During these uncertain times, you may be thinking that coworking is a distant memory. However, as we start looking towards the future we think there will be a shift in more corporate companies utilising coworking spaces. If the pandemic has taught business owners one thing, it is the need to reduce overheads. Renting office premises is very expensive, and with businesses having to shift towards remote working, is there a need for a private office any more? Or is hiring an office for a day the next best solution? Let’s have a look at some of the benefits of coworking.
Innovation and collaboration
These two elements are often considered as highly important within business strategies, particularly for those companies who are trying to establish themselves as ‘forward-thinking’. A great way to differentiate from competitors is by innovating and providing a product or service that is miles ahead of theirs. By running a business from a coworking space, businesses are automatically better positioned to capture innovative business opportunities.
With a wide variety of businesses working alongside each other – from small start-ups to large corporates, both ends of the scale can benefit from collaborative working. Enterprises bring their mass market reach and industry know-how, whilst start-ups bring the level of innovation that larger companies are likely to be lacking.
Economic efficiency
As we briefly mentioned, corporate companies looking to save money are turning towards coworking spaces. Coworking spaces always used to be about the early adopters – freelancers, entrepreneurs, start-ups, but large enterprises are now seeing the value in the tangible benefits of locating entire teams at coworking spaces. With coworking members saving between 20-40% in comparison with a regular office, it is an appealing option for larger businesses.
This is even more important when companies are looking to expand into new geographical markets, and quickly. By locating teams within coworking spaces, setup costs and overheads are reduced and money can be invested back into the business instead.
Networking opportunities
Most coworking spaces have their own community, and there are lots of shared spaces and meeting rooms for hire within them. Even when employees are grabbing their morning coffee in the kitchen they will be conversing with other like-minded individuals. By regularly engaging with a variety of different people, businesses will soon realise that they have more opportunities by moving to a coworking space than putting their team in a single office.
Through this informational exchange during the working day, new partnerships can develop, helping businesses to grow and connect with those who may have been out of reach before. Many coworking spaces have office meeting space hire, so that is another opportunity to bring in external businesses to the coworking network.
Summary
With the rapid digital transformation that businesses have had to undergo in recent months, it is likely that we will see a sharp growth in coworking. Whether that be an influx of tech start-ups looking to attract talent, or larger companies looking for innovation and collaboration opportunities. The spaces here at McCue House are filling up fast, so register your interest today in order to avoid disappointment. We are also offering a hire an office for a day service so get in touch if this is of interest.