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9 ways your business could benefit from a co-working space

Mar 28, 2019 | Business

It is expected that by 2030 more than 1/10th of all commercial real estate in Australia will be taken up by co-working spaces. The rise of flexible work has increased staff productivity and reduced running costs for 1000s of Australian small businesses. Read on for 9 ways your business could benefit from a co-working space.

1.  Financial Flexibility

Workspaces in an A or B grade building in a CBD in Australia can cost up to $20,000 – $25,000 per employee, per year. By comparison, an Australian co-working space costs, on average, between $7,200 and $12,000 per desk, per year – all inclusive of furniture, internet, utilities, cleaning, reception services, kitchens, bathrooms and more.

This gives businesses a massive saving of up to 70 per cent when choosing flexible space over traditional office space. In addition, co-working space offers businesses complete flexibility around terms (1 month, 3 months, 6 months, for example) rather than committing to a 3+ year lease. This function essentially converts a fixed cost to a variable cost, allowing a business to adjust its P&L when it either grows or contracts.

2. Increased Networking

Shared office space is an environment conducive to collaboration, with break-out and communal spaces, open-plan kitchen and dining areas, regular events and even the general layout of the offices and desks all contributing to the ambience.

Meeting like-minded people is a great way to grow a business brand and identity. Often, members within co-working spaces end up doing business with one another, which makes access to the member portal a powerful tool.

Not everything has to be business focused though. It’s great for team happiness and well-being to be able to meet people from outside the business to grab a coffee with, have a chat or play some mini golf or board games!

3. Value Added Services

Given their focus on customer service, agility and simple pricing, co-working spaces, in effect, function as hotels for businesses. Compared to the conventional stereotype of the office, one of the main components of a successful flexible operator is their ability to provide a service.

Businesses have access to a reception team that will meet and greet clients, as well as a wider team including community staff and cleaners.

Community managers, are really office all-rounders for co-working spaces. Whether it’s greeting clients in the morning, checking up on team members during the day, fixing a problem, providing an introduction, delivering mail or organising events, their job is about making sure you and your business are happy and fully utilising the office… and that’s a pretty great resource to have. 

4. Extra Facilities & Amenities

In an annual Australian career survey, 66 per cent of employees said a great workplace was their main reason for being happy at work.

Co-working is far more than just a desk, chair and internet, and operators in Australia are continually upping their game in terms of the facilities and amenities within a space – a trend largely driven by increased competition.

Membership could include things like end of trip facilities, towel services, games rooms, beer and wine on tap, sleeping pods and meditation rooms, gyms, golf simulators and recording studios.

While some of these facilities might seem slightly ephemeral, they add to the character of a space, help to impress clients and attract and retain talent – all significant bonuses for a business.

5. Improved Productivity and Happiness

The days of boring office cubicles are dead and gone, and operators, landlords and even tenants are putting a lot of effort into developing workspace – but no one does it better than the co-working players!

Providing members with multiple spaces allows businesses to mix up their day by brainstorming in a creative area, working privately in a quiet space, holding a boardroom presentation or conducting a team training session.

The best spaces provide areas that are formal, relaxed, creative or private – designed for both individuals and teams.

6. Events and Knowledge Sharing

Australian co-working spaces host regular events, which is beneficial for two main reasons:

Access to knowledge – whether learning about personal finance, how to drive sales or the basics about blockchain, shared office space providers are good at mixing up topics and presenters, so there’s always a session that will be of interest.

Social events are good for networking and business culture. Breakfast in the morning or drinks after work are great ways to keep teams engaged and motivated, and forming friendships at work has been shown to improve happiness and productivity.

7. Passport & Affiliations

Many co-working spaces in Australia have interstate and/or global offices, or they have affiliations with other co-working providers, which members can benefit from.

This can be a massive bonus for members. If you’re in another state or country and you need to work for the day or hold a meeting, you can simply walk into the space. The staff know who you are, where you’re from and why you are there. That kind of familiarity and convenience is priceless! 

8. Community

Collaboration and community are a big part of the culture in an Australian co-working space. It’s like walking into your favourite coffee shop – they know your order and your name before you’ve got to the counter. It’s effortless, positive and one of the reasons you go back every day.

9. Energy

A lot of people like that feeling of walking into a shared office space which is buzzing. There are people working, talking, collaborating, there’s movement, the smell of coffee – all of these things create a really positive and energising feeling. And it’s unique to the co-working world.

Would you consider sharing a space with another firm? We would love to hear your thoughts!  Please comment in the space below.

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