Everything You Need to Know About Coworking Spaces

When you think about coworking spaces, what comes to mind? If you haven't visited one in a while you may imagine bootstrapping tech startups—filled with scrappy 30-something entrepreneurs—gathering at one long table working through big ideas that will change the world.

While the trope is a bit antiquated, it's not entirely off base. Coworking spaces tend to attract independent workers who thrive in a flexible and stimulating environment. This is different from a traditional office space because, in general, coworking spaces act as a neutral ground, bringing together people from a diverse range of businesses, industries and companies.

Coworking spaces can be used by entrepreneurs working independently, by corporate executives holding meetings and by groups collaborating on a common project. These spaces often present opportunities for networking and connection, building community and cost sharing on office infrastructure like equipment, utilities and janitorial services.

Everything you need to know about coworking spaces [entrepreneur edition]

For entrepreneurs, coworking spaces could be a key ingredient to scaling your business and launching you on the road to financial independence. Choosing the right coworking space for your industry allows you to make a good first impression, appear professional and work from a commercial location at a fraction of the cost.

Coworking space pros

Entrepreneur.com outlines many benefits for using coworking spaces, including fast and reliable Wi-Fi, access to meeting rooms, furnished office space, basic amenities and competitive prices.

Here are a few other "pros" when considering whether you want to work from home, from a coworking space or from a traditional office.

Affordable prices

Some coworking spaces require a membership, but others will rent by the hour, day, month or whatever time period you need. The biggest differentiator is you do not sign a lease like you would with a traditional commercial space.

Some coworking spaces start at as little as $5 an hour, which makes coworking accessible for any number of budgets. You may have to shop around a little, but affordable spaces are out there.

Shared costs

There is good value in coworking spaces when you take into account the cost of renting an office, furnishing it and paying for utilities such as electricity and Internet. In addition, you aren't solely responsible for the maintenance, upkeep, cleaning or security.

Flexible

Coworking spaces are wonderful for remote employees who wish to work in an office environment, and for startups using a hybrid model for work, with a mix of in-person collaboration and independent working. Many coworking spaces offer 24/7 access to the workspace, allowing members to work on their schedules no matter the day or time.

Scalable

If you run an agency-type business, or are in growth-mode and unsure of how much space you require, working from a coworking space allows you to test the waters before committing to a more permanent solution. As well, if your team has an ebb and flow from project to project, coworking spaces allow you to readjust your space to suit your current needs.

Networking and community

Coworking spaces often facilitate networking and social opportunities for their members, which allows for a positive collaborative work environment with professionals who have many different talents and abilities. 

Types of coworking spaces

Depending on your budget and the type of coworking space you find, there may be provided access to digital amenities such as 3D printing and podcasting or video studios. Others even have coaches or business advisors available for appointments.

Here are a few types of coworking spaces you may encounter in your search. 

Open Workspaces 

These are what people traditionally picture when they think of coworking spaces—open concept workspace with shared desks and common areas.

Private Workspaces

Individuals or teams can rent private workspaces to have quiet, uninterrupted focused work or even meetings and collaborative projects.

Industry Workspaces

Some coworking spaces are customized for specific industries and bring together like-minded individuals with common interests and skills. The space is also set up for these industry professionals.

Incubator Workspaces

These types of coworking spaces are created in order to support venture-backed startups with what they need in order to scale and grow. These are highly selective and competitive environments.

Who are coworking spaces best-suited for? 

It should be clear by now that coworking spaces can be used by almost anyone, either independently or in a group. They're the most popular in startup and freelancing communities, and they're also gaining esteem in other less-independent communities as well, such as: 

● Remote workers

● Hybrid workers

● Small business owners

● Entrepreneurs

● Non-profit workers

● Enterprise workers

When workers are distributed or working independently, coworking spaces can often provide just the right price point, flexibility and support an entrepreneur or independent worker needs.

Davinci Virtual Office Solutions is a global provider of coworking and meeting spaces for professionals looking for lifestyle balance and mobility without compromising financial success. Search thousands of listings by city, state or country and find the perfect coworking space for you today.