The Benefits of Coworking Spaces: Collaboration & Community

By May 22, 2017 June 21st, 2018 Coworking, Lifestyle

Coworking for large companies

The way we work is quickly evolving and large companies are keen to stay current.  Unsurprisingly, it’s not easy for large companies with an employee body of 500+ to stay nimble in making workplace changes.  The sheer scale means changes can get costly quickly.  Coworking spaces offer a versatile alternative with the added benefit of opportunities for collaboration.

Benefits of Coworking spaces for large companies:

  1. Reaching Talent: Large companies can tap into talent from more geographic locations.
  2. Cost efficient: Without long lease agreements, companies an opt-in and out of coworking spaces according to their needs.
  3. Remote work: Companies can offer workspace and meeting space for their remote workers or departments that don’t need to be on site.
  4. Collaborations: The community of other business can increase exposure and opportunity for business collaborations.

Coworking for small companies and individuals

Small companies often prefer shorter term leases and it’s not a bad thing.  Short leases lower opportunity cost for startups and entrepreneurs.  Incidentally, the emergence of hot desks, fixed desks, and private offices help to fill the gap between home office and commercial office space.  This means more workspace options that are better tailored to the growth needs of a company.

Benefits of Coworking spaces for small companies and individuals:

  1. Cost Efficient: Coworking spaces help to lower the cost of setting up a new business.
  2. Flexibility: Whether your team is getting leaner or meaner, flexible lease terms means coworking spaces can better meet your business needs.
  3. Collaborations: Small businesses and entrepreneurs can capitalise on their ability to mobilise partnerships in a community of like-minded individuals.
  4. Community: It’s easy to get engrossed in your business.  Community can offer social (and sometimes mental) support, professional guidance, and very often, inspiration when your imagination is running low.

Enhancing Work-Life Balance

With the rapidly rising adoption of mobile technology, work is quickly creeping into our afterwork hours. This leads us to question: how much work is getting done during work hours when emails are only coming to me after?  It’s worth recognising that perhaps the classic 9-to-5 may not be the best work model for you or your business.  And let’s not forget the potential benefits of taking a break and having a friendly (or competitive) go at ping pong with your work buddies.  It just makes sense that work spaces offer leisure amenities to refresh the mind in between productive spurts or simply when not much is going on.  The productive benefits of ping pong may be surprising but the availability of leisure amenities are soon to become the norm.

Pool and ping pong tables at Campfire Taikoo

 

Business Collaborations

Space providers are beginning to see that rent revenue isn’t everything.  When it comes to spaces, events and community are major value adds.  Industry events offer professionals a way to stay on top of news and developments in their local networks.  Additionally, coworking spaces that expand their network incidentally expand the reach of their members. By having multiple key locations, within the local area as well as in major cities around the world, members can make tap into a worldwide network in a curated environment.  The energy of a successful collaboration can spark a chain reaction.  In addition to building trust, businesses also gain confidence and experience in their negotiation skills.  This encourages a mutually beneficial shared economy that opens doors for everyone involved. 

The Collaborative Lifestyle

The sharing economy isn’t limited to the workspace only.  Some providers have taken the collaborative lifestyle one step further by offering co-living. With these advancements, the world is keeping a close eye our evolving concept of space, how it can be used, and the role it can play in our lives whether work, live, or play.

Foolsball table at Campfire Wong Chuk Hang

 

Written by:

Wang Tse is the Co-Founder and CEO of Campfire Collaborative Spaces. Being an entrepreneur at an early age, he has established himself within various industries such as property, jewelry, and F&B. He currently oversees the overall creative and strategic expansion of Campfire.

https://www.linkedin.com/in/wang-tse-9529a94a/

 

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