The trend of coworking – where entrepreneurs, professionals and even students share work spaces and some amenities – is growing exponentially.

However, the reasons for taking advantage of these spaces are changing over time, given the rapidly evolving business and economic landscape.

Community building

“Community is extremely important for small businesses during a recession,” says Shane Kidwell, CEO of Think Tank Cowork in Everett. “You need collaboration and communication with other successful entrepreneurs to compete effectively.”

Working alongside people from different backgrounds is a great way to grow and gain more business knowledge. Sharing the same work space, brings opportunities to meet other goal-oriented thinkers, established professionals and entrepreneurs.

Those working from home may also find they have trouble focusing because they are at ease, or may feel isolated. Networking and socializing with like-minded people is equally important to reach your goals.

Co-working lets you be part of a community to engage with other people and exchange ideas and inspiration.

Flexibility

The pandemic brought remote or hybrid work plans from major corporations like Google, Microsoft, Facebook, Twitter, Dropbox, Zillow and Mastercard and organizations of all sizes followed suit to to recruit top talent and retain employees demanding increased flexibility.

The opportunity for people to rent desks and offices for working purposes, along with various benefits available at the workspace, highlights how the nature of work culture is evolving. People can exert more control over their working lives, encouraging creativity, productivity and growth.

Less expenditures

A major benefit of coworking is that it’s the best way to work in an office with minimum investment.

“Gone are the days of a 3,000-foot space for three CPAs or insurance agents,” Kidwell says. “A key segment in this movement is companies that are downsizing, or at least considering a combination of both private and coworking spaces.

“Also, in coworking you have membership agreements, not leases,” which brings added benefits, he adds.

Coworking spaces also let entrepreneurs and professionals work in a fully equipped office space without having to set up their own private office, which can be tedious, and expensive . Working in a coworking space lets you operate your business without indulging in expenses that come with setting up an office.

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