The new trend in modern business
A new type of work has taken the globe by storm. It has gained popularity among entrepreneurs, work-at-home professionals, frequent travelers, and independent contractors. It entails a collection of individuals sharing a working location, each with their autonomous activity, and, unlike standard office spaces, those working are seldom hired by the same organization.
Coworking is a term that refers to the notion of people with shared values congregating in an area to benefit from the synergy created by working with a group of competent individuals in the same location. It serves as a source of inspiration, cooperation, and networking and a means of obtaining ideas and generating new opportunities for your company.
Brad Neuberg, a programmer who built the first formal co-working facility in San Francisco in response to a lack of productivity in home offices and isolation in conventional workplaces, invented co-working to refer to a shared and collaborative workspace. The concept soon extended across the United States, with estimates indicating around 760 co-working spaces in 2011. Co-working has also risen in popularity in Europe and Asia, owing to the development of cloud computing, freelancers in the workforce, and start-ups. According to a recent WeWork research, 81% of its member firms reported greater productivity.
Co-working facilities enable workers to escape the distractions of working from home and focus on their jobs. It is often outfitted with standard office facilities such as internet connection, audio, and video equipment, office furniture, reserved workstations, conference rooms, and sometimes a kitchenette.
There are various benefits to coworking, particularly for small company owners, work-at-home professionals, and entrepreneurs, including the following:
A professional setting
Working from home may be challenging at times due to the distractions provided by the television, dogs, and even children. While working from home or at a local library or coffee shop is often free, these places are seldom conducive to efficient work. While co-working spaces are not free, they are well worth the investment due to the professional environment and setup that maintain your firm’s interest.
Opportunities for networking
When you pick a co-working space, you will have the opportunity to engage with other professionals and meet clients. It is recommended that before joining a co-working organization, you inquire about the other types of professionals or businesses that will share the space with you to determine whether there are any opportunities for collaboration and whether the businesses are direct competitors for customers with yours.
With coworking, you become a community member since it fosters a sense of connection rather than isolation. This contributes to the development of fresh ideas and inventions. Additionally, you get to convey your thoughts to others who share your vision and work together to accomplish your shared objectives.
There are many aspects to consider while selecting a co-working place, including the following:
- If being in a professional setting increases your productivity.
- If you expose your customers to other companies, this creates a competitive environment.
- The cost of the co-working space and the payment method, such as monthly payments or a one-time payment for a certain period.
In the end, only you as the company owner can determine what is the best course of action for your organization and if having a co-working space would result in additional advantages.