Julie Tucker
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Coworking space: For start-ups and big business alike

Coworking isn’t just for start-ups – it can and does benefit big businesses too.

While this kind of shared space has traditionally been populated by entrepreneurs and freelancers, today’s large corporations are actively getting on board with the concept.

The flexible office space offered by coworking houses many big and prestigious companies, as it becomes more attractive to multinational occupiers than regular offices. In fact, statistics show corporates now account for around 50% of all businesses using coworking spaces.

What are the advantages of a coworking space for start-ups?
Not only does coworking inspire collaboration and innovation, it’s also a hassle-free and cost-effective way of working. The benefits of being in a central location, enjoying the buzz of an office environment and the experience of working with like-minded people, are among the main perks.

It can be a smart move for a small business, as it can significantly cut costs. Low start-up costs can be a massive boost for every new company. A coworking space costs less than renting a whole office because the expense is split between multiple users.

Small businesses can experience a great workplace culture, tapping into fellow communities who have developed already. Everyone becomes part of a diverse community. This mix of people is one of the key benefits of coworking spaces, enabling people to make contacts with counterparts in other industries, while ensuring every day is full of networking opportunities.

Coworking space can be rented for however long you need it, whether it’s months, or years. If it works for you, there’s no limit to the length of time you can continue working there, thanks to its flexible nature.

What are the benefits of a coworking space for big businesses?
Corporate giants can experience the benefits of a coworking ecosystem, feeling the rewards of an incredible infrastructure, without the expense. When they need to expand rapidly, there isn’t the usual outlay of renting a new office block – additional employees can move seamlessly into a coworking space that’s already prepared for them.

The space provider takes care of all the essential amenities such as fast internet connection, meeting rooms, kitchen, reception and other supporting features. This frees up the company to focus solely on its core business, without the commitment of signing a lease. All they need to do is simply rent out a workstation whenever they need to.

Both large corporations and smaller businesses can benefit from networking, sharing knowledge and ideas with like-minded individuals. Businesses can feel inspired by new ideas from other professionals and collaborate on mutually-beneficial initiatives.

How do employees of coworking spaces benefit?
According to research published in the Harvard Business Review, coworking environments benefit individual workers by giving them access to the amenities and cultures created by numerous diverse people and businesses all working under one roof.

Workers thrive more in coworking spaces than in regular corporate offices. They value the greater levels of flexibility and the ability to network, as well as enjoying a strong sense of community.
The best coworking spaces have open floor plans to attract and increase productivity for people who prefer being interactive and also quiet zones and private areas for those who work better in a calmer atmosphere.

Which big companies use coworking space?
Multinational tech giants Microsoft and IBM are two of the biggest companies who have opted for coworking spaces in recent years. In addition, Samsung Electronics, Apple, American telecommunications company Verizon, Facebook and Amazon’s biggest competitor, Alibaba, have also been making the move into coworking space.

Even the world’s biggest companies want to reduce overhead costs, improve talent attraction, retain staff, enjoy collaboration opportunities and grow when necessary with no hassle.

Does the future look promising for coworking environments?
According to research by Small Business Labs, coworking is the way forward. Just under one million people worldwide were renting coworking space in 2016. The number is predicted to rise to almost four million by 2021.
The study argues that coworking spaces meet growing demand for fulfilment, as much as employment. In particular, the freelancers and entrepreneurs who normally work alone have found that coworking can combat the problems of isolation. Providing human contact and interaction in a community of like-minded people is one of the main attractions of the coworking industry.

If you want to know more about what all the hype is about, contact Headspace Group – we’ve surely got the coworking environment that is the perfect fit for you and your future business plans.

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