01 Jun Why Getting a Co-Working Membership is a Great Business Decision
Many small business owners, entrepreneurs, freelancers, and contractors work from home. The low overhead and digital connectivity of working from home is hard to pass up! Whether you’re a one person business, or a virtual office, it can make a lot of sense to not have an office nailed down. However, co-working spaces have been shaking that mindset up.
A co-working space is an office of individuals, or sometimes groups, who rent a workspace in a co-working office. These offices are great, because they provide all the resources you need to work and run your business without taking on the cost and responsibility of having your own office. From a $25 drop in fee, to $200-$500 a month for a membership. There’s a pricing rate and set-up for a variety of business needs, and in a city like Toronto, you can absolutely find something that works for you.
Aside from the cost element, co-working spaces are an incredible concept because they are a hub of working professionals, often likeminded people, getting work done. Who doesn’t want to work in a place with that sort of energy?
Why People Thrive in Co-Working Spaces
I’ve recently got a membership at The East Room in Toronto and I’ve absolutely been loving it. It’s inspired me in so many ways, and I wanted to list 6 reasons why I think a co-working space is a smart business decision for anyone.
1. Increased productivity
Yes, waking up and not having to leave the house is luxurious and relaxing. But, there’s something to be said about getting out of the house early, grabbing a coffee, and sitting down to work with no distractions. You can absolutely get a lot done at home (some people, more than others) but there’s something to be said about sitting down at a desk that just screams: “GET TO WORK”.
2. Productive atmosphere
One of the best things about co-working spaces is the people. Working in an environment of other likeminded people is not only motivating, but it’s infectious. You can hear the conversations, the typing, and the work being done, causing you to feel energized being in the space.
If you’re someone who works solo, a co-working space is great for feeding off of the productivity of others so you can hash out a project, article, or whatever you’re working on. For small teams, a co-working space creates a sense of professional productivity that can really give your team the boost they need to excel together.
3. A sense of purpose
Co-working spaces bring together all kinds of professionals – from artists and writers, to start-ups and small business owners like lawyers or consultants. You get to be someone amongst a diverse group of professionals and feel proud of your unique value proposition. You get to talk about what you do to those around you, fill people in on the projects your working on, and chat over the water cooler about what you’ve got on the go. This act alone really builds a sense of self and pride.
4. Work on your own terms
Depending on the co-working space, you can choose to come and go as you please. Some are even 24 hours for those who really need to hash out a project. Many have a variety of work spaces to choose from, and you can work at a bar top, on a couch, in a quiet room, or in a huge open-concept room at a desk if you prefer some buzz.
If you feel like hanging out and working from home on a rainy day, you can do that too. Co-working spaces give you options for how you want to work.
The environment of co-working spaces is often pretty collaborative, and you get to meet a ton of new people when you work with them every day. It’s a great way to meet people you can work with as you get to know them and have complimentary skills. If you’re a marketer, perhaps you bump into a web designer who can help you with your site, or a lawyer who can read your contract over for you. You can find people who are open to working on projects together, or helping one of your clients, or even trading their services for yours.
Also, it’s a great way to build overall relationships with people and create lasting business connections.
It feels great to be a part of something, and co-working spaces often host events for members to create a community feel. Once a month, there may be a speaker, concert, or cocktail events. It really depends on the space! Co-working spaces like to bring members together to mix and mingle and ensure the environment remains one of collaboration and growth for their members. It’s so fun to be a part of.
Is it for you?
Obviously, I believe co-working spaces can have a huge business benefit to small business owners, entrepreneurs, and the like. It’s an amazing way to get access to smart, professional people and boost your productivity while getting out of the house and ensuring you don’t go stir-crazy. Of course, it’s not the right fit for everyone and it really depends on your working style and where you’re at in your venture.
Write a list of all your needs to get an idea for what ones you think could benefit from a co-working space. Then, do your research! Find a space that has everything you need within the price point you can budget for. Talk to people who work there and get feedback before committing. BlogTO has a great round-up of some pretty cool co-working spaces and again, I highly recommend checking out The East Room.
Written by Brad Dalli
Founder and CEO of Dalli Digital
Photo by Mike Bamboo