The modern-day corporate landscape is very different from what it was two or three decades ago. Employees working in the same department will often work in one space divided by cubicles because employers believed social interactions need to be reserved for lunch breaks and after work hours.
On the other hand, managers and executives will be in their own offices with closed doors because that’s just how traditional offices were. However, there’s been a big shift in how workspaces functioned ever since the world entered the digital age. Now, shared spaces are the next big thing.
Basically, these spaces are physical environments that are conducive to working and open to the public. The locations are quiet enough for people to work undisturbed, and they are provided with a stable internet connection, which is crucial for anyone working remotely.
Since then, these communal spaces have become the go-to venue for freelancers, start-ups, and work-from-home entrepreneurs. Many forward-thinkers have already foreseen the demand for these shared working spaces, but it’s not too late for you to join in on the growing trend.
Of course, you might wonder how much it costs to start a coworking space as a business before ultimately running one on your own. This also means that you’ll need to get funding to cover the costs of your capital and franchise fee, that is, if you’re not starting one from scratch. Here are three reasons why this will be a good business idea for you:
Cost-effective Alternative to Traditional Offices
Managing a traditional office costs a lot of money. The employer would have to provide desks, chairs, computers, and all the other equipment their employees need to work. An office would also require regular maintenance, which means they would need to hire maintenance staff to keep the environment clean.
There’s also the cost of renting the office and signing a lease that would tie them to the agreement even if they are no longer using the space. The operational costs of having an office alone are enough to put a hole through an employer’s pockets, which is burdensome for start-ups who aren’t making a profit yet.
Fortunately, conventional offices are quickly being replaced by shared spaces, especially since most professionals work remotely from their homes. And if they need a change of scenery because their home offices are dampening their productivity, they’ll have shared areas to go to than have to deal with noisy customers at a local cafe.
By using a shared space, people will only need to pay for the services and amenities they use during their time. Modern entrepreneurs won’t have to worry about the costs of maintaining a traditional office space, which was considered a prerequisite to starting a business in the past.
Source of Higher Productivity
The new generation of young professionals prefers having a dynamic and relaxed environment rather than an archaic one. That’s why companies catering to the millennial and Gen Z workforce are replacing their traditional office layouts for shared workspaces because they are more conducive to collaboration.
Shared spaces allow people to work independently but in the same environment. They can feel the energy of other people working and harness that energy to power their productivity. This is because the entire point of working in the same space is so that people can be inspired and motivated.
Even just being in the same space without having to speak to one another can do wonders to boost productivity and lead to better performance. Shared workspaces are perfect for individuals, partners, and groups of people who need a place to work that won’t drain their bank accounts.
Provide Opportunities for Collaboration
Aside from the reasons mentioned above, one of the biggest advantages of shared workspaces is that it creates plenty of opportunities for collaboration. This is because the spaces are open to all professionals and businesses from different industries, which is hard to imagine if this were happening a decade ago.
There are different kinds of shared spaces. Some can be rented as a whole if people prefer privacy, but there will always be shared spaces for other professionals to work in. And since these professional spaces are hubs for freelancers and start-ups, they’ll likely start collaborating on projects soon enough.
So, if you’re looking for a business idea that is a surefire for success, consider running a shared workspace. The popularity of these collaborative workspaces may come and go, but the need for an environment conducive to working will always remain.
