What is a Shared Workspace? Is It Right For Me?

Updated: Jan 31

The advantages of a shared office are being realized by businesses of all types and sizes.


Even if your company only has to accommodate a few additional employees or a complete team or the entire operation, this creative work option can save your company money, time, and stress by eliminating the need to acquire and manage its own location.


Let's explain everything you need to become an expert about shared workspace from this post so you can make the best decision for your company.



WHAT IS A SHARED WORKSPACE AND HOW DOES IT WORK?



A shared workspace is an office or other setting in which self-employed people or people hired by various companies exchange equipment, ideas, and information for the benefit of all.


As well as being an actual physical location where many people gather, the term "shared workspace" refers to a concept that goes much beyond that and encompasses the sense of belonging that comes from working with others who share similar goals and beliefs.


Shared workspace is known by a variety of names, including:


• A coworking space


• Working in a group


• Workspace for collaboration


• Office space that is adaptable


The term "virtual office" is sometimes used to describe a mailing address that doesn't require you to lease or maintain a physical office.


WHAT IS THE DIFFERENCE BETWEEN SHARED WORKSPACE AND OFFICE SHARING?


Office sharing is another term that may be used to describe a shared workspace. The two names appear to be interchangeable at first glance, but they are actually quite distinct concepts.


Office sharing is a type of arrangement in which a large organization leases out extra space to a smaller one.


As an illustration, let's say Intel leases a massive office building but only utilizes about three-quarters of it. An architecture firm, ad agency, or consultancy firm may lease the rest of the space.


As a result, they have to share an office space with another business.


For the other company, the use of professional office space would normally be out of reach, allowing them to save money on an unused asset.



WHO MAKES USE OF A SHARED WORKSPACE?




1) Digital Nomads and Freelancers


On the couch, in the kitchen, or in a hostel room or cafe, it might be difficult to focus, uninspiring, distracting, and difficult to work.


Therefore, many freelancers and digital nomads operate from a coworking space or a shared office. Without having to spend money on building and maintaining an office, they can get their job done, meet new people and engage in productive conversation in a similar setting.


2) Business owners


Entrepreneurs come in a variety of forms and sizes, including prodigy, rebel, hustler, and inventor, but they can all benefit from working in a shared office environment.


First and foremost, you'll be able to save more of your hard-earned money for other, more pressing needs (such as perfecting your product or service).


A costly office space or a long-term contract might be a considerable financial burden. For a fraction of the cost, you can manage your business from a shared workspace.


3) Lifestyle Business Owners


Lifestyle entrepreneurs are those who establish a business with the intention of improving their personal lifestyle. Making more money or creating a game-changing product isn't the primary goal.


For the first several years, many lifestyle entrepreneurs actually earn less money than they did in a "regular" position.


Lifestyle entrepreneurs care more about the personal rewards (rather than the monetary ones) that come to individuals who have a true interest in and love their work.


Lifestyle entrepreneurs, as opposed to traditional 9-to-5ers, can operate from any location they choose as long as they have access to the internet.


Keeping everything running is as simple as having access to an internet-connected computer (usually a laptop). For a lifestyle entrepreneur, a shared office is the ideal place to set up shop and get work done.


4) Solopreneurs


Sole proprietorship is a term used to describe an entrepreneur who sets up and grows a business on his or her own without the help of others.


Sole proprietors needn't assume that they'll have to do everything on their own. Even if they use contractors or freelancers, they are still completely accountable for the company's day-to-day operations.


An ideal shared workspace for a sole proprietor is one that allows them to manage their daily operations (and the activities of any freelancers they may hire) in an environment that is both stimulating and free of the usual distractions associated with working from home.



5) Professional advisors


Specialized advice and assistance are provided by consultants to other people working in a certain field. Thus, they conduct their business online, by telephone, or in person.


Working from a coworking space is a great way to get your consulting business off the ground since it provides a professional setting where you can conduct phone calls, hold online meetings, and even host clients.


These types of coworking scenarios allow you to leave at any time for a face-to-face meeting without having to worry about what's going on back at the office.


6) Local Groups


Many well-established non-profits and local organizations are discovering the advantages of shared workspace for their local staff. When it comes to office space, it's hard to locate a place for a new team to work together in the same place.


