Coworking is far from a new concept, but it is one that’s increased massively in popularity in recent years. So much so that some of the biggest corporations in the world have chosen to throw coworking spaces into the mix rather than relying solely on traditional offices. So what exactly are the benefits of this freer, more flexible type of working environment and, more importantly, how can businesses expect to profit from it?

Why coworking works 

First off, let’s take a look at the basics. Coworking works because it completely eliminates the stuffy, corporate atmosphere so many have come to hate. People have been proven to thrive within the community feel of these dynamic hubs, with inspiration being taken from other like-minded individuals and opportunities presenting themselves in the form of exciting new collaborations. More than anything else, it’s likely coworking spaces work so well because of the sense of freedom and autonomy they give to employees, resulting in a happier, more productive workforce. 

How using coworking spaces can save you money

1. No lengthy & expensive leases 

One of the biggest outgoings for any business is the cost of renting an office, which often comes with a stressful side order of getting tied into a lengthy lease agreement. That’s all good and well if you’re an established business with a clear plan to stay put for the foreseeable future. But for newer companies, the lure of renting a space that’s already fully fitted out and which doesn’t tie you into a long lease is hard to resist. Whether you choose to use a coworking space in the early days of your company or long into its journey, you’re set to save a serious amount of cash compared with using a more traditional, permanent alternative. 

2. Higher retention of top talent

Flexible working and a focus on the wellbeing of staff is one the key employee benefits trends to watch out for in 2020. With that in mind, it’s crucial for employers to stay competitive by providing working environments that well and truly foster a new, freer outlook on the archaic 9-5 way of life. And what better way to do this than to incorporate coworking spaces into your business? By using several hubs around your city or town, you give employees the freedom to choose where they work, as well as when they work. If that’s not one surefire way to attract and retain top talent, we don’t know what is. It goes without saying, of course, that the more talent you have on board, the more money your business is likely to turn over. 

3. Increased client-appeal

Coworking spaces have a knack for feeling uber slick, young and trendy – all at zero expenditure of effort on behalf of those who use them. Taking advantage of a swanky rooftop office complete with an onsite bar and its very own friendly baristas is one very easy way to achieve maximum effect when it comes to impressing clients. And the best bit? All this is available at a fraction of the price of if you were to create a space like this in a private rented office. 

4. No need for admin staff 

Coworking spaces often come with their own reception and admin staff, meaning that’s at least one or two extra employees you don’t have to pay for. Depending on the type of space you use and what your membership includes, this could mean that things like booking meeting rooms and making appointments with clients all taken care of at no extra cost to your business.

5. Plenty of room to grow 

A business can find itself in a serious tight spot (literally) if it finds itself growing rapidly with an office that’s too small to keep up – but that has too long a lease to make relocating possible. This can mean having to rent a second office space, or embarking on a lengthy and expensive legal battle with your disgruntled landlord. Sound stressful? It is. That’s why using coworking spaces is a no brainer for growing businesses, or simply for those who don’t like the idea of being tied down. 

From a freer, more modern way of carrying out your business, through to saving money on your utility bills, there’s an almost endless list of rewards to be reaped from using a coworking space. Now all that’s left to do is to find one that fits the personality and ethos of your business… and that’s where the fun really begins. Enjoy!

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