Best of Cohere – Why a working space is important to the local economy

Coworking spaces have been around longer than we have known and they might often come across as a niche than a necessity to many but it is often a misunderstood concept. Various professionals who have experienced working in a shared environment often explain coworking spaces with a different vision.

Co-working spaces are just like traditional working places. They are like typical offices but the amenities and space are shared by various entrepreneurs, freelancers, and small businesses, usually of a similar geographical area. A coworking space often has various project members and professionals from different ventures. These kinds of co-working spaces create a community that various like-minded professionals share and cherish! Now, there are various reasons why entrepreneurs, start-up organizations and small scale businesses prefer a co-working space over a traditional corporate office and we have listed below a few of these reasons:

• It’s affordable:
One of the major reasons to rent a co-working space over a traditional office space is that they are extremely budget friendly. This is one of the major factors that drive freelancers, entrepreneurs, and start-ups towards hiring a co-working place.

• All amenities equipped
Co-working spaces are just like the traditional office spaces that are equipped with all amenities like electricity, internet, and pantry services. When you rent a co-working space, you often get all these amenities and you can even opt for more amenities like dedicated office rooms, meeting rooms and video conferencing services depending upon your provider and your plan.

• Access to social and networking events:
Many times, professionals do not opt for co-working spaces just because they are affordable or equipped with amenities. They also opt for a shared working space because it gives them access to various networking events that are usually hosted by the co-working space organizers. These events help them to network with like-minded professionals. Some co-working spaces also host training programs and social events.

Co-working spaces have been becoming increasingly popular among startups and entrepreneurs for the various reasons mentioned above but co-working spaces have not just revolutionized the working environment of like-minded professionals but they have also proven to play a very important role in the development of the local economy. Here are a few reasons, how co-working spaces have been important for the local economy:

• A co-working office space supports freelancers, entrepreneurs, and small businesses. These are the entities that create business opportunities and jobs for others because they usually focus on proving a product or a service to solve a current problem. A co-working space offers these kinds of small and medium-sized businesses to grow and develop.

• A coworking space often creates a safe space for like-minded professionals to collaborate and network with. When you are developing and growing a business, you are often brainstorming by yourself or with your team and many times, there is no fresh outlook. A co-working space provides a dedicated area to entrepreneurs so that they can share ideas and brainstorm together. Very often, such community approaches problems with new and creative ways to solve it.

• A co-working space provides a diverse working environment within one geographical area. At any co-working space, you will find and interact with professionals that are from your geographical area but from various fields. Working among professionals from various kinds of industries helps people to network and grow their local businesses.

• A co-working space helps to preserve the local talent in town! A shared working space often provides an opportunity for talented professionals to launch their own venture. Without co-working spaces, it is very difficult for creative professionals to find an inexpensive professional place where they can find a consistent flow of ideas and opportunities and they may be forced to seek employment in other cities. A co-working space eradicates this situation by providing a platform to grow and a pool of opportunities for the emerging talent of the town. By preserving this talent within the local town itself, co-working spaces are helping the local economy indirectly.

• A coworking space is not just a space that allows professionals to work together. A co-working space is also allowing space for the local professionals to come together – It very often builds a local community that is slowly learning together on how to be sustainable in their economy! At a co-working space, the local professionals learn, grow and collaborate together.

Coworking spaces are often perceived as an alternative to a physical office or a traditional working space but they are much more than that! Sure, a co-working space may not be the best fit for some businesses or even an option for some industries but they have grown to be an integral part of the local economy.

Many people cannot fathom the idea of sharing a working space until they do so! A co-working space provides a platform for like-minded professionals to grow at a budget. Not only that, but a shared workspace also provides these professionals with a platform to network and brainstorm with other professionals for creative ideas and to explore growth opportunities.

Along with providing a platform, a co-working space has also proven that it is extremely beneficial for the local economy as well. It not only supports freelancers, entrepreneurs and small scale businesses but it also builds a community and preserves the local talent in the town. These aspects of a co-working space, in turn, affect the growth of the local economy. So, if you have been on the fence about joining a co-working space or have been wondering what it would be like, we strongly recommend that you could seek a trial version. You could also connect with the various professionals working there and ask them what their experience is like within a shared workspace environment!