Let team members wander around and collaborate freely by allocating some of them to a shared workspace a few days per week instead of making them work in cramped quarters.


They can always come to your main office or telecommute for team meetings and company-wide communication.



7) Remote Workforces


These days, remote teams are becoming more common, and a shared workspace is the best option for delivering a professional working atmosphere.


Remote teams can work from everywhere, even if your company's headquarters are in one city (such as New York City).


In spite of the fact that this remote workforce isn't a completely new and autonomous satellite office, they nonetheless need a dedicated workplace to complete their work.


In what way is that possible for a business? Sharing a workstation helps.


Using video conferencing and other comparable technologies, the remote team can report to work each day and communicate with the main office in real-time.



8) Remote Workforces


The shared workspace movement is also having a significant positive impact on members of scattered teams.


Workers who really are spread out across several locations, but then who work for the same company, may benefit from having access to a shared workspace in the same building.


Having a home where employees can work away from the commotion of a coffee shop is a huge benefit both for the company and its workers.


9) Employees Who Work From Home


Even if you work from home or manage a team that does, maintaining focus in a new location is critical to long-term success.


Productivity is a big concern for companies when employees often work from home at a kitchen table or sofa. For some remote workers, productivity is as easy as 1-2-3. Others, on the other hand, believe they will never triumph in the fight.


Employees that have easy access to a local coworking space can benefit from it as well if you're the boss or owner.


In this way, employees are able to "get out of the house" and into a location that is more suitable to the activities that your organization and team require to remain on track.


10) Employees who can work from anywhere


Workplace productivity, creativity, and collaboration can be maintained even when workers are working remotely.


There is no longer a requirement for team members to report to a physical office every day. They don't have to be in the same place at the same time to collaborate, access resources, and communicate with upper management.


Some remote workers enjoy working from home, but the vast majority choose to use a shared workspace on a regular schedule.


In a coworking environment, people have a sense of purpose and focus that they can't obtain anywhere else.


11) Startups


Ask any startup, "Why do you value shared workspace?" who are happy to sing its praises and tell you how it has helped them build their business, will do so with gusto.


As an outcome, coworking spaces keep the overhead costs down at a time when money is desperately needed for research and development.


12) Small Enterprises


Because of its proximity to public transportation, dining options, and retail establishments, shared workspaces are popular with small businesses. Additionally, there are some coworking spaces that go above and above the rest in terms of design and privacy.


For a cheap monthly subscription, most small businesses can't afford what they can get in a shared work environment.


13) Satellite Offices


When a division of a larger corporation is located away from the main office, it is known as a "satellite office."


Even the world's largest corporations are setting up office locations in shared workspaces all around the world.


What would motivate them to act in this manner, and why should you care? To take advantage of the many benefits that working from one of these places could bring Here are some of the benefits of setting up a branch office in a coworking space for your business:


• Gain access to a fresh reservoir of talent


• Recruiting is a lot easier.


• Prompt client service


• Brand recognition in the community


• A better link to the customer base in the vicinity of the satellite office


• Improved public perception of the company


• Exploration of new markets


• Networking that is more efficient


• Time saved commuting


• Improved teamwork and business collaboration



14) SMBs, SMEs, and GLOBAL ENTREPRISES


Businesses and organizations of all sizes are taking use of shared workspaces, that are becoming more and more popular.


These companies may have their own dedicated premises, but they use coworking spaces to host clients, grow their workforce, open offices in new locations, and keep their employees engaged and interested and focused.



DO YOU REQUIRE A SHARED WORKSPACE FOR YOUR BUSINESS?


Your company may benefit from a co-working space. It is impossible for us to give you an exact answer because we do not really know your particular scenario, but we can say "probably."


Using a shared workspace could be useful to both large and small enterprises because it can assist individuals, teams, units, and even the entire organization. You can profit from a shared workplace even if you already have a place to work or rent an office.


Here are a few examples of scenarios:


• You've outgrown your existing workspace


• Organizing a satellite team


• Attending investor meetings


• Employing seasonal or project-based workers


• Using a day pass to work while traveling


• Taking your company to a new state, coast, or country.


