Top 5 Reasons Why People Thrive in Coworking Spaces

What makes a productive workplace?

If there’s one thing we’ve learned about the Covid-19 pandemic, it’s that productivity and creativity can stem from just about anywhere. 

Knowing the difficulties that come with running a business, it’s not exactly a walk in the park these days. Hiring the right workforce, building a customer base, scaling a business, and finding a business location are some of the challenges that every budding entrepreneur faces in their pursuit of a successful business.

Where do you start? 

One innovative idea many businesses are now opting for is coworking spaces. 

What’s helped this type of business setup thrive in recent years is how convenient it can be for any form of business… acting as a central location in proximity to all of your workers without the burden of a long-term lease.   

Let’s take a look at five reasons why people thrive in coworking spaces:

1. Coworking spaces have cost-effective rates

For startups, every dime is crucial. Suppose your startup wants to find a place where it’s easier to manage or facilitate a business comfortably. A coworking space ticks all the boxes. 

Where else can you find a location that has conference rooms, free beverages, office resources, and other amenities at a low cost?

When you compare coworking spaces to conventional office spaces, the cost alone for office space rentals can put your business in a bind in more ways than one:

• You limit your business growth by committing to fixed office spaces
• You tie your business down to a long-term lease commitment
• In most cases the modifications you can make to your office space will be strictly limited. 

In a coworking space, you have more freedom to choose your preferred working space. You can choose from the either of the following:

• Day passes
• Hot desks
• Dedicated desks

You can book a coworking space for a day or for a month. It all depends on your preference.

*Tip: If you want to choose the right coworking space, here's something to keep in mind. Only the best coworking spaces offer full-floor private offices with a custom buildout and short to long-term flexibility. 

2. Coworking spaces offer flexibility in the workplace

Everyone loves the idea of a flexible work environment. In relation to being a cost-effective alternative, coworking spaces also offer flexibility; you have the liberty to rent a space without any long-term commitment and save on maintenance, repairs and office supplies.

Take this for example: if your business wants to shake things up or scale (up or down), coworking spaces make it easy for you to do so.

You provide your employees with an innovative approach to work. In fact, some coworking spaces even allow a custom interior layout.    

Coworking spaces are also flexible when it comes to members’ time management. 

Good coworking spaces are accessible 24/7, giving your employees the freedom to work when they are most productive.

3. Coworking spaces help you expand your current network

Coworking spaces are filled with budding entrepreneurs and driven professionals across diverse industries. 

In every line of work, only one thing matters, the ability to deliver sufficient outputs. When your employees work outside an office, there is the risk that they will work for hours on end, potentially leading to job burnout. 

With no one-size-fits-all approach when it comes to trying to maximize the productivity of your workers, this is where a coworking space can be your all-in-one solution. 

Giving your employees an option to work in different environments will maximize their productivity and help them achieve a better work-life balance. 

If you want to retain the best talent, you’ll need to keep your work setups flexible. Some will be better off working from home while others are more productive when they work in an office - or a combination of the two aka hybrid. 

As entrepreneur James Cash Penney once said: “Growth is never by chance; it is the result of forces working together.” 

Going beyond the satisfaction of instantly becoming a part of a growing community, working in a coworking space could mark the beginning of new collaborations for your business. 

4. Coworking spaces lead to better productivity

Several factors contribute to a person’s productivity. In coworking spaces, your employees don’t need to worry about the hassle that comes with working an office job - long commutes, working a fixed shift and office politics being just some of the negatives. 

Your employees also likely hold themselves more accountable in coworking spaces… thanks to the social facilitation effect (the tendency of individuals to be more motivated to perform a task when in the presence of others).   

Compared to an office space, if the working environment isn’t ideal, your business won’t have to stay in that space until your lease is up. Good coworking spaces offer flexible plans and combine different work environments, making this option suitable for any business niche.

5. Coworking spaces promote a healthy work-life balance

Aside from being encapsulated in an office environment, coworking spaces have grown in popularity because they are in proximity to where employees reside.

People nowadays value the opportunity to work autonomously from their desired location. This helps achieve a better work-life balance and being flexible will give you a much better chance to retain talent.   

Final thoughts

Finding a principal place to do business can make or break your business; whether it’s a startup or an established business expanding to other locations.

If you want to test the market before you make any long-term decisions, coworking spaces are a decent alternative. It has helped paved the way for many entrepreneurs to succeed in their business ventures. 

In summary, here are five reasons why coworking spaces make sense both for employees and employers:

• It has cost-effective rates
• Provides more flexibility for your business
• Gives you more opportunity to expand your business’ network 
• Leads to better productivity
• Promotes a healthy work-life balance

“If everyone is moving forward together, then success takes care of itself.” – Henry Ford