What Are Coworking Spaces and How Can They Improve Your Work-Life Balance?

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The sharing economy, a peer-to-peer-based method of selling, buying, and giving resources under a community-focused platform, is slowly proving to be popular.

One element that has grown popular with this economic model is the concept of co-working spaces (or shared workspaces). These are workstations set in a communal setting that you can rent by the hour or through a membership.

Because of their temporary nature, these are usually rented by remote employees, freelancers, consultants, and anyone without access to a central office.

Benefits of a Coworking Space

Here are a few advantages to working in a shared workspace:

1. They’re networking hubs.

In a traditional office setting, everyone you meet likely works in the same niche. But with co-working spaces, you get the opportunity to meet talented people who work in a wide variety of industries and niches.

For example, you could be sharing a space with an I.T. expert today and a lawyer tomorrow. This makes shared workspaces the perfect place to grow your professional network. And even better, they’re local professionals, so you can skip the long-distance communication and travel, and make collaborating with others more efficient.

2. They’re flexible.

Whether you prefer working in the morning, at noon, or at night, co-working spaces give you the freedom of setting your own work schedule. In fact, most of them provide 24/7 access.

This is what attracts a lot of people to these establishments. You don’t need to scramble in the morning to get to the office in time. You can go whenever you feel like it, or when it’s most convenient for you. You can set your own breaks, change stations if you feel like it, and generally move freely.

3. They’re alternatives to working from home.

It’s been documented by a lot of studies that your environment can affect your productivity. An issue that most freelancers often complain about is the feeling of isolation and loneliness when working from home.

When there are a lot of things going on, it can also be a hassle working at home. Of course, it depends on the individual, but it’s always nice to know that there’s an alternative, right?

Shared workspaces provide you with a place that is conducive to working. You can plug your device in, put your head down, and start working. Everything within these shared spaces is designed to give you an environment where you can be productive. There are minimal distractions and little to keep you from working effectively.

4. They have all the amenities you need.

When you’re working from home, you might run into issues like the internet not working, the power cutting out, or the printer running out of ink. Co-working spaces are perfect alternative workplaces when you’re experiencing such issues.

What they provide will vary from business to business. I’ve been to one that provides you with a free snack, unlimited coffee (with a free bottle of beer on Saturdays), and a selection of stationery to pick from if I ever need any. That’s in addition to the internet, charging ports, microwaves, and lounge areas also included in the service.

5. They’re affordable.

Cafes can be great places to bunker down and get your work done. You’ve got hot coffee, some snacks, and great music and atmosphere. But they can also be expensive, and sometimes filled with too many distractions.

I’ve experienced customers that were too loud, wi-fi that kept disconnecting, and food servings that were too small to justify their prices. All of these put me out of the mood to work, and also put a burden on my wallet.

Co-working spaces often operate on a usage-basis payment or a membership plan. The only thing you need to pay for is the service they provide. Utilities and other bills are the sole responsibility of the business. This makes them cheaper than renting out a traditional office space.

In the US, a co-working space could cost you as low as $200 to as high as $800 per month. That’s depending on your location, the company you’re renting with, and what type of space you’re renting.

It’s especially advantageous to people who don’t work traditional 9-5 jobs. You only need to pay for how much time you use their services, or apply for a membership.

The Popularity of Coworking Spaces

More people are now opting for the flexible lifestyle that freelancing and gig work provides. People have even speculated that contractors and freelancers will make up half of the American workforce within a decade!

One of the biggest benefits of being a freelancer is working whenever and wherever you want. This has led to more establishments catering to the needs of freelancers, with the hopes of cashing in on this lucrative phenomenon.

Most of them now provide high-speed internet and allow their patrons to charge their devices while inside the premises. This makes their patrons stay longer and pay more.

Now, while cafes and restaurants provide these things for free when you order, coworking businesses operate in reverse. They operate on a time-share basis where you rent out a station for a certain amount of time. Once your time is up, the space is then free for another person to use. While renting the space, you’re given free access to their other goods and services.

The idea here is to provide you with everything you need within a space that feels fun and free. There’s a carefully cultivated vibe going on that doesn’t make you feel like you’re stuck in a cubicle. So it’s the best of working at home and working at the office.

Virtual Co-working Spaces

Shared workspaces aren’t limited to physical establishments. They also exist in the virtual world. You might actually be using one already!

Virtual workspaces mimic their traditional counterparts while providing you with tools that make working and collaborating with other people more efficient.

Slack, Google Suite, and Microsoft Teams are considered virtual shared workspaces, as they fulfill many elements of traditional office space. They can be virtual conference rooms, lounge areas, and data hubs used for collaborating on projects.

Coworking Spaces vs. Shared Office Spaces

There’s a lot of confusion when it comes to the terminology of this new concept. Though co-working and shared office spaces are almost used interchangeably, there is a difference.

As I stated a while ago, co-working spaces are mostly frequented by people in the gig economy. These are freelancers, contractors, consultants, and the like. In this case, an individual rents a space that is suitable for only one person.

Shared office spaces, on the other hand, operate on a larger scale. These are spaces rented out by companies (mostly startups) to bring their employees together in a more flexible and cost-effective setting. It’s possible for more than one company to use a shared office space at the same time.

Because shared office spaces generally support startups or small groups of people, the amenities and services they provide are more suitable for large-scale use. The most common ones you’ll see are shared conference rooms and kitchens.

A New Way to Work

The core idea of a shared workspace is to create a place for collaboration, and bring together people from different professions and experience levels who can benefit from each other.

They’ve developed a reputation for increasing productivity, cultivating creativity, improving wellness, and creating a better work-life balance. It’s no wonder many consider them the way of the future.

Soon, the majority of businesses might opt for this kind of arrangement. In the digital era we live in, centralized physical offices are slowly becoming unnecessary.

If you’re looking for a change in work environment, whatever your background is, then co-working spaces are your best bet.

Have you tried working in a shared workspace? Share your experience in the comments below!

 

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