What is coworking and how could it benefit your small business?

As a small business, you may be looking for a permanent working space to call your own, yet funds can prevent the opportunity for expansion. If you are faced with these conditions, you could consider coworking. Alternatively, you may choose to speed up the process of acquiring your own office space – in these instances, a small business loan may be a suitable option for you.

Generally speaking, coworking was designed with small businesses in mind – it is flexible, affordable and a catalyst for productivity. The idea behind coworking is that there is a professional-style working space that is rented out and shared between various companies, providing a well-structured environment for many employees. 

It has quickly become an integral part of many start-ups and small businesses and this trend doesn’t seem to be disappearing any time soon. The idea of renting desks or spaces for the purpose of working signifies the business world is dynamic and allows employees to choose how they work without the restrictions imposed by traditional office settings.

So, what are some of the main benefits of coworking and how could it work for your small business?

Wouldn’t it be great to just work normal hours and finish each day at a respectable time? Sometimes this isn’t always possible and job roles may require working late nights, or worse, very early mornings. Coworking spaces typically never close, meaning you and your employees can work at whatever hour works best for you. This way, you needn’t worry about the office being closed during emergencies.

Creativity and Productivity
Being surrounded by other professionals in similar disciplines can lead to collaborations and a surplus of fresh concepts to improve your way of tackling problems and coming up with different solutions. Coworking also allows employees to work at a location separate from their homes should they choose to do so. It can be easy to get distracted when you are without a traditional working environment. Therefore being around others during work hours can help employees feel in control of their jobs and find that their work is more relevant.

Offering a choice of attending the office or not allows employees to determine their preferences to achieve their optimal work-life balance. Trusting your employees to know what works for them and giving them the freedom to work from the office when it suits them will greatly improve their overall productivity. 

Opportunities for networking
Coworking enables communication between individuals that lie beyond the niche of your employees. This can be an opportunity to improve your marketing strategy and gather the help of other companies. The connections made through this could even help you to understand the needs of your target audience, or better yet, branch out and venture into new markets. Not only is coworking beneficial from a business perspective, but it also allows your staff to fraternise and socialise with other individuals, particularly if your business is fairly small or if a large proportion of your staff work from home the majority of the time.

Photo credits: coworkinglondon.com