What started out as a cost effective alternative for freelancers, entrepreneurs and remote workers to rent work spaces and share office amenities with fellow freelancers has evolved into a full blown industry with exponential growth rates.
From research carried out by Coworking resources and Coworker, we find that globally the estimates put the market value of flexible workspaces at $26billion. Estimates also show that almost 5 million people will be working from coworking spaces by 2024 which is an increase of 158% compared to 2020.
Coworking spaces present a very conducive environment for innovation, collaboration and new technologies.
In 2020, it is safe to say that coworking has changed the game. Because Of coworking, the world has now been forced to adapt to changes in the way of work and what an office should look like. The flexible workspace market now influences even the construction and design industry.
What then is it about coworking that makes it such a viable industry and a great choice for entrepreneurs?
- Building communities around entrepreneurs
“Co-founder and partner” have increasingly become common lingo in today’s business world. This highlights the importance of collaboration in making sure that businesses thrive and coworking brings just that to the table. Coworking spaces ensure that entrepreneurs have a good network of people who are in the same industry as them to do business with. Working from a home office everyday can be professionally and socially stifling. If you are not getting a partner from your coworking community, then you’re getting customers or referrals or even someone to run your next big idea by. In terms of collaboration, coworking never leaves you without.
- Flexible payment
Small Businesses who can’t yet afford their own buildings find a home in flexible coworking spaces. Small businesses are in fact the target market for coworking. Unlike traditional office arrangements where you pay for your lease for an amount of years, coworking offers very flexible payment plans. Need an office for a day, a week or a month? You are sure to find a coworking space that will accommodate you.
- Professional address
This is also something that’s very advantageous to small businesses and budding entrepreneurs. Because coworking spaces also offer virtual services, small businesses that cannot afford to pay for offices in the commercial hubs of their cities can be virtually situated in these places instead. This helps give your small business a bigger look professionally which inturn gives clients trust in your company and even attracts a certain calibre of clients as well.
- Reception services
Having a functioning reception is important as this is the first point of interaction your business will most likely have with customers. With traditional office buildings, you have to set up your own reception and employ your receptionist which adds to your overall expenditure while with coworking spaces, you get to skip this step as a shared front desk is provided with a receptionist.
- Creativity boost
The kind of space one works from has parts to play in how much their creative juices flow. Colours, design, lights, all these contribute to how the brain comes alive and because most coworking spaces are very innovative with their space designs, coworkers are likely to feel a lot more vibrant in these spaces which boosts creativity. Also by working with other individuals and seeing them come up with ideas and listening to their perspective on things can provide bursts of creativity.
With coworking, the world is adapting to the new look of work and honestly, we think you should too.
Thank you for reading this week’s newsletter. You’re amazing!
Please follow us on all our social media platforms.
Also subscribe to our newsletter if you haven’t already.
Enjoy the rest of your day.