Can Coworking Spaces Help your Business Succeed?

Coworking spaces are revolutionising how we work. What started out as a few hubs of like-minded creatives in the world’s larger cities has exploded into a worldwide phenomenon; over 3 million people now use coworking spaces to get the job done. The benefits speak for themselves.

It’s pretty clear that coworking allows people to work in a more flexible way, cut the commute and reduce overheads, but the advantages go far beyond that too. Coworking spaces are simply better environments for work. They are designed with both function and wellbeing in mind. They naturally become hubs of creative interaction and collaboration. While freelancers are still the most common demographic to be found in coworking offices, small business owners are increasingly enjoying the benefits of working from shared workspaces.

When looking for a workspace for rent, small business owners often find themselves facing costs that are almost as high as for a much larger business. The options for private office space are often so limited that you are faced with a choice between being in a great location or having the space and facilities you need. Why should small businesses have to compromise? Coworking means you don’t have to. With workspace in London at a premium, more and more small businesses are finding that the key to thriving in a competitive market lies in shared workspaces.

Check out some of the ways that shared workspaces can benefit your small business.

1. Slash Costs

In a competitive industry, the cost of starting up a small business can put an end to plans before they’ve even started! For established small businesses, the overheads associated with the day to day running of the enterprise can be crippling, especially in cities like London. Aside from the cost of the rent itself, there are internet connections, office equipment, insurance and things like IT support and security to think about.

The most striking benefit of coworking is the reduced cost compared to doing it alone in a private office. Coworking offers flexible membership options, with everything included. This means that you can focus on doing whatever it is you do, rather than worrying about the internet connection, the dodgy printer or the heating bill.

2. Flexibility

When it comes to trying to make projections about your workspace requirements, a crystal ball would come in pretty handy. Hopefully, your business will grow quickly and you will need more space.

Coworking gives you the option of additional space – it grows with your business. Alternatively, you may decide to downsize your operation, perhaps moving in a new direction or adopting new technology. Coworking gives you the option to reduce your requirements and immediately benefit from the reduced overhead costs. Whether you need one desk or ten, or whether your needs change by the month, week or day, coworking is adaptable. Without a major contract commitment, you can choose how and when you work, allowing your business to thrive.

3. Talent Pool

When your small business needs an events planner, a new website or the expertise of an IT whizz, if you’re operating in a coworking space, the chances are you already have someone nearby who can help. Coworking spaces are ideal places to source people who have the skills you need. This could lead to a lasting collaboration, a one-off project or simply building up a precious network of professionals who you trust to do a great job. What’s more, with all that talent under one roof, you’re just as likely to pick up business from your fellow coworkers.

One of the most surprising advantages of coworking is the amount of collaborative work and business that is generated between coworkers. Spend less time outsourcing, and more time collaborating.

4. Versatile Space

For small businesses, few workspaces offer versatile space without ramping up the costs. Going it alone will mean you have access to a traditional office space, whereas coworking spaces are designed specifically for the different ways that people want to work. This means innovative office space, but it also means breakout spaces, coffee areas and social spaces where people can relax and recharge, boosting productivity.

When you need privacy, shared workspaces offer private meeting rooms. This carefully designed mixture of communal space, tailored office space and private workspace enhances the working experience, boosts motivation and ensures that your business is never held back. Coworking gives you freedom to work your way.

5. Professionalism

When conducting meetings, professionalism is crucial for small businesses. In a competitive industry, it is essential that you give the right impression to a potential client, customer or investor. Areaworks offices are designed with this in mind – fresh, modern interiors with the latest technology and impressive eco-credentials.

Being part of a coworking community also makes an impact on the people you do business with. Coworking signals to other people that while your business might be small, it’s on-trend and moving with the times. It tells them you’re forward-thinking yet professional; you care about the people who work with you and the environment you work within.

6. Economic Security

It’s no coincidence that the popularity of coworking skyrocketed just as the business world was reeling from the shock of a recession and the economic instability that followed. During rocky times, coworking has remained steadfast. More and more people realised that not only was coworking a more enjoyable way to work, it was also both cheaper and safer from the ravages of an unsteady economy.

With flexibility and the fact that no long-term contract is required, coworking has been the perfect option for those seeking to minimise risk. This leaves small business owners with more capital when it comes to investing in their business, so the focus is on growing the business, as it should be.

7. The Experience at Work

Travelling to work, balancing private and professional lives and remaining focused and motivated is not always easy. With more research into what makes people productive and motivated, we’re learning so much about how the office we work in can have a major effect on how we work.

Coworking promotes the wellbeing of those using the space, and as a result, productivity soars. It enables lone workers to avoid isolation, it encourages small businesses to network for growth and it allows employees to have a better quality of life. That might mean fitting a trip to the on-site gym into the working day or taking ten minutes away from your desk to have a coffee and a chat. Improving how people feel has a huge knock-on effect on their productivity. For this reason, small businesses located within coworking spaces attract some of the brightest talents.

Grow While Coworking

As you can see, the benefits of coworking to the small business go way beyond the purely economic. Coworking spaces are more than just places to work. They are hives of creativity; collaborative spaces. However, the way a coworking space is designed is an essential part of how it functions and not every coworking space is set up to meet the needs of the small business.

At Areaworks, we design our shared workspaces so that small businesses can prosper. Our aim is to remove the obstacles that small businesses face so that all of your efforts can be channelled into the business itself.

We make things easier. And we have great coffee – book a tour to pop in and see us, we’d love to show you around and show you how your business can flourish in our spaces.

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