Coworking spaces offer an alternative to work and office environments, and it’s no wonder that they are on the rise as people continue to look for more flexible work timings to suit their personal lives. Many individuals are striving to find a reasonable balance since the COVID-19 pandemic has changed the way we work so much.
Plus, the power of the internet has introduced an emerging new online marketplace, opening the world up to many freelancing opportunities. For those who want to work in accordance with their own schedule, becoming an independent contractor is not difficult nowadays.
In this week’s guest blog post, contributor Stella Lincoln, explores the rise of coworking and shares six benefits to using coworking spaces.
The growing trend of coworking spaces
According to a recent study by Leftronic, there are approximately 35,000 flexible workspaces in the world today, and workspaces alone are worth around $26 billion in the global market. Furthermore, 14,000 coworking spaces can be found worldwide, with around 1.08 million coworking members estimated to be working in them.
Along with their flexibility, there are also other reasons why more and more individuals are drawn to coworking spaces. According to a study by the Harvard Business Review, 83% of people in coworking hubs feel less lonely, and 71% of people who participate in coworking spaces feel more motivated and engaged. Hence, if you are looking to break away from the boring 9-5 routine desk job, freelancing and coworking can offer you a nice alternative.
Who are independent contractors and freelance professionals?
An independent contractor is someone who is self-employed. They pose themselves as an entity that can be contracted to perform work for or provide services to another organisation or entrepreneur as a nonemployee.
It is also important to note here that the entity that uses the services of an independent contractor is also not required to provide them with employment benefits such as employer-sponsored retirement accounts or health insurance. Nevertheless, independent contractors can choose their own hours and work. Plus, they are not limited to an annual salary and can earn as much or as little as they choose to work.
On the other hand, freelancers are also self-employed and don't necessarily need to commit themselves to a particular employer in the long run. However, they can be represented sometimes by a company or a temporary agency that sells freelance labour to clients. Most freelancers work independently or use professional associations such as Fiverr, People Per Hour, and Upwork, to find work.
Freelancers are often found working in culture and creative industries. Fields and professions where freelancing has remained predominant include the likes of acting, computer programming, graphic designing, illustration, music, web designing, and writing, to name a few.
What is coworking?
Coworking can be ideally defined as an arrangement in which workers from different companies share office space that leads to cost savings and convenience through the use of common amenities. This includes sharing of custodial services, equipment, infrastructure, and receptionist services. For independent contractors and freelancers, coworking spaces are an attractive option as it offers them flexible work timings and comfortable settings.
Most coworking spaces charge a membership fee which becomes more affordable as the number of members increases. In a sense, coworking spaces establish a community of sorts and are considered much more feasible by city planners who don't have to worry about developing high retail office units.
The rise of coworking
Coworking spaces have grown tremendously over the years becoming more and more popular with the masses. The Coworking Resources produced a recent study in which they highlighted countries like Asia and America to be reigning with the highest average capacity of coworking spaces.
China provides an average capacity of 282 people per coworking space, while in the US, on average, 105 people can be accommodated in a single time at a coworking space. Nearly half of the professionals in the US expect to work remotely part-time while around one-third expect to work remotely on a full-time basis.
Considering this demographic, there is no doubt that coworking spaces indeed come in handy by offering a workplace setting and environment that small teams can embrace regardless of their location.
It is clear that coworking is on the rise across the world, with the United States reporting over 3,700 shared workspaces across the nation. India closely follows this with over 2,197 share workspaces and the United Kingdom with 1,044 spaces.
6 benefits of coworking
In coworking spaces, you will find several benefits for workers who want to work as freelancers or independent contractors, as well as business teams who choose to opt for a more flexible working environment. Here are just a few of them:
1. Great amenities and facilities
A lot of coworking spaces offer you an incredible range of facilities and amenities. This can include adequate seating arrangements, comfortable and spacious work desks, air-conditioning, a soothing and peaceful environment, and a range of workplace appliances like printers and coffee machines.
The majority of coworking spaces offer high-speed wireless internet, clean washrooms, dining areas, fax machines, and a receptionist to receive and forward important calls. Some coworking spaces go beyond and provide entertainment facilities like a play area and a TV lounge, so you can catch up on the news or take a short break from work without leaving the venue.
2. Happy and relaxed working environment
Coworking spaces provide a professional place to work with no strict schedules to follow, unlike a traditional office. All in all, it offers a stress-free environment where you can work and relax at your own pace.
3. Increased networking opportunities
Unlike working at home, coworking spaces are often populated with like-minded people working on different projects. This opens the doors for face to face networking opportunities for those who want to grow their networks further.
Furthermore you get to meet people from a variety of industries, each posing special skills which they have acquired over the course of time. For example, if you are running low on workload, coworking spaces provide you with an opportunity to meet useful acquaintances that can refer you to new clients.
4. Opportunity for future collaborations
The more you meet people, the more you get to know them, and vice versa. If you make a strong impression, they might ask you to collaborate on a future project. This naturally helps you to broaden your search for work and come across some great opportunities that you might have missed while working alone from home. You end up gaining much more exposure, and naturally, your professional know-how and portfolio grow to a greater extent.
Likewise, if you are stuck on a project that requires additional work from an expert that is not under your domain, you can find likeminded people who can prove to be powerful resources.
5. Regular routine and more flexibility
Coworking spaces offer a dedicated spot in your local area to visit and work without disturbances in a peaceful environment and they can also help to promote a healthy work life alignment. This can help you build a regular routine where you can show up at the allocated time and manage the entirety of your work and then leave to enjoy your life with your partner or loved ones at home.
However at the same, you can also adjust your work timings according to your need. So you don't have to feel rushed all the time and can create a flexible working schedule that suits you and your life.
6. Socialising and meeting with industry experts
Lastly, coworking places are also a great place to socialise and meet people from different walks of life. You might even get the chance to meet with industry experts and learn from their life stories and lessons. Freelancers who stay confined in their homes miss out on such opportunities and their time at work can feel more lonesome.
However, in a coworking space, some individuals feel more vibrant as they are surrounded by people who are dedicatedly working to be productive members of society.
The future of coworking
As technology progresses, the future of coworking spaces looks brighter than ever. You might come across coworking spaces in the future that incorporate all the latest technologies and offer them at your disposal. This can include specialised rooms for group meetings and presentations or conferencing.
Health and safety for coworkers will remain a priority, and this means proper social distancing measures indoors and practising stringent cleaning protocols. Coworking spaces 2.0 will also focus on meeting new and emerging demands like more comfortable and serene settings, customisable workspaces, and utilising renewable energy sources for utilities.
The alternative workplace solution may feel like a bubble, but the COVID-19 pandemic has taught us that people can indeed work and deliver on deadlines while working fully remotely. Furthermore, coworking is incredibly cost effective and provide a lifeline for organisations that cannot rent out their own offices.
These days, some coworking spaces are also re-branding themselves to provide more privacy for customers by offering them individual working spaces as opposed to open hot desking spaces. Regardless of how people's behaviours change, the reduction in the expense of long-distance traveling is a blessing that we cannot ignore, making coworking spaces all the more exciting and feasible.
Stella Lincoln currently works as the Assistant Editor at Crowd Writer. This is where higher education students can acquire dissertation help from maestros specialising in their field of study. During her free time, she likes to doodle, create wall art, and practise mindful yoga.