
An entrepreneur has finally earned enough profit to move from their home, garage, or the coffee shop, but is their budget big enough to invest in an office?
If this dilemma troubles freelancer's mind, coworking space can solve their worries in no time. In a situation where they want to move their growing business into a more professional environment, a coworking space is a perfect fit. Whether they need a space to work, receive a client, host a meeting, or they want to have a base for business, they can find an affordable solution in a coworking space.
It solves the money and troubles of finding, renting, and furnishing an office. A freelancer can easily find a space that is fully furnished and has everything they need to run a business.
It also provides small business owner with a solution to get out of the house and immerse themselves in the real world.
The cost is always stated upfront so members will know which space they can afford.
#2. It Creates a Better Work Environment
Where you work can affect your work habits and your motivation. This is one of the reasons why coworking spaces are so popular.
They can provide entrepreneurs with a cozy work environment that will motivate them to work harder. Not to mention that seeing other hard-working people will give them the push they need. The workspace can also affect residents' mood so a bright working space can improve the way they feel.
Coworking spaces are furnished in such a way that they present a positive work environment. They are often filled with light, painted in white or other light colors, and decorated simply but elegantly. Right?
Some coworking spaces have a coffee machine so members will be welcome to have a coffee break whenever they need a little time off.
#3. SBO Can Pick the Space that Fits Them Best
Depending on the type of business, entrepreneurs look into a coworking space that fits them the most.
For example, if a freelancer uses a scanner or a printer daily, they find a coworking space that has both.
Some coworking spaces are specifically equipped for certain niches (coworkings for lawyers, cooks, artists, digital nomads, etc.) If businessmen think they'll need some extra equipment, they feel free to do some research on whether there are some better-equipped coworking spaces in the area.
Additionally, entrepreneurs can pick the space in which they feel most comfortable in. They can also switch from one space to another until they find the one that they like the most.
#4. SBO Can Have 24/7 Access
Some of us are most productive early in the morning. Others thrive in the late-night hours. It doesn't matter in which group a person falls into because a coworking space can accommodate them.
Some coworking spaces offer 24/7 service so members can drop by whenever they want.
Pro tip for coworking space owners: There is no need to hire one more manager to work at night. You can implement some sort of access control system at your space to cater to the "owl-ish" requirements of your members.
Just think about this situation. It is 2 a.m. and a member just got an amazing idea that they want to work on right now (maybe discuss it with partner living in another time zone) but they don’t want to wake up the family. Where do they go? Well, coworking space is the safest bet. This is perfect for anyone who doesn't like a strict office time work schedule. One can drop by your coworking space whenever they feel inspired without any limitations.
If an entrepreneur likes some sort of discipline, they can set themselves an office time and go to the coworking space just as they would go to an office.
#5. It Provides SBO with Networking Opportunities
As the owner of a small business, new acquaintances are always beneficial.
Networking is one of the key components of coworking and it is the reason why some people opt to use these flexible workspaces.
Members will have a chance to interact with professionals, entrepreneurs, and open-minded people with a vision. They can be both inspiring and important for building strong connections and powerful friendships.
Meaningful business connections will improve their chances of building a successful business. Additionally, by meeting all those people members can potentially find new clients in some of them.
#6. SBO Can Socialize
Working from home can have benefits such as working in your pajamas, but it also has its downsides such as the lack of social interaction.
Social interactions are a necessity for keeping our mental health. Sometimes small business owners get so carried away with the amount of the work that they have no time for social gatherings. While one should never isolate themselves from friends and family, if they currently have a lot of work, coworking spaces can give them that dose of social interaction that they need.
In coworking spaces, members will get a quiet place to work in but they'll also have a chance to engage in casual conversations. Maybe they’ll even get to know someone better and make a friend. Sharing challenges and successes with a person who understands the struggling world of a small business owner can be very relieving. Remember that human connection is an essential element for thriving.
#7. SBO Can Indulge in Various Events
Most entrepreneurs are aggressively dedicated to keeping their heads in the game. But such an attitude can easily lead to a 16-18 hour workday which is not healthy. That can cause anxiety, depression, and exhaustion.
If they want their business to progress and succeed, they’ll need a lot of energy and a stable mindset. One of the means to achieve that is by attending social events and leaving their business aside for a few hours at least.
Maybe members' friends have busy schedules and they can’t find the time to hang out as often as members would like, but don’t worry, coworking spaces got them covered.
Besides providing freelancers with an enjoyable space to work in, most coworking spaces organize different gatherings, events, or activities. This gives business owners and freelancers a time to relax and refill their energy.
You can indulge in networking lunches, seasonal celebrations, yoga classes, collaborative coffee breaks, office sports teams, or even coordinated drinks after all the work is done. The main aim of these events and gatherings is to build the culture of the workspace.
#8. SBO Can Find On-Site Talent
Does a member need to find a web-designer quickly? Or how about a writer? The quickest way they can find them is in coworking space.
The thing with small business is that they don’t have a whole army of people who cover every aspect of their business.
They don’t need a regular web designer, but they do need to find one when they want to make some changes to their website. In such moments, when a small business owner needs the help of a professional from a different niche, coworking space is the best way to find one. Just the fact that these people are freelancing and working on their own tells you enough about how hard-working and determined they are.
Even if there is no one there who can provide a member with the services they need if they are a part of freelancing communities they can connect a person in need with their acquaintances. This will save an entrepreneur a lot of time and maybe even help to establish a long-lasting business relationship.
#9. Coworking Gives SBO Space to Grow
One of the main benefits of coworking spaces is its flexibility. Who says that a small business will stay small?
The number of employees can vary and entrepreneurs can pick the coworking space accordingly. What they should know from the very start is that the time for which they want to rent the space depends solely on them. Coworking spaces offer different paying arrangements so members can pay for a day or a month, it all depends on them. So, they can easily switch up to a smaller or a bigger space depending on the situation.
Such flexibility gives freelancers a chance to rent space according to their current needs. Even if they are hesitant about it, they can give it a trial run and rent it for a shorter period.
The Most Important Coworking Statistics for 2019
Before we head out and say our goodbyes, check out these coworking space statistics for this year that will help you convince your members how impactful this phenomenon is.
- There are over 3 million coworkers in the world in 2019.
- There are almost 19,000 coworking spaces around the globe in 2019.
- It is estimated that there will be 696 new coworking spaces in the US and 1,688 worldwide by the end of 2019.
- Freelancers will probably be the largest coworking demographic in the whole world.
- The US leads the global coworking market when it comes to real estate considering that it has more than 80 million square feet of flexible workspace.
- The Asia-Pacific region is the world’s largest coworking region. It has more than 11,000 coworking spaces.
Some Final Thoughts
What you could learn from all the stats, facts, and coworking space benefits is that the coworking community is a trend that isn't going away. This work environment can offer so much to its users. It allows them to reduce their costs, get out of the house, find a comfortable place to work in, meet new influential people, and ultimately socialize and enrich their life. For starters, you can just offer to give a coworking space a try and see how it will influence their work habits, motivation, and creativity.
This article is written by Elisa Abbott, a writer, editor, and translator. She has years of experience in writing in on different topics in various fields. It all started when she was in college and freelance writing got his attention. Since that moment, writing became her passion. Besides working for PickWriters in their department for game localization services she is still a freelance writer and a regular visitor of coworking spaces. Elisa closely collaborated with many small business owners which brought her many insights into various industries.