So… Coworking. What actually is it?
With the rise in remote and flexible working coming onto the back end of the pandemic, the question on many people’s minds – what is Coworking? Whilst not a new phenomenon, Coworking working still is not the norm for many people
To put it simply, The word “Coworking” is made of 2 words “co” and “work”. Coworking is referred to working together under one roof while using the same resources but for different companies. It is a style of work where people share a workspace or office for their own independent activity.
Coworking – This one word is not just something that can be defined in a sentence. Coworking is a movement. A trend that originated back in San Fransisco in the early 2000’s, is now gaining popularity across the globe. But what exactly is coworking? What do we mean by the term coworking is a movement? We are digging into the definition of coworking and trying to go deeper into what it means for different people.
The word “Coworking” is made of 2 words “co” and “work”. The dictionary meaning of both these words.
Co = Together with others.
Work = means of earning one’s living, a task.
Coworking is an alternative to working from home where people do not feel isolated and can keep away from distractions, in communal spaces, shared workstations or even offices housed within the same space. Coworking is more than the definition. This concept of coworking has helped millions of people around the world to increase productivity and network with like-minded people. It has given birth to communities and values that help individuals grow. What coworking means to one person might not mean to another.
To elaborate this, we have taken the example of 5 different kinds of people you would typically find in a coworking space…
Freelancing is the process of working for oneself. Freelancers are able to work from home, at their own time, and are not limited to a certain location. They are also able to work on different projects simultaneously. They often can work remotely for organizations. Coworking spaces are a great fit for many freelancers today. Coworking spaces serve as a great workplace for freelancers which is without a doubt one of the best options for them to work remotely. Coworking spaces provide freelancers with a feeling of owning their own office where they can pop in anytime and work for as long as they wish. This also gives them the chance to explore other opportunities.
An entrepreneur is someone who owns and operates a business, taking on all the risks and rewards of ownership. The entrepreneur can be an individual, group, or corporation who starts or operates any type of business, such as a small shop or restaurant, a large manufacturing company, a nonprofit organization, or even a website like Facebook. Solo entrepreneurs are those who start a business all by themselves without even a team. Unlike freelancers, solo entrepreneurs often work on their own projects or are engaged in building up a product. Solo entrepreneurs are in much need of space not just to sit and work but to also get an office address for client meetings, a registered address, etc. Instead of renting a traditional office space and incurring so many additional costs, coworking spaces are the best form of serviced offices for such professionals. Another great thing is that they can grow their team by hiring people for their startup without any tension. Entrepreneurs with small teams also function well in coworking spaces as these are the best office alternatives that they and their team members can get not just in terms of design and infrastructure but also in terms of pricing. Imagine if you’d had to take a traditional serviced office on rent, how much extra you’d had to spend on a weekly or monthly basis. Coworking spaces offer private areas that are fully serviced with all the facilities that any working professional could ever need. A coworking space can help an entrepreneur focus on the core of his/her business leaving the infrastructure problems and office supplies to the coworking space.
These days, a lot of big corporates are moving into coworking spaces. . A coworking space fits the new office dreams of a big corporate in a new city where they save the hassle of looking for a real estate property and managing it on their own. New ideas and new territories can easily be launched if you already have an office. This is because it is easier to find employees for your business when you are in the same location as them.
This is why many startups are choosing to set up their offices in new territories, such as remote locations. This way, they can attract employees who want flexible working hours and still be able to grow their company with a small team. The idea of coworking is to provide a space for people to work together with other freelancers or entrepreneurs. It can be done on a per-hour basis, or by renting out desks by the month.
This new type of workplace offers an alternative to the traditional office setup. It provides more flexibility and is usually cheaper than renting an office. A person who is given an option to work at a high-end office space that has recreational activities and events would definitely choose so over the traditional office culture. A study by Stanford University found that people were 12% more productive when they worked from a coworking space than when they worked from home. The study was conducted on about 100 participants for a period of six weeks.
The study also found that there were benefits to working in a coworking space even for people who are not high-performers or self-motivated.
By now you’ll agree that calling coworking a movement perfectly makes sense. Working alone at home can be tiresome. Moreover, distractions can hamper your productivity, so co-working spaces come to the rescue. Coworking creates a community of like-minded people. Even if you do not like to interact with others, you’ll easily find a good desk in a coworking space. Hey, we forgot to tell you that almost all coworking spaces have a shared kitchen or a cafe for snacks, tea, coffee, or even beer. What else does one need?