As rent skyrockets in many city centers, shared office space is becoming a sought-after alternative for entrepreneurs and small business owners to minimize overhead and maximize productivity.
For solopreneurs and small businesses alike, whom need physical space to collaborate, coworking can alleviate the huge headaches and cost-prohibitive expenses that often accompany leasing office space.
Why coworking?
Coworking, or sharing space with multiple entrepreneurs and small businesses, allows workers to have a separate desk, conference room, or communal area within a larger shared space — in order to collaborate and work toward their unique business goals.
Leasing space and paying for technology, such as high-speed fiber Internet, can cost thousands of dollars monthly — particularly in larger cities. In contrast, space within a coworking environment is on average $200 per month, according to a recent article in the Huffington Post (December 2017). This cost includes not only desks and space to collaborate, but may also cover access to high-speed Wi-Fi, full kitchens with gourmet coffee and tea, and more.
Ingrid Christensen, president of INGCO International, has leased space at COCO, a co-working space with offices in Minneapolis, St. Paul and Chicago, for almost two years. She appreciates being able to easily adjust her space needs according to what is happening with her business.
“Co-working is great because it is scalable,” said Christensen. “You can add members quickly and easily on the months you need extra hands, and decrease the size of your team when you don’t. In that way, co-working gives you flexibility in time, team and budget.”
A typical office space requires a lease commitment of up to three years, while coworking spaces are much more flexible. For example, space is typically rented on a month-to-month basis. Other flexible benefits may include working from multiple coworking locations and the ability to change leases without hassle. It all adds up to what businesses need most: the ability to change direction quickly and easily.
Coworking isn’t just a millennial thing
While millennials can largely be credited for the rise in the “sharing economy,” coworking today is drawing a much more diverse crowd from a variety of disciplines and industries. In coworking environments, small-business owners and employees of all ages and backgrounds are able to bounce ideas off others, network on a daily basis, and attend different events and workshops they may not otherwise be able to access.
“I love working at COCO because it fosters a workplace around camaraderie,” said Erin Harvey, who oversees Latin America Business Development for Daktronics. “I always enjoy meeting new people, learning about what they do, and seeing how they change in both business and as people. Co-working gives me all the independence of working at home with the sociability and support of an office.”
For information about possible co-working options in your city, visit https://www.coworker.com.
