As the popularity of coworking continues to rise, more and more people are asking, “What exactly is a coworking space?”
What is a coworking space?
Coworking spaces are robust arrangements which exist to serve the modern day requirements for office infrastructure for businesses and professionals of the current era. Such kind of office space is shared by different companies, teams, and individuals which creates a cost effective proposition for all its members. It is quite different from traditional office spaces because of its operational structure, ideology, and overall environment.
The Coworking spaces you work at offer the same tools you can find in a traditional office, and much more. These utilities and services could be receptionists, refreshments, parcel acceptance, and other such utilities offered at a traditional workspace. The big difference is flexibility, because you don’t need to sign a long-term lease agreement for your workplace. Most coworking spaces will always have basics like WiFi, printers, and often some kind of conference room along with lunches and snacks.
How are coworking spaces beneficial?
- Networking & collaboration
Collaborative space increases the chances of meeting like-minded people, and is a major motivator for the growth of your business. You can connect with people from different industries and sectors. It not only promotes the sense of a close knit community but also helps the members in building a better and valuable network.
- Provides your company with a professional address
Collaborative spaces are located in the city center, close to public transport and restaurants, and suitable for members to work in. As a business owner, working from home or cafe may not send the right message to your clients, therefore, a coworking place not only offers a professional environment. They also offers dedicated meeting rooms, restaurants and coffee grounds to help you communicate better.
- Location & Atmosphere
Your location and surrounding matters a lot while working. The aesthetic value of design, lighting, and such similar conditions in a workplace are very crucial for your productivity. Coworking spaces provide you with the flexibility of finding the right fit for your work requirements and personal taste.
- Great offers and discounts
Coworking as an idea is still new when we take the corporate structure as a point of context and this makes us as the early movers to this structure of working. Just like any other new practice, to gain traction, companies providing coworking space as a service are offering great commercial propositions for early adopters.
- Improves Productivity
About 68% of people find that they can concentrate better while working in the workplace. If you choose to work outside the office but are still at a professional level, renting a business location on the site you work with will improve your level of focus.
Some Coworking Myths Debunked
- Coworking Spaces can only be used by small businesses
There is a perception about coworking spaces, that they are built and best optimized for small businesses but, it cannot be farther from the truth. Coworking spaces are supposed to serve professionals and teams of varied size and structure. From a single freelancer to teams of 50 or more can equally benefit from a well managed coworking space.
- They are too expensive
Contrary to popular belief, renting a coworking space is not more expensive than renting a traditional workplace. You only pay the cost of the number of amenities you use, which can be reduced or increased over time as you grow. In contrast, setting up a new office in a traditional workplace is costly. In fact, the whole idea of coworking space is based upon making offices more efficient in terms of money and management.
- Coworking Spaces makes people unproductive
Some people believe that coworking spaces are increasingly making people and companies in-efficient and unproductive. These spaces are designed and built to make its members more productive in their pursuit along with being immensely cost effective.
- Coworking will not survive
No matter what people say, coworking is here to stay. In fact, some big businesses like Facebook, Amazon and Google are aggressively using collaborative spaces instead of establishing their own office. According to data collected by MYHQ Digest, the potential workplace market is surrounded by 12-16 million seats.
What are some different Professional uses of Coworking Spaces?
The four main users of the Co-working work environment are,
- SMEs with teams ranging from 5-100
There are companies and business models that are designed or operate in a way that does not require them to have big teams. Their HR model is nimble and quite efficient. In such a scenario, renting commercial real estate for an office is not a wise monetary decision. Coworking spaces, thus, fit perfectly into their requirement and many such companies are benefiting from this structure.
2. First-time Entrepreneurs
It can be difficult to try to start your own business. You will be concerned about the amount of constructive costs and no future revenue. Startups usually find shared work spaces to be perfect for this reason. Renting an entire office if it could be just you and a few employees, would not work and would be very expensive.
3. Remote Traveling Workers
There has been a huge increase in remote workers, another name for ‘migrant’ workers. These people can be involved in any number of verticals such as online teaching, digital marketing, practical assistance, online training, and much more. They are people who work so that they can walk and roam when they want to.
Since freelancers do not work for the company and are fully self-employed, shared workplaces are a good solution. It can be difficult for a freelancer to work from home. Maybe, it’s too noisy, or they don’t have the right furniture or functional lights.
Some Success Stories of Coworking
According to the study, people who work in affiliate settings produce more than 74% of what they were before joining the space. If you are creating a startup, looking for a culture of more work, or simply looking for a more inspiring work environment, then joining a collaborative space is the perfect match for you.
Keep reading to know inspirational stories to stay motivated and make your business dreams come true.
It was in the busy city of San Francisco at a coworking space called Dogpatch Labs, where two Kevin Systrom and Mike Krieger, the founders of Instagram came up with the idea for the now-popular photo sharing and media service.
Also in San Francisco, at the coworking space called Rocketspace, the already illustrious founders Travis Kalanick and Garrett Camp, both of whom had built & sold high-valuation companies previously alongside a group of 8 people came up with the concept for what is now called Uber. The idea struck during their stay in New York, and they moved to San Francisco to bring their idea into existence.
The famous music streaming giant, Spotify was also born out of a co-working space at Rocketspace in San Francisco by its two founders, Daniel Ek and Martin Lorentzon. They came up with an idea at home in Sweden, and then successfully launched the company at Rocketspace.
If you haven’t heard of Ofo, they are a green and sustainable startup from a workshop in London, England. When you become a member of Ofo, you have access to shared cycling in 250 cities in 21 countries around the world.
One of the most popular global crowdfunding platforms online, Indiegogo was also created (again) at a coworking space in San Francisco.
Learn More About Coworking Spaces
If you have a great idea and you want a collaborative space to put it in, don’t look beyond the gaps in the partnership. With inspiring stories like these, you never know what million-dollar ideas you will live for again. At DevX coworking, we are redefining the way India works & would be delighted to help startups build amazing products and services.