What Is a Coworking Space?

Co-working is certainly a better approach for getting work done.

Coworking ecosystems are designed to be productive and collaborative. Dynamic entrepreneurs and remote employees occupy these ecosystems, which provide them the freedom from corporate constraints and limitations, as well as flexible memberships that match their business and personal needs.

The term "coworking space" was first used to describe a shared office space in 2005, when Brad Neuberg, a visionary and courageous entrepreneur, opened the first coworking space in San Francisco.

Because the word "coworking space" was unfamiliar to most people, the work environment did not draw any visitors during the first month. They simply had no idea what it was.

As the demand for new skills such as data science, artificial intelligence, mobile app development, video production, and cloud computing are growing, the market for coworking spaces is also rising.

With an annual increase of 2.1 percent, coworking have developed into a global phenomenon. There are currently over 19, 000 coworking spaces around the world, according to Statista. It is predicted that by 2025, the number will have risen to approximately 26,000 people. According to GCUC, the world's 3.1 million colleagues will nearly quadruple by 2022.

Coworking Space Members — Who Are They?

Coworking space is worth considering because it allows you to gain experience, learn from mentors, obtain funding, and launch a new product. Coworking spaces have a very diversified clientele.

Here's a quick rundown of the many types of people who frequent coworking spaces:

• SME

Coworking spaces with low rent charges are ideal for small firms and teams. There's no need to sign long-term contracts because everything you need for a successful business is right here: meeting rooms, conference rooms, kitchens, free coffee, and 24-hour access.

• Freelancers

The coworking space policy provides flexibility to freelancers. They can choose where and when they work while remaining in an office setting and being a part of a productive community of people who share similar values.

For freelancers who feel too isolated working from their home office or a coffee shop, coworking spaces provide a better alternative. Furthermore, a coworking space is a place where they may meet knowledgeable business people who are involved in a variety of businesses, making it possible for them to establish friends and locate potential clients and partners.

• Remote Workers

Employees who work remotely, distributed workers, and partially remote workers (those who are allowed to work away from the office for a few days a week) will find all of the facilities they need to stay productive in a shared workplace. They can use hot or dedicated desks, have peace and quiet in a private place, reserve a small meeting room, or receive a call in a skype room or phone booth.

• Corporate Organizations

Larger businesses might also benefit from the coworking environment. They encourage remote employees to work from coworking spaces, resulting in increased team happiness, creativity, and productivity, as well as interesting networking opportunities. Many coworking centrers also provide yoga and meditation courses, as well as other wellness activities, to help members (business employees) maintain a healthy, happy, and balanced lifestyle.

Types of Coworking Spaces

Coworking spaces provide a variety of services, ranging from hot and dedicated desks,

translation services, kitchen and many other perks.

to specific venues for members working in various industries.

There is a wide range of coworking spaces available, including:

• Flexible layouts in multi-purpose areas.
• Visual art studios with their industrial decor.
• Spaces outfitted with ergonomic furniture and utensils providing the utmost comfort to residents.
• Private offices for teams that require physical proximity for members, yet still want to stay connected to the bigger ecosystem.
• Makerspaces, Hackerspaces.
• Studios for artists, photographers and filmmakers
• Virtual coworking office spaces offer many of the same membership perks as physical coworking spaces, but members do not have to be physically present at the same time. They virtually sit at a specific desk highlighted on the virtual floor plan throughout the day, communicate with other inhabitants, and visit virtual destinations such as phone booths and conference rooms.

The Pros of Coworking Spaces

• Flexibility. Coworking spaces have extremely flexible lease terms. There are no long-term obligations, and you can cancel at any moment.

• Cost-efficiency.

  It is costly to rent an office on your own (especially if you are looking for a premium location). Plus, there are plenty of other expenses to consider, such as furniture, internet, office supplies, free coffee for staff, snacks, and so on. Flexible workspaces have a variety of benefits like these for a single monthly fee, so you don't have to worry about office cleaning or toilet soap refills. Furthermore, they have several built-in business services, such as receptionists and conference rooms, which might help you save money in the long term. The only thing you need to think about is what characteristics you require for a successful business. Cost-effectiveness is typically a critical benefit for small enterprises tied into pricey leases.

• Increased productivity. This is particularly true for small business owners who operate from home and are easily distracted. When the kids require attention, the house needs to be maintained, and so on, it's difficult to focus on work. You may immerse yourself in the corporate environment and complete your chores considerably faster by traveling to a customized workstation where everyone works.

• Networking opportunities. One of the most significant advantages of a coworking space is the opportunity to network with like-minded people. If you work from home or in a typical office, you're missing out on crucial contacts that will help you grow your business. The spark that proximity to other successful firms gives is sometimes all a small business needs to accelerate its growth.

• Creativity boost. By cooperating with people who share similar interests, you open yourself up to new viewpoints, which can lead to creative bursts. Changing surroundings and going to a different coworking office space might help you renew your thoughts and think of new ways to solve company problems.

  
  

According to comparecamp.com: nearly 90% of coworkers say they're happier since joining a coworking space, and more than half (55%) say they feel like they're part of a community. Coworkers engage with 1 to 4 members every day on average, and 83 percent say they feel less lonely since joining a coworking space.

Famous Companies that Started at Coworking Spaces

Nothing can inspire more than a success story that once upon a time began at a coworking space:

• Uber — Travis Kalanick and Garrett Camp started to solve the taxi cab crisis in San Francisco at a coworking space. Now Uber teams work in more than 50 countries all over the world and this number continues to grow.
• Instagram — Mike Krieger and Kevin Systrom developed the app in eight weeks only getting together at a coworking space.
• Indiegogo — The idea to create one of the world’s biggest crowdfunding portals flashed a Wall Street analyst, Danae Ringelmann's mind at a coworking space.
• Wanderfly (2009) — It took Christy Liu together with three daring co-founders a year to bring the project brought out by TripAdviser to life at a coworking space.
• andcards — Working at a coworking space, Igor Dzhebyan & Ross Khanas discovered that coworking spaces are in abundance of creativity but lack technology. So, they embarked on a journey to bridge that gap. They created andcards, the first coworking space management software to delight members now used in 30+ counties worldwide. The platform offers revolutionary solutions based on primary members' and managers' needs, significantly improving their experience and facilitating rapid workspace growth.

To summarize, the coworking movement is no longer new or futuristic. Workplaces today are welcoming, flexible, and experimental. They provide residents with much more independence, flexibility, opportunity for progress, and enjoyment.