01 Feb 7 Benefits of Working in a Shared Workspace
The opening of shared office and cowork spaces has exploded worldwide. This newer model has upended the traditional office environment many of us are used to and has great appeal for solo entrepreneurs and small businesses.
Shared workspaces tend to have an open floor layout, where everyone sits in one large space and works. The vibe is more relaxed and the décor funky. Many shared workspaces do have private cubicles and small offices for rent but for the most part, you share “office space” with anyone and everyone. Daily, weekly and monthly payment options are available. The goal is to create a relaxed, friendly atmosphere.
There are now over 7,000 players in the coworking market globally- one of the largest startup segments. And it continues to grow. Uncertainty in the global economy has made some companies wary of investing in long term rental of office space, making shared space more attractive. WeWork, one of the biggest companies in this space, had a recent valuation of $16 billion.
What is the attraction for tens of thousands of people who enjoy and prosper by working in a shared workspace? Here are 7 benefits and advantages:
Save money– Business owners are acutely aware that the bottom line is king. Because they are all inclusive, shared workspaces are a great solution for saving money. The infrastructure already exists, high speed wifi is provided, conference rooms are already fully equipped and the only overhead expense is rent. By removing administrative headaches and reducing overhead costs, business owners can focus their time and energy on growing their business.
Flex schedule– 9 to 5 is no longer the norm. People work at all hours. Shared workspaces are generally open longer than traditional business offices. This gives business owners and their employees the flexibility to work on a schedule that suits their needs and lifestyle.
Getting off the ground– Starting a new business or start-up? Ease the stress! The combination of low overhead and flexible hours will help a new venture get off to a smooth beginning. When the time is right and the business expands, business owners can always rent more shared workspace for new employees. But if the decision is made to move, the flexibility of short-term contracts allows business owners to move quickly without incurring penalties.
Expand your network– It’s all about who you know. Sharing office space with other businessmen, entrepreneurs, consultants and freelancers allows people to expand their personal and professional networks by creating new relationships. Down the road, that network could prove to be invaluable.
Additionally, the rule of “hire and be hired” is very relevant in a shared office. Looking for a web designer? The person seated next to you may just be what you’re looking for. And when someone is seeking expertise you possess, they’ll come looking for you.
The people around you– Sitting in a room surrounded by people from a variety of fields motivated to grow their business can help increase a businesses’ output. The overall energy in the space and flow of creativity can have a positive impact on work productivity.
Gain knowledge– Working with innovators and experts in various fields is always a positive for a business. Shared workspace means exchanging knowledge with others and learning and getting feedback from them as well. A win-win.
Find new clients– Working with many other companies in the same space means more opportunities to drum up new business. It is easier for people to work with people they are familiar with. Business owners will see potential clients every day and this can translate into numerous opportunities to pitch.
Shared workspaces are not for everyone. Some people prefer the quiet a traditional office setting provides. But as more shared workspaces open and more people consider moving in that direction, business owners should weigh the benefits of working out of a shared workspace.
At the end of the day, the chance to reduce overhead while growing the business is extremely attractive. It’s definitely worth looking in to.
Wanna learn more about TeamUp’s all-inclusive, fully managed shared office workspace in Beit Shemesh? Contact us today to set up a visit- the coffee’s on us!
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