5 Reasons Why Coworking May Be Right for You

Coworking — or sharing a working environment — has redefined the way people work. It has turned into a breeding ground for entrepreneurs and start-ups because it promotes social relations and boosts creativity. Emerging companies made up of passionate, creative and innovative thinkers thrive in a work culture that’s not constrained by the limits of a traditional office.

With coworking, people enjoy an open environment that’s conducive to creating bright, new ideas and interacting with other ingenious individuals. Coworking is not just for business owners and solopreneurs; it’s also for freelancers, independent contractors and part-time workers. Digital nomads or employees who are traveling to different locations and looking for temporary workplaces can also benefit from coworking spaces.

Top Reasons to Consider Coworking

Coworking has become a trending work phenomenon in the recent years, and for good reason. To better understand why it’s a preferred choice of many professionals, here are the top five advantages of choosing a coworking space.

1. Offers Networking Opportunities

Coworking promotes a culture of collaboration, allowing you to share space and cross paths with various like-minded individuals. Unlike a traditional office, coworking spaces enable freelancers, remote workers and entrepreneurs to work next to each other at conjoining desks in wide-open workplaces. Without physical barriers, professionals have the opportunity to socialize and build relationships with other professionals whose expertise encompass a variety of fields and industries. This distinctive work culture helps improve productivity and opens the door to collaborating on projects that are too large for some freelancers, solopreneurs or small businesses.

Professionals with different areas of expertise may discover that they can benefit from each other’s specialization, all from a chat in the kitchen. Coworking provides a convenient way to establish working partnerships among professionals who typically wouldn’t interact under other circumstances. If your freelance business needs a new website or your company plans to hold a fundraising event, the answer could be just around the corner within your coworking premises.

2. Cost-Effective

One of the biggest challenges start-ups and entrepreneurs face is the skyrocketing costs of buying or renting their own spaces. Coworking provides a safety net for companies who have a lot to lose when adapting to rapid changes in market trends. In most cases, coworking spaces allow users to enjoy the amenities of a private office without being set back by high real estate prices. When rent in downtown areas and business hubs is constantly on the rise, it’s only practical and wise for business owners, entrepreneurs and professionals to take advantage of comparatively more affordable coworking spaces.

Tip: If you’re a freelancer or self-employed professional, keep in mind that coworking space fees are 100% tax deductible. It’s a business expense that might be worthwhile if it improves your productivity and/or work-life balance.

3. Offers an Ideal Location

Coworking spaces provide a way for individuals or small companies to move into expensive, high-demand locations that they wouldn’t otherwise be able to afford. These spaces are found primarily in highly populated areas within cities. They are strategically located near restaurants, shops and other businesses, and they often are easily accessible through public transportation. Some coworking spaces feature thousands of square feet of space and include private offices and dedicated desks. Collaboration rooms and areas capable of accommodating dozens or even hundreds of people also are typically available.

4. Offers Flexibility

Some coworking spaces enable companies to modify the office layout and lease agreements according to their unique needs and preferences. Many spaces provide a simple month-to-month standard contract, giving users the ability to be as temporary or as permanent as they need. Other spaces allow users to pay as they go.

If there’s any sudden change in business, whether an expansion or loss, coworking spaces typically can quickly accommodate with the addition or removal of a desk or office. Additionally, coworking spaces are designed for easy remodeling to fit various events, including presentations, training and client meetings, giving users a convenient stage to grow and share their businesses.

5. Provides Attractive Perks

Monthly contracts for using coworking spaces usually include plenty of benefits and amenities to make members feel like they are in a full-service commercial office. Some of these perks include high-speed Internet, private work areas, conference rooms, storage, reception services, printing and 24/7 access. Coworking spaces provide almost everything any professional needs, allowing businesses and employees to stay productive and focus on expanding their businesses.

A Smart Alternative Workspace Option

Coworking can be a smart, cost-effective choice, whether you’re running a small business or working as a freelance professional. Besides enjoying a more affordable space, you’ll be able to maintain a sense of work-life balance through social interaction and exchange valuable ideas and services with other professionals in a comfortable setting. Coworking spaces also can offer a great alternative workplace for those days when you need to get out of your home office.

When choosing a coworking space, make sure to pick a walkable location that’s close to business centers. More importantly, remember to read the fine print carefully and review all of the terms, conditions and benefits involved in joining your prospective coworking space before paying the upfront cost.

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