Can A Coworking Space Really Help Your Business?




The simple question of where work gets done has become a common one for today’s business owners and leaders. Once upon a time, the expectation was that any growing business would need its own office space - or perhaps, in the beginning, even a dedicated home space or a converted condo. Today, however, the growing flexibility of professional operations of all kinds has led to a more spread-out business environment becoming, if not the norm, then at least more acceptable. Putting it simply, more jobs can be performed remotely, enabling more people to work from home, from coffee shops, and so on.

The simple question of where work gets done has become a common one for today’s business owners and leaders. Once upon a time, the expectation was that any growing business would need its own office space - or perhaps, in the beginning, even a dedicated home space or a converted condo. Today, however, the growing flexibility of professional operations of all kinds has led to a more spread-out business environment becoming, if not the norm, then at least more acceptable. Putting it simply, more jobs can be performed remotely, enabling more people to work from home, from coffee shops, and so on.

Naturally, it’s up to each business leader to make decisions about whether or not this is okay, or if so, how often. It’s not entirely uncommon these days to hear of companies allowing one or two work-from-home days per week, for instance. However, more recently, leaders in business have been presented with another option that is designed almost as a sort of in-between solution: coworking space.

For those who may not be familiar, the term “coworking space” broadly refers to a facility, typically new, modern, and packed with office supplies and amenities, where space can be rented according to a given business’s needs (or those of an individual, for that matter). There are pros and cons to these types of spaces, and certainly they’ll work better for some companies or projects than others. In this article though, we’ll highlight some of the benefits that can make them appealing in many cases.

A People-Centric Focus

We at ExecutiveBound focus on the development of great leaders and by extension productive teams, and this can’t be done if a business doesn’t prioritize interaction at all levels. While some remote work and communication is perfectly understandable, and can in some cases open up new possibilities for a modern company, there remains tremendous value in fostering a social environment as well - focused on business, but involving face-to-face conversation, group meetings, and so on.

Coworking spaces can provide all of this, and in fact are specifically designed to. Different companies have different setups, but there are typically meeting rooms, communal spaces and the like, in addition to private offices. With areas like these at their disposal, modern leaders can develop a people-centric focus in their companies.

The Ability To Scale

We just mentioned some of the different types of working spaces that tend to be offered in coworking facilities, and it’s this variety that makes scalability such a considerable benefit - as well as the accommodating nature of the typical subscription models. In describing various coworking services, Industrious argues that these spaces can help a business grow via the flexibility of month-to-month membership, which is an interesting point to consider. Coupled with the idea of variety in work spaces, you can imagine a scenario in which you start out renting a given suite of offices for a few months’ time, and then, if you add employees or otherwise grow your business, paying for expanded access exactly and only when necessary.

Cost Efficiency

A lot of business owners who are exploring coworking spaces today are doing so because they hope to save money versus alternatives, like permanent offices. Really, there’s no way to exactly measure how viable this line of thinking is, because there are so many variables at play. Different coworking spaces have different pricing models, and even if they were all uniform, savings would depend on the size of the business at hand, what alternatives it might have available, and so on. With that said however, an article about disruptive businesses in coworking spaces at Entrepreneur estimated that such spaces “tend to provide” savings of up to 30%. This number won’t hold exactly in every case, but it clearly makes coworking spaces worth exploring for anyone looking to cut business costs and willing to make a big change (or anyone looking to start a business as affordably as possible).

Specific Amenities For Well-being

Here, as with cost and membership pricing models, specifics will vary from one coworking company to the next. In general though, these facilities are already becoming known for providing relaxing spaces, amenities, and sometimes even programs designed to promote wellness among participating employees. As you may well know, this is becoming more and more important in modern businesses. Not only is it simply more ethical to consider employee wellness, but as Inside HR correctly pointed out, leaders need to play an active role in employee wellbeing because healthier employees are more productive as well. Investing in coworking space can take care of a sizable portion of this effort in one go. From relaxing communal spaces, to coffee bars, to, sometimes, in-house yoga studios, these facilities are all about making the workplace pleasant and appealing.

None of this is to say that coworking is always the best decision for a modern business. However, there are real benefits to them that absolutely make them worthy of consideration for today’s business leaders.


In the meantime, be fearless! (act despite the fear)


With love and appreciation,

Ginny


PS: The Fearless Leadership Mastermind--a proven leadership training that will help you catapult to your next level as a leader in only 12 weeks--starts in January 2020. Accelerate growing your leadership skill set while engaging with other driven leaders and your executive coach and advocate, Dr. Ginny Baro. Acquire the mindset, tools, and strategies to reach your leadership potential, financially, emotionally, become a much better manager and leader for your team, and deepen rewarding relationships in your life. Learn more and apply using this link.



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About Dr. Ginny A. Baro

Dr. Ginny Baro is an international speaker & executive coach,and the #1 bestselling author of Fearless Women at Work. She is the CEO and founder of ExecutiveBound™ and Fearless Women @Work™ and the creator of the innovative and proven method, C.A.R.E.S. Leadership Success System™.


Ginny specializes in helping executives develop great leaders. As a career strategist, she partners with talented individuals who are navigating a corporate hierarchy or transitioning into an entirely new phase of their professional careers.


She has successfully facilitated leadership training and coaching programs for global companies with over 65,000 employees and delivered keynotes impacting international audiences larger than 7,000 people.


For over two decades, Ginny held multiple Director and senior leadership roles in financial services and technology. Her academic degrees include a Ph.D. in Information Systems, an MS in Computer Science, an MBA in Management, and a BA in Computer Science and Economics. She's a Mastermind Professional and Certified Professional Coach (CPC), accredited by the International Coach Federation. For more information, visit www.executivebound.com.


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