Reports state that workspaces can help foster collaboration, innovation, and workplace productivity. It is pivotal in determining business success.
However, as we navigate out of the pandemic phase, the future of workspaces is changing.
Businesses, big and small, are now opting for flexible coworking spaces over traditional offices.
No wonder, with a 158% increase in openings, coworking spaces are thriving. Reports reveal that the coworking industry will cross $13.03 billion by 2025.
In this post, we will share five coworking benefits for freelancers and startups.
#1: Access to Modern Infrastructure and Amenities
Top-class infrastructure and amenities are pivotal to enhancing the work experience.
Since freelancers and startups are on a tight budget, they have access to limited resources. Lack of state-of-the-art facilities can trigger work-related stress and burnout, thus impacting work performance and employee morale.
A survey confirms that 52% of working professionals experienced severe burnout in 2021. No wonder, the attrition rate was high in 2021.
Rightly so, 35% of millennials value a company’s infrastructure more than others.
Coworking spaces offer all working essentials and provisions, including the following.
- Ergonomic seating
- Recreational zones like gym, park, and meditation room
- Phone booths, printers, and scanners
- Cafeterias and kitchens
- Air-conditioned halls, meeting and conference room
- High-speed and password-protected Wi-Fi and wired internet connection
- Laptops, fax machines, computers, and other devices
As coworking spaces use shared amenities, startups and freelancers don’t need to pay a hefty amount. This allows them to enjoy high-quality amenities, thereby ensuring a great work experience.
No wonder, some of the most successful brands like Instagram and Uber started their journey with coworking.
#2: Less Overhead Costs – Improved Bottom Line
As mentioned earlier, coworking spaces use shared amenities.
So, SMBs and freelancers can save an enormous amount required to deploy advanced technology and infrastructure.
However, there are thousands of coworking spaces out there. Not every workspace is ideal for your work or business. So, analyze which coworking space is worth the investment.
Here are a few tips to consider.
- Determine your goals and operational needs
- Create a detailed list of amenities and infrastructure that you need
- Analyze your budget to understand whether it can accommodate the expenses
- Filter the non-essentials from the list and evaluate your budget again
For instance, freelancers can opt for solopreneur or single-seat cabins. On the other hand, SMBs can opt for custom-built private workspaces that can accommodate a small team.
In both cases, it’s essential to look for provisions like:
- Password-protected Wi-Fi
- Locality with good connectivity to airport or bus stations
- Occupancy costs such as rent, service charges, and maintenance
- Air conditioning, energy performance, and ventilation
- Authorized visitor entry into the workspace
- Cafeteria for snacks and tea or coffee
This approach can help SMBs and freelancers utilize their budgets wisely.
Less overhead costs can bring tangible advantages to the bottom line. This can help enhance profit margins and ROI.
#3: Improved Working Flexibility
A rigid work environment can impact employees’ physical and mental well-being.
Reports reveal that rigid work structure causes back pain in nearly 50% of professionals. Another report states that workload pressure, tight deadlines, and lack of managerial support can lead to depression.
No wonder, modern working professionals are demanding working flexibility.
According to reports, 9 in 10 employees expect their workspaces to be flexible.
Coworking can help freelancers and startups achieve high working flexibility.
Here’s how –
Professionals can choose from an array of work desk options. For instance, business professionals needing a distraction-free environment can opt for a private desk. For working on projects that need enhanced collaboration and brainstorming, shared and hot desks can be a great choice.
Besides, coworking spaces don’t have fixed work hours. Professionals can access the workstation 24*7. The availability of recreational zones can further help enhance creativity and innovation.
#4: Enhanced Productivity
According to Gallup, an engaged and productive workforce can boost a company’s profit by as much as 21%.
What’s shocking is that 85% of working professionals remain disengaged at work. It leads to a loss of a whopping $7 trillion.
With coworking, professionals can:
- Opt for seating arrangements according to their requirements.
Benefit: This can help eliminate unnecessary clutter while ensuring great work convenience. Switching to green office upgrades and sustainable materials can amplify productivity.
- Use advanced technology and tools.
Benefit: This can help them streamline and complete tasks efficiently, thereby promoting a productive work environment.
- Access recreational rooms at any instant.
Benefit: This encourages professionals to take frequent breaks and combat stress.
- Meet like-minded coworkers over coffee or during community events.
Benefit: This allows employees to interact with mentors and peers, thereby enhancing their knowledge and skills. A skilled workforce plays a significant role in productivity.
These factors ensure a positive work experience, thereby enhancing efficiency and productivity.
#5: Increased Opportunities for Networking and Collaboration
Networking and community events allow employees to build strong professional relationships.
With coworking, startups and freelancers can collaborate with and learn skills from peers, contemporaries, mentors, and experienced professionals.
Skill development can help SMBs build a reliable workforce. Whereas, it can help freelancers manage and complete their projects with accuracy.
A collaborative work environment enhances their knowledge and helps them deliver peak performance. Valuable industry insights can promote creativity and innovation.
Finding a coworking space with great mentors and neighboring companies can be challenging. So, here are a few questions to help you get started:
- Is the coworking company reputed enough to attract the right set of professionals?
- Can they support you as your career/ business expands?
- Do they foster an environment where members can learn new skills?
- How often do they host networking events?
Use these questions to opt for a coworking community that meets your expectations.
Pro Tip: Check the online reviews of the coworking spaces on Google and Facebook before moving in. This can help you understand the ground reality and ease decision-making.
For more details, consider checking credible websites like BusinessLoad. It is a rich source of small business and freelancing-related updates and trends.
To Sum Up
Unlike traditional offices, versatility is at the forefront of coworking.
The shared benefits and tips affirm how coworking is a game changer for freelancers and SMBs.
With the right coworking space, they can enhance and tailor work styles according to the client and team requirements. From establishing a community of like-minded professionals to boosting productivity and ensuring peak performance, it can help drive the best business outcomes.
The best part? Startups and freelancers don’t have to look after the nitty-gritty of renting workspaces. This can help them save massive amounts of capital.
So, boost your career and business growth by opting for a coworking space.