Research shows that people are more productive when they work in a co-working environment surrounded by people from different businesses. Some studies show this can be up to 74% more productive. Depending on where people are currently working from, I think this is mainly down to less distraction for people working from home. Being surrounded by people who also want to get work done can lead to a reduction in unproductive water cooler gossip, which is less likely to happen when people aren't from the same business. Let's face it calling the business out that pays their wages is not something anyone does in public!
Co-working spaces are very cost effective and often have package options to suit different needs. For the sake of a few hundred a month or, a few thousand a year, the benefits can be significant, regardless of whether you are running a small home based business or a multi-location national company.
There are many things I could mention, however the first thing that comes to mind is time spent dealing with property owners and suppliers. People/businesses often don't appreciate or acknowledge this as part of their cost. Believe me it takes time, resources and therefore money when trying to operate your own space. If the co-working space provides reception services, have a think as to how much you would pay for a full time person, regardless of skill level (I would say at least $35,000 per year). Therefore, if your space is less than that, then you are winning! Think about the money spent in coffee shops, if you’re trying to work from one even for part of the day. These are just a few considerations when looking at affordability.
The most cost effective options usually come from businesses who have decided to open up the space they have set up for their team to the wider community. They already pay the rent, so only need the extra's covering by what they charge. They are normally looking to make their space more attractive and a better place to work for their own team, rather than make their next million!
As mentioned above, most spaces have package options that can fit a few different requirements. Best of all there are normally no long term commitments, with most offering month to month options or longer terms to suit - normally no longer than 24 months, depending on your needs. Compare this to a commercial lease and you would be looking at a minimum of three years in most cases, with no option to upgrade or downgrade to other options as needed.
If you are unsure about the growth of your business over a certain period, these spaces can really work to your advantage.
You are in a space sharing with other businesses. Rather than having to go out to networking events, you can do it on your lunch break if that is what you want. Most co-working spaces will offer some form of community events/get togethers for people to get to know each other. There is no better place for collaboration and seeking advice from other like-minded people.
No real effort is needed from you or your team, just turn up each day and get involved. Exciting that you never know who you could be working alongside and what opportunities could come along..
From reception teams/support, meeting rooms and photocopiers, there are far more resources available at your fingertips when you have the option to share with others. It also keeps costs low and, in most cases, these extras are completely included in the price you pay each month.
Are you ready to give co-working a try? Contact Diane at 04 555 0716