What are the benefits of co-working space?
The concept of co-working space – which involves different companies working from a shared office space – was largely unknown 10 years ago or so, but it’s a way of working that many businesses, especially the likes of start-ups, SMEs and solo-workers, are beginning to take up more frequently.
In fact, research has found that there will be an estimated five million people worldwide working from a co-working space by 2024, which is an increase of 158% compared with 2020.
But why the rise? It’s no secret that the pandemic fuelled a shift to more working from home (which is set to stay in some shape or form for many businesses), but even though this has become more prominent there’s still a desire to have a space that bridges the gap between business and leisure. Many workers are also after a more social and collaborative environment after being confined to home working for so long.
We’ve certainly noticed the demand for co-working space in the region, which is why we’re launching a co-working office space on campus. It’s currently in the planning stage, but there will be around 40 workstations.
So, what are the benefits of working from a co-working space and why should you consider it?
Being surrounded by inspiring businesses and entrepreneurs
It can be quite daunting when you’re a start-up or a solo worker, but what’s great about co-working space is that you’re able to collaborate, network and learn from other people in a similar situation to you. It can also help boost productivity and get the creative juices flowing as you’re able to bounce ideas and thoughts between people from different organisations.
This is a particular benefit if you work in science and decide to base yourself at a science park, as you’ll often be surrounded by others in a similar sector. Take AgriSound – a start-up that joined our campus the other year – who chose us as its home because the likes of APHA and Fera Science (who are in similar fields of agriculture and food production) are also based here. It’s always useful to be in good company, whether that’s so you can ask for advice or generally be inspired by other business’s success.
Being able to take advantage of shared facilities
For a business to run smoothly, it needs to have access to the right tools and facilities, such as Wi-Fi, meeting rooms, printers and scanners. Co-working spaces can offer organisations the opportunity to make full use of these, and at a lower or no cost.
Depending on the co-working space itself, some have other facilities that can be benefitted from too. This is especially the case if you pick co-working space that’s not in your traditional office block. With us, you can take advantage of being situated on an 80-acre site, overlooking a lovely lake, with a nursery, fitness centre, conference centre and restaurant (not to mention free parking)! Businesses might have an opportunity to take advantage of the facilities from organisations onsite too.
Being able to make cost savings
Renting and running your own office can be expensive, so there are cost-saving benefits if you decide to choose co-working space instead. For example, you only need to pay for the space that you use, and at the times you choose to use it, and you can save on services such as cleaning and maintenance.
Making savings like this is extremely important, especially during the early stages of a business journey when the risk of failing could be higher. What’s more, these savings can be put into the business to help it grow, whether that’s through research and development, or staff training.
Being able to achieve a better work-life balance
Many start-ups or SMEs begin their business journey working from the spare bedroom or their kitchen table. This often leads to a lack of distinction between home and work life and can cause a strain on mental health.
Having a co-working space to go to can help to create a more stable balance between business life and personal life as you’ll have more structure to your day and a physical distinction between the two. What’s more, working from home permanently can often lead to loneliness, but thanks to the social environment that a co-working space provides, this can also be avoided.
Interested to find out more about our co-working space? Get in touch with us here.