The 4 Trends Fuelling The Coworking Craze
Coworking spaces globally have become a new trend in recent years, and whilst the pandemic has temporarily put a hold on business owners and entrepreneurs taking up these spaces, the trend will be back before we know it. There has always been a huge variety of businesses choosing coworking spaces, from freelancers to a new business owner looking to grow their business.
The coworking trend has mainly been fuelled by the ability of more businesses being able to work remotely. Combined with the fact that coworking spaces are a much more affordable option in comparison to renting a typical office space. There are also some more specific trends which have fuelled the coworking craze, so let’s have a look at these in more detail.
A quick scroll on LinkedIn will show you that there are lots more entrepreneurs around the world than there ever has been. The younger generation seem to have a hunger for growing their own empires and this doesn’t seem to be slowing down any time soon. As there seem to be fewer opportunities for career growth in traditional career paths, this has led to a spike in entrepreneurial pursuits.
There are still lots of new startup founders working from their second bedroom or their garage, but the majority are looking for professional coworking spaces they can use to grow their business. The flexibility that these spaces provide means that entrepreneurs can scale at a rate that suits them.
Rise In Digital Marketing
Of course digital marketing is not a new phenomenon, but it is a part of modern business that has grown rapidly in recent times. Any company without a digital marketing strategy is unlikely to remain competitive within their industry. How does this relate to coworking though? Managing a digital marketing strategy can be hard for new companies, as there is a lot of complexity to consider. SEO in particular, includes a lot of technical aspects which are time-consuming.
New, growing businesses simply don’t have the time to allocate to marketing so there has been a sharp increase in the number of businesses outsourcing this work to freelancers. The demand for marketing freelancers has meant that there are lots of opportunities for those looking to start their own marketing business. These types of people often turn to coworking spaces to carry out their day-to-day jobs.
For a long time now, businesses have had to operate from a single location, and some of the more traditional businesses such as engineering companies still do. With staff, materials and projects all under one roof communication was easy and companies were efficient. Whilst email and basic file sharing were the start of the digital transformation, cloud computing has taken this to the next level.
Office operations have become more digitalised, and lockdown itself has proven that everything within a company can be accessed remotely by the staff. This rise in remote working has meant that workforces have turned to coworking spaces to carry out what used to be an office-based role.
Digital nomads refer to those who are location independent and constantly move between cities and countries, whilst working remotely. The pandemic has halted this slightly, but once lockdown is released again and travel is opened back up we are likely to see an even higher number of people considering this lifestyle. It isn’t guaranteed that a digital nomad will always be able to find coworking space within their desired location, but even in the recent year some chains have opened up spaces within new locations. If the demand is there, the coworking spaces will open.
So those are the top 4 trends fuelling the coworking craze. We would love to hear from you to see what other factors you think have led to this coworking boom, and of course if you are interested in a coworking space please contact us today.