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In today’s ever-evolving business world, more and more people are choosing flexible coworking spaces rather than the traditional fixed office. According to Statista, the number of people using coworking spaces worldwide is expected to reach five million by the end of 2024, doubling from 2021. From freelancers and startups to remote employees, coworking spaces offer dynamic and flexible workplace solutions and clear benefits for a variety of businesses and industries. If you’re considering a coworking space for your business, here are the top 10 advantages you can look forward to.
Top 10 advantages of coworking spaces
1. Better productivity
Many people find working from home distracting. For others, working in the same office day in and day out is monotonous. Coworking spaces offer the perfect balance between the two, which can lead to increased productivity. They provide a professional environment with fewer distractions and diverse options to suit most working styles, whether you prefer a quiet area or the sociability of an open-plan office. Immersed in the energy of kindred professionals, and with a clear boundary between work and home life, many people thrive in a shared working space.
2. Networking opportunities
There’s no doubt that networking can be advantageous for business, and operating in a coworking space provides some great opportunities to build connections. As a melting pot of individuals from varied industries and backgrounds, working in a shared space provides opportunities to meet new clients, find suppliers, share ideas, encounter emerging talent and seek collaboration. Some properties even organise exclusive in-house networking events like we do here at Argyll, fostering a sense of community within their unique environment. In short, coworking environments can help you grow both professionally and personally.
3. Flexible working
The flexibility of coworking spaces allows you to seek your optimum working conditions. You can choose your hours and select from various spaces, from a tranquil corner for focused work or a collaborative environment to inspire creativity, the choice is yours.. When you need a break, you can engage with people from outside your organisation, allowing you time to switch off and reset, so you’re ready to face the rest of the day’s challenges. What’s more, increased flexibility can mean a better work-life balance, while a shared office still provides an independent space to keep work away from home.
4. Heightened ideation and more creativity
With such cross-functional, cross-industry interactions, coworking environments are a hive of creativity. Working alongside multifaceted professionals is a great way to access new perspectives and inspiration, learning from each other and heightening innovation. A simple change of scene or environment can also be enough to spark new ideas. Whether it’s an in-depth debate across a desk, a passing conversation over coffee, or a mere office observation, the opportunities for inspiration when coworking are abundant.
5. Maintaining connections
Thanks to today’s digital advances, we now have vast networks of people working independently and remotely across the globe. Despite the relative ease with which we can collaborate online, some people still crave human interaction when working alone. A survey back in 2020 revealed that 80% of people felt that working independently from home negatively impacted their mental health. Whether you’re a freelancer or a remote employee, a coworking space can help you feel less isolated and more connected with the wider working community, which may support mental well-being.
6. Reduced costs
One of the major advantages of coworking spaces from a business point of view is that it reduces costs. Rent is a significant overhead for a business, and sometimes you’re paying for unused space. The cost of an office can even be a growth barrier to some fledgling companies. Shared working spaces allow you to simply pay for the minimum you require, which can be increased as needed – an ideal solution for startups and freelancers who want to keep costs down in order to grow. Businesses can also save on other bills such as utilities, cleaning and maintenance as these are included in the fees at coworking spaces, reducing financial burdens.
7. Access to more amenities
When operating in a shared working space, you have access to a whole range of amenities which are included in the rate. At Argyll, you don’t need to worry about additional costs such as Wi-Fi or day-to-day consumables like kitchen supplies. We even offer additional services such as administration and couriers. The quality of amenities is also worth considering when choosing a space. For example, our coworking spaces across London offer high-end facilities and access to a range of technology that could otherwise be out of reach financially for some businesses.
8. A choice of locations
Many coworking spaces have multiple locations which are included in one set fee. Take advantage of varying facilities or reduce travel time by working from different locations depending on your schedule or appointments. And with more locations, there are even more possible connections, broadening the scope of opportunity and inspiration. Here at Argyll, we have 11 distinctive coworking properties across London, ranging from Grade II listed buildings in Mayfair to statement offices in Victoria.
9. Less commitment, more agility
Another important advantage of coworking spaces is the reduced contract commitment. Typically businesses are tied to long leases on office properties that can inhibit your flexibility and growth. With a coworking space like Argyll’s, your business can be more agile, upscaling when needed and dialing back if required. What’s more, you’re not stuck in a single property. You can move around spaces to whichever works best for you at that time or on that day.
10. Enhances business growth
Coworking spaces can be catalysts for business growth, increasing innovation and operational efficiency. By fostering productivity and creativity, coworking drives innovation. By reducing costs and increasing flexibility, they lessen financial burdens, allowing businesses to operate more efficiently and empowering you to grow.
How to choose the right coworking space
With the number of coworking spaces worldwide predicted to reach almost 42,000 by the end of 2024, how do you ensure you choose the right one for your business needs?
Comfort, style and feel
First, you should find a space where you feel at ease and comfortable. Think about the quality and design of the furniture, and whether there is natural lighting. Consider whether the noise level in the various spaces would work for you. Are there relaxing areas for breaks and laid-back discussions? At Argyll, you can run your business in comfort and effortless style. Our coworking spaces offer sophisticated lounges, gardens, roof terraces, welcoming reception areas and fully stocked, well-appointed kitchens.
Range of amenities
Ensure the coworking space has all the amenities you might need to run your business effectively. Consider the various areas and whether you need meeting rooms, video call booths, etc. Does the property have the standard of technology you require, such as high-speed internet, video calling or IT support? These are all amenities that we include as standard here at Argyll. You may also like to think about the facilities that would make a difference for you on a more personal level. For example, our properties have showering facilities, secure bike parking and relaxing outside spaces.
Location
It’s critical to find a coworking space that has the right location. Is the property close to public transport links to avoid too much travel time out of your day? Are you near your clients so you can host them easily? Are there any restaurants or cafés nearby? As discussed, there are coworking spaces such as Argyll which have multiple location options all included in one fee, so you should also consider whether your business could benefit from this additional layer of flexibility.
Find coworking spaces with Argyll
Increasing productivity, creativity and affordability, it’s clear that using coworking spaces instead of a traditional office presents significant benefits to businesses, whether you’re a startup or an established company. At Argyll, we have 11 beautifully designed coworking spaces across some of London’s most desirable locations, from the elegance of Mayfair to the charm of Kensington. Sophisticated yet highly functional spaces, we have exclusive lounges, coworking areas and hot desks, all available as often as you need for a flat monthly fee. Stylishly and comfortably furnished with high-speed connectivity, video calling booths, professional reception, IT support and a fully stocked kitchen, our refined coworking spaces offer the perfect foundation from which your business can flourish. Contact us today to find out more.
