What Is a Coworking Space?

Co-working is definitely a new way of getting work done.

Coworking ecosystems are created as productive and collaborative environments. These environments are inhabited by dynamic entrepreneurs and remote workers enjoying the absence of corporate constraints and limitations, and flexible memberships meeting their business and personal requirements.

The first mention of the word “coworking space” as a shared office space dates back to 2005 when Brad Neuberg, a dreamer, and undaunted entrepreneur launched the first coworking space in San Francisco.

The work environment didn’t attract any visitors during the first month because the term “coworking space” was completely new to people. They just didn’t know what it is.

Nowadays coworking has transformed into a global phenomenon with an annual growth rate of 2.1.%. According to Statista, there are currently around 19, 000 coworking spaces around the globe. The number is growing daily and is expected to reach nearly 26,000 by 2025. There are currently 3.1 million coworkers in the world and the number is forecasted to nearly double by 2022 as reported by GCUC.

Coworking Space Members — Who Are They?

Coworking space is worth to consider because it gives opportunities to increase expertise, listen to mentors, find funding options, and launch a new product. The population of coworking spaces is really diverse.

Here is a brief list including a few types of members that commonly join coworking culture:

Small businesses and small teams can benefit from affordable coworking spaces rent prices. There is no need to commit to long-term leases, everything required for smooth business operation is available — meeting rooms, conference rooms, kitchens, free coffee, and 24 access.

• Freelancers

Freelancers can enjoy the freedom of coworking space policy. They can decide where and when to work staying in the office environment and being a part of a productive community that unites people with a similar mindset.

Common areas at coworking spaces are the better alternative for freelancers feeling too isolated working from the home office or a coffee shop. On top of that, coworking space is a place where they can meet smart business people operating all sorts of ventures, so they can make friends with them, find potential clients and partners.

• Remote Workers

Employees that are remote from headquarters, distributed workers, and partially remote workers (that are allowed to work away from the office a few days a week) find all required amenities to stay productive at a shared workspace. They can use hot or dedicated desks, get some peace and quiet in a private space, book a small meeting room or use a skype room or phone booth to receive a call.

• Corporate Organizations

Larger organizations also take their benefits from the coworking environment. They encourage remote employees to work from the comfort of coworking hubs, which results in a higher level of team happiness, creativity, and productivity boost along with cool networking opportunities.
Additionally, many coworking spaces organize yoga and meditation classes as well as various wellness activities that help members (company employees) stay healthy, cheerful, and balance their lifestyles.

Types of Coworking Spaces

Coworking spaces offer quite a number of facilities from hot and dedicated desks to specific venues aimed at members working in different business fields.

Here is a great variety of coworking spaces which includes:

• Multi-use spaces with their flexible layouts.
• Studios of visual art with their industrial interiors.
• Spaces outfitted with ergonomic furniture and utensils providing the utmost comfort to residents.
• Private offices for teams that require physical proximity for members, yet still want to stay connected to the bigger ecosystem.
• Makerspaces, Hackerspaces.
• Studios for artists, photographers and moviemakers
• Virtual coworking office spaces provide pretty much the same membership benefits as physical spaces but members don’t have to be at the same place physically. They virtually sit at a specific desk marked in the virtual floor-plan, interact with other residents throughout the day, go to virtual locations such as phone booths and meeting rooms.

Benefits of Coworking Spaces

• Flexibility. Coworking spaces offer really flexible agreements. No long-term commitments, you can cancel any time.
• Cost-efficiency. Renting an office on your own is expensive (especially if you are looking for a premium location). Plus, there are a host of extra costs you may have to deal with — furniture, internet, office utensils, free coffee for employees, snacks, and more. Flexible workspaces come equipped with an array of perks like these all at one monthly rate, so you don’t need to think about office cleaning or toilet soap refilling. Besides, they come with many built-in business services, like receptionists and conference rooms, that can save you money in the long run. The only thing you need to consider is what features do you need for smooth business running. Usually, cost-efficiency is a crucial benefit to small businesses locked into expensive leases
• Increased productivity. This is especially true for small business owners working out of a home office where they are easily distracted. It’s difficult to concentrate on work when kids need attention, the house needs to be maintained, etc. By going to a specialized workspace where everyone works, you immerse yourself in the business atmosphere and cope with your tasks much faster.
• Networking opportunities. The possibility to connect with like-minded individuals is one of the biggest benefits of a coworking space. If you’re working from home or a traditional office, you rob yourself of the important connections necessary to drive your business forward. Sometimes, the only thing a small business is missing for quicker growth is the spark that proximity to other successful businesses brings.
• Creativity boost. By working close to other people sharing similar interests you are exposing yourself to new perspectives, which provokes bursts of creativity. Sometimes, switching environments and heading to a new coworking office space allows you to refresh your mind and consider alternative solutions to business challenges.

According to comparecamp.com: Almost 90% of coworkers report that they are happier since joining a coworking space and more than half (55%) strongly feel that they are part of a community. On average, coworkers interact with 1 to 4 members per day, and 83% report that they feel less lonely since becoming part of a coworking space.

Famous Companies that Started at Coworking Spaces

Nothing can inspire more than a success story that once upon a time began at a coworking space:

• Uber — Travis Kalanick and Garrett Camp started to solve the taxi cab crisis in San Francisco at a coworking space. Now Uber teams work in more than 50 countries all over the world and this number continues to grow.
• Instagram — Mike Krieger and Kevin Systrom developed the app in eight weeks only getting together at a coworking space.
• Indiegogo — The idea to create one of the world’s biggest crowdfunding portals flashed a Wall Street analyst, Danae Ringelmann’s mind at a coworking space.
• Wanderfly (2009) — It took Christy Liu together with three daring co-founders a year to bring the project brought out by TripAdviser to life at a coworking space.
• andcards — Working at a coworking space, Igor Dzhebyan & Ross Khanas discovered that coworking spaces are in abundance of creativity but lack technology. So, they embarked on a journey to bridge that gap. They created andcards, the first coworking space management software to delight members now used in 30+ counties worldwide. The platform offers revolutionary solutions based on primary members’ and managers’ needs, significantly improving their experience and facilitating rapid workspace growth.

To sum up, the coworking movement is not something new or futuristic anymore. Today’s workspaces are comfortable, flexible, and adventurous. They give residents many more opportunities for freedom, flexibility, growth, and happiness.

What Is a Coworking Space?
Source: Super Trending News PH