• Having fun with clients


• Hiring a conference room


• Using temporary office space while a building or refurbishment is being completed


• Keeping your business afloat while you relocate


• Organizing an event


With a shared workspace, you don't have to worry about lost time and money when one of these or any other situations arises.


Your team and company can concentrate on delivering the best product or service possible to your customers. It's all done without the interruptions that reduce productivity.



THE ADVANTAGES OF SHARED WORKSPACE





1) Management of crises


Crisis management lies directly on your shoulders in a traditional lease arrangement. For example, if the internet goes down or a bathroom plumbing bursts, you must shift your focus away from your business and onto restoring a safe working environment.


This can result in lost time, energy, and revenue.


When your company is based in a shared workspace, however, infrastructure issues will not divert your team's attention from the task at hand.


2) Awe-inspiring style


Shared workspaces that work, like those at Co.Labor, put a priority on dynamic design and spaces built for privacy but also allow for community to flourish. 


This translates to a "Wow!" factor for customers and prospects, inspiration for your employees, and a professional image for the business.


3) Facilities


When you set up shop in a Co.Labor shared workplace, you receive immediate access to a variety of services that are available whenever you need them.


Co.Labor is always there for you, whether it's printing at 2 a.m., preparing for a huge conference the next day, or planning refreshments for your next board meeting.


We even provide services that others don't, such as showers with towel service, podcasting rooms, and a streamlined invoicing and booking system.


4) Cooperation


Collaboration is defined as two or more people working together in a mutually advantageous partnership to provide each other with the products, services, or guidance they require to advance.


You and your team will work together in a coworking space with experts from a wide range of industries. Collaborating with CEOs, Designers, Experts in their fields is accessible because of the proximity of the two. You can also cooperate with other experts in various fields.


5) Infrastructure


Take care of the infrastructure your staff relies on, such as electricity, water, gas, internet and tech support, and daily supplies.


In order to make any headway on a project, you must first do the simplest tasks, such as replenishing the toner and paper in the printer.


In a shared office like Co.Labor, the infrastructure is taken care of for you. Focus your efforts on expanding your business rather than completing the tasks on your own to-do list.


6) Flexibility of location


The ability to work from wherever has become increasingly important in today's workplace, especially when business models and practices undergo rapid transformation.


Your employees will have unparalleled access to location flexibility if your company is housed in a coworking space with multiple sites in the city where you work — or even across the country.


7) The Ability To Expand Or Contract At Any Time


One of the numerous advantages of a shared workplace is its ability to adapt to the needs of its users, regardless of location or time zone.


With a shared office, you can easily extend or contract your space to match your business needs. After a month or two of using hot desks, your team may move to a private suite in May and then back to reserved workstations in June.


In the business world, productivity, income, and the market as a whole are all subject to change, and this can help you save money while also allowing you to adapt to those changes.


8) Lowering Overhead


If we were to make a list, this would be at the number one spot. In a coworking space like Co.Labor, the payor (often the business owner) does not have to pay the monthly expenses that they would in a traditional office environment. Everything from power and water bills to the cost of furnishing and laying out a workspace has already been taken care of.


In addition to slashing overhead costs, shared workspaces free up precious time, which is the most valuable commodity on this planet. Having a shared office frees up your time, energy, and money so that you can focus on the most important aspects of building your business in the long term.


CO.LABOR IS A SHARED WORKSPACE


You'll find the greatest shared workplace at Co.Labor, whether you need a private office, a suite of offices, or just a spot to rest your laptop.


Everyone at Co.Labor benefits from the same carefully designed interiors and industry-leading amenities, whether you're a solopreneur incubating a startup or you need space for a workforce of 10 or more.


• Welcome and welcoming of visitors


• Meeting spaces for 2 to 20 people


• Phone booths and private conference rooms


• Build-outs that are one-of-a-kind


• Office cleaning every night


• Kitchens on-site


• Maintain a professional appearance


• Printing in black and white is unlimited.


• High-speed internet and Wi-Fi


• Access to a café without having to leave the space


• Snacks, fresh fruit, and a weekly breakfast


• Water, sodas, and coffee are all complimentary.


Because of all of this, Co.Labor is a one-stop shop for all of your business needs (and so much more).


To discover more about what we can do for you, you can also give us a call right now. Check out Co.Labor's working facilities while you're at it.

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