Why People Thrive in a Shared Work-Space, and What You Can Do to Boost Business Outcomes

Shared work-space has been around for numerous years. In only the past decade, however, has it become widespread phenomenon. Small businesses and solopreneurs see shared work-space as a way to avoid the cost, inflexibility, and overhead of a fixed, permanent office space. They also welcome the chance to interact with other like businesses, where cross-fertilization of ideas leads to new business opportunities. 

Co-working space, where businesses and solopreneurs can set up shop on a temporary basis, have ballooned from only a handful a decade ago in the U.S. to more than 11,000 today. And the growth explosion isn’t going to slow down; in just another two years, experts predict this number will more than double to 26,000 hosting a whopping 3.8 million businesses and solopreneurs. 

Attraction of Shared Work-space

So, what is the attraction behind shared work-spaces? Following is a quick list of some of the reasons people thrive in shared work-spaces:

1. Cost Savings.

Permanent office space is expensive. You often pay for space that you’re not using, and when you do hit full capacity it is time to start looking for another office location. While membership fees vary from one co-working space to the next, fees are a fraction of the cost of fixed, permanent office space. With the money they save in fixed office space cost, businesses and solopreneurs can feed those dollars into product development, new technologies, and employee retention, recognition, and training. 

2. Better Office Space.

Professional office space that comes with all of the business accoutrements such as a lobby greater, fax and mailing services, and secretarial services is typically beyond the reach of a small business or solopreneur. Shared workspace extends each of these to all occupants at a fraction of the cost of permanent office space.

3. Better Office Locations.

Just as location, location, location matters in residential real estate, location is critical when it comes to office space. Permanent space in highly desirable location is beyond the financial reach of most small businesses and solopreneurs. But shared workspace make it possible for them to secure office space in great locations. 

4. Greater Agility.

Businesses and solopreneurs no longer have a fixed office space tied to a specific location. Rather, they can elect to rent coworking space by the hour, day, week, or month and move its workspace between different locations. They also only pay for the space they need and can scale up and down as business needs dictate.

5. Fewer Operational Entanglements.

Shared office space doesn’t come with all of the entailments of permanent office space such as cleaning, utilities, and maintenance. These can be time-consuming tasks that distract businesses and solopreneurs.

6. Networking Opportunities.

Shared office space typically has hundreds of people from numerous businesses and industry segments working in one location. This gives businesses and solopreneurs to meet and network with people from various backgrounds.

7. Startup Support.

Newly formed businesses and solopreneurs have a long list of things they must accomplish. Working alongside other new businesses and solopreneurs affords opportunities to tap the knowledge and experience of others who have previously walking the same path.

8. New Workspace Culture.

Workers seek open workspaces where walls have been broken down and dedicated offices and cube spaces no longer exist, believing these open environments facilitate communications and collaboration. 

9. Gentrification-Urban Centers.

Millennial's and Gen Zers want to live in urban centers (e.g., 62% of millennials want to live in urban centers) and look for affordable work-space that permit them to live in urban districts where traditional office rent is beyond their financial reach. It also enables businesses to attract workers who want to live and work in downtown urban areas. 

10. Work Quality.

Nearly two-thirds of workers who move from traditional work-space to shared work-space report that their work quality improved. Almost three-quarters say their creativity increased. 

11. Collaboration.

Shared workspace is designed to facilitate “collisions” that prompt unplanned interactions whereby creative spontaneity and innovation result. One study finds that workers in shard work-spaces have an average of 5.2 interactions with other occupants daily. 

12. Shared Support Staff.

Small businesses and solopreneurs often cannot afford their own administrative and support staff. But with shared workspaces, they are able to share administrative and support staff, allowing workers to remain focused on activities critical to the business.

Getting Started with Shared Work-space

Now that you’re convinced that shared workspace is the way to go, what are some of the things you should consider when evaluating your options? Following are a handful of considerations:

1. Regional and Global Options.

Look for a shared workspace provider with locations that support your regional and global growth requirements. 

2. Easy, Fast Online—and App—Booking.

Confirm that your shared workspace provider offers online booking and preferably mobile apps that enable you to review and book shared workspace on the fly.

3. Flexible Pricing.

Don’t get locked into monthly contractors unless you know with certainty that your requirements aren’t going to change. Rather, search for workspace providers that give you the chance to reserve space hourly, daily, weekly, or monthly. 

4. Business Services.

You need to focus on your business, and administrative and secretarial services enable you to outsource those aspects of your business that aren’t critical. 

5. Who Are Your Peers.

Know what other businesses use the shared work space to verify that you won’t be at laggard heads with competitors or other businesses and solopreneurs who simply aren’t compatible with your business values.

About Patrick Spencer

Patrick Spencer (Ph.D.) is the President and Founder of TIRO Communications that helps companies develop, build, and manage content, customer, advocacy, and demand-gen programs. Included in its offerings is TIRO Cognition Insights, a data analytics tool that enables B2C and B2B businesses to pinpoint what their customers and competitors’ customers are saying and to identify corresponding actionable product, services, competitive, sales, and marketing intelligence. LinkedIn Profile: LinkedIn Website: www.tirocommunications.com