For new and seasoned entrepreneurs working from home, the benefits of co-working can be ideal. For starters, co-working enables entrepreneurs to save money (those lattes add up!), network with others within a business-centric community, stay focused on tasks, have both dedicated office, work and meeting spaces, and keep life and business separate.
If you’re not familiar with the concept, co-working is defined as a collective of individual business professionals and entrepreneurs occupying a single office space. Each operates independent of one another within the business community.
According to statistics, 40 percent of the workforce will be run by freelancers, independent contractors, and self-employed entrepreneurs by 2020 with 78 percent of co-workers under age 40.
With the number of co-working spaces growing—22 percent each year according to a DeskMag survey—and 68 percent of co-workers reporting better results from higher focus, it’s no wonder entrepreneurs are choosing co-working over coffee shops as their preferred workspaces.
Co-Working Saves Entrepreneurs Money
In a co-working environment, entrepreneurs aren’t responsible for the cost of renting traditional office space. Instead, you can opt to rent space that best suits the need of your business. At Work/Place, this means you can rent:
- A Hot Desk, which is a shared workspace in a common area
- A Dedicated Desk, an individual, permanent desk inside of an office shared by other entrepreneurs
- A Private Office, a furnished office space with a lockable door
Another perk for entrepreneurs is flexibility. Co-working rented by the day, the week, or by the month, makes co-working spaces more like club memberships and less like being stuck in a traditional office space lease.
Furthermore, you have access to benefits you’d have to pay more out of pocket for, like a high-tech conference room, VOIP, office equipment, and an in-house café. In short, all of your utilities are included!
Co-Working Entrepreneurs Network & Earn More
Unlike working from home and in cafes, which tend to be isolating, co-working spaces are purely business environments. This allows you to meet and connect with other co-working entrepreneurs. These relationships can lead to referral generation, long-term friendships, and business collaboration. In the Office Vibe survey, 90 percent of respondents said co-working improved their confidence, and 50 percent reported higher incomes. One of the driving factors to this is the external motivation created by working alongside likeminded people. On top of that, you can meet clients on-site and not at a noisy and crowded café such as Starbucks, Aromas, or Panera Bread. This results in higher credibility as a business owner and ensures any information is private and not overheard from the table beside you. Given these factors, it’s easy to see how entrepreneurs benefit professionally and financially from setting up shop at Work/place!
Co-Working Helps Entrepreneurs Separate Work & Life
Working from home (and coffee shops) presents the opportunity for distractions and procrastination. Working in close proximity to your family, pets, Netflix, or unfinished chores that seem to always call your name can hamper productivity.
Being able to avoid distractions helps you become more productive in your work, which makes you happier and enables you to satisfy your clients by meeting your deadlines better. When you go home, you can leave work behind and shift your attention to your family, your hobbies, your fitness, or other activities you enjoy.
A good co-working environment such as Work/place is vital for the success of any business. Entrepreneurs who choose to co-work are healthier, happier, and more satisfied at the end of their workdays than those who don’t.
If you’re interested in learning more about co-working, contact us for a private tour. We’d love to help you grow your business by giving you an environment that will surely set you up for success!