Perth Coworking spaces have exploded in popularity in the last few years. In this article, we’ll list the top benefits of coworking spaces for businesses.
What are Coworking Spaces?
Coworking spaces offer an alternative work space that allows freelancers, independent contractors, and workers a place to work, collaborate and network in a professional setting. With coworking spaces, individuals have the option of working in a group or independently. While many know how coworking spaces benefit individuals, there are advantages for businesses as well. In the next section we will discuss the top benefits for businesses.
Top Coworking Space Benefits for Businesses
Unless you’re a non-profit, the goal of a business is to maximize profits and minimize costs. Partnering with coworking spaces is an excellent way for businesses to cut costs. For example, coworking spaces offer coffee, snacks and other perks for workers. In addition, many provide a variety of services such as virtual business address and membership perks with their monthly rates.
Unlike traditional office space that can lock a business into a lease that lasts 12 months or more, most coworking spaces provide several options for flexible membership – such as rolling month to month agreements, or small commitments of 3 or 6 months. This is important because with a traditional lease, if an anchor store or high traffic business leaves the area, the remaining businesses may be stuck until their lease expires. With coworking spaces, businesses can pivot and quickly adjust to the changing business climate, potentially saving them from economic ruin.
Individuals working from home may see tremendous benefit from working spaces. One potential benefit is less distractions. For example, if kids are home, they may need you or some other issues may grab your attention. Working in a Perth coworking space can help a person focus on their work, which could increase productivity. Another benefit is most coworking spaces have 24-hour access. This allows a person to take care of family responsibilities and still have a place to get their work done without distractions at any time.
A study conducted by the Harvard Business Review found that productivity among those who used coworking spaces increased for several reasons:
- They felt their work was more meaningful
- They had more job control
- They were part of a community
Researchers also noted those who worked in these environments had “substantial autonomy and can be themselves at work.”
Opportunities For Growth and Scalability
Coworking spaces provide the ability to increase office space as needed. Thanks to monthly leasing options, space can be adjusted quickly to match business needs. Spacing options can range from a single desk to entire office suites.
With traditional business settings, employees from one company typically worked together, separate from other organizations. With co-working spaces, individuals from different companies can work together in close proximity if they wish. This is an excellent opportunity to share ideas, skills sets and partner with other businesses on various projects.
Prime Office Location
Most coworking spaces are in popular locations, such as downtown areas or central business districts. This feature can give businesses a prestigious address, which can impress customers and attract quality workers alike. It can also appeal to local workers seeking employment opportunities or others visiting from out of town. Another perk of prime locations is they may be easily accessible by public transportation.
Individuals in coworker spaces claim to be less stressed at work, which in turn helps them be more relaxed at home. This improved work-life balance is believed to help decrease the amount of anxiety workers typically take home to their families.
Increased Networking Opportunities
Coworking spaces can help to eliminate feelings of isolation many feel when working in private offices or at home. By working in an environment with others in different industries and skill sets, networking opportunities can be created. These collaborations could have a positive impact for both individuals and the local economy.
Higher Sense of “Natural” Connections
Unlike traditional offices where teams are often thrust together, coworking spaces allow participants to choose how they will interact with others. Users can work independently without interruption, and when they are ready, converse with others in the social areas such as the café.
More Control of Their Day
The average employee has a set schedule (9 to 5, 11 to 7, etc.) but most coworking spaces offer 24-hour access to the premises. This gives users the freedom to work on their schedule. For example, those who are early risers or night owls may choose to work on the premises during non-peak hours. Others may need to leave at odd times during the day to attend to family responsibilities and come back later. In other words, instead of their life revolving around their work schedule, they can tailor their work schedule around their personal lives, which is an added benefit (and relief) for many.
Visually Appealing Work Areas
Working in a visually appealing area could have a positive impact on mood and overall productivity. In addition to the benefits described previously, a comfortable work area could have a positive impression on customers who visit the premises as well.
Coworker Space Statistics
Here are a few interesting statistics about coworker spaces (courtesy of WGP Global):
- There are over 30,000 workspaces worldwide, with 3.1 million coworkers.
- Coworker spaces are popular among younger workers, with 65% of workers younger than 40 years of age.
- The most popular coworking spaces offer 24/7 access
The Bottom Line
Coworking spaces are gaining popularity all over the world. They have been shown to be cost-effective, improve productivity, and provide the flexibility many employees require. As companies look for ways to be competitive, cost effective and profitable, shared workspaces may be exactly what they need.
Are you Looking For a Coworking Space?
Soto Co, Perth’s newest coworking space in Mount Lawley is being highly regarded by many small businesses, startups and work from homers just looking for a unique workspace, that lets them connect to their most creative selves. Book a tour or enquire about desk options.