Working from home is great.
However, it may not be optimal for everyone.
Coworking spaces provide a solution for those who want to enjoy both the freedom of working remotely and the perks of an office environment.
Today, we will discuss the benefits and drawbacks of coworking spaces. Wondering if you should join one?
We hope that this article will help you decide!
- The Benefits of Coworking Spaces
- #1: Better Work-Life Balance
- #2: Maintaining Normal Circadian Rhythm
- #3: Increased Productivity
- #4: Access to Conference Rooms
- #5: Proper Business Address
- #6: Socialization Opportunities
- #7: Networking Opportunities
- The Drawbacks of Coworking Spaces
- Still Not Sure if Joining a Coworking Space is the Right Choice for You?
- Step #1: Decide Which Metrics to Track
- Step #2: Establish a Work-from-Home Baseline
- Step #3: Join a Coworking Space and See What Happens
- Want to Learn How to Build Sales Funnels That CONVERT?
The Benefits of Coworking Spaces
#1: Better Work-Life Balance
It can be challenging to maintain a healthy work-life balance when you are working from home.
This is especially true for entrepreneurs who have never-ending to-do lists. Intellectually, you probably understand that relaxation is important, but on an emotional level, you may feel guilty when you are not working.
You can solve this problem by separating your personal and work environments — when you are at home, you relax; when you are at a coworking space, you work.
#2: Maintaining Normal Circadian Rhythm
It’s easy to mess up your circadian rhythm when you don’t have to go anywhere in the morning.
You stay up watching Netflix one night, then wake up later than usual… Next thing you know, you have the sleep schedule of a vampire. Needless to say, that is not conducive to health, productivity, or overall well-being.
Coworking spaces are open 24/7. However, renting a desk at one can help you commit to standard working hours of 9 AM to 5 PM. It will still require willpower since you are your boss, but it’s much easier to wake up early when you have someplace to go.
Plus, merely leaving the house in the morning, especially if you walk to your coworking space instead of driving or taking public transport, will provide early-day light exposure, which is the best way to strengthen your circadian rhythm and has many potential health benefits.
#3: Increased Productivity
It’s probably safe to say that procrastination is something that most entrepreneurs struggle with to some extent.
You are much more vulnerable to it when you are working from home. Not only is it easy to fall into the “I’ll just quickly check Twitter/Reddit/YouTube” trap, but you might also find yourself avoiding work by doing household chores and eating lunch. Cleaning your kitchen or preparing a three-course meal may be better than doomscrolling, but it’s still procrastination!
Having a dedicated place of work outside of your home makes it easier to resist the siren call of social media and not spend too much time on lunch. Plus, there are no household chores at coworking spaces, so you also remove that distraction!
#4: Access to Conference Rooms
Coworking spaces offer work desks, private offices, and conference rooms.
Typically, you need to pay an additional fee to book a conference room, although some spaces include a certain amount of access in their memberships (hours/month).
If you regularly have face-to-face meetings with potential clients, investors, and business partners, holding them in a conference room is a significant perk.
Not only is it a better place to have essential conversations than a bustling coffee shop, but it also comes across as more professional!
#5: Proper Business Address
Coworking spaces typically allow members to use their addresses as registered business addresses.
This can help you protect your privacy. After all, your registered business address will become a matter of public record, so it may be unwise to use your home address for that.
In addition to that, having a “proper” registered business address that is separate from your home address looks more professional!
#6: Socialization Opportunities
If you don’t have a spouse, kids, or a significant other, self-isolation can become a serious issue when working from home.
This is especially true if you are an introvert. It’s easy to accidentally become a hermit when you don’t have obligations that require leaving the house and being around other people.
It’s important to understand that we humans are social animals. Self-isolation takes its toll on everyone, introverts and extroverts alike. Interacting with other people daily is essential for maintaining one’s mental health.
Coworking spaces provide socialization opportunities. At the very least, you see the same people every day, say hello to them, and maybe exchange some small talk, which is a significant improvement from being alone all the time. In addition to that, most coworking spaces host happy hours, meetups, presentations, and other events designed to foster a sense of community!
#7: Networking Opportunities
You’ve probably heard the saying, “Your network is your net worth.”
It’s undeniably true that connections play an essential role in success. But what if you don’t have any?
Your first impulse may be to start going to networking events, but that may not be as effective as you had hoped. Why?
Making authentic connections in such events is difficult because the whole atmosphere tends to be highly transactional.
Moreover, as harsh as it may sound, people who go to networking events probably aren’t worth networking with, while people who are worth networking with typically don’t go to networking events.
In fact, networking events tend to be dominated by “wantrepreneurs” who love being an entrepreneur but aren’t willing to work to make it happen. Instead, they just endlessly talk about it. They’ll probably still be talking about it five years from now!
Coworking spaces offer much better networking opportunities because:
- Joining one costs several hundred dollars per month. That alone eliminates the vast majority of wantrepreneurs. Plus, people who have just launched their businesses usually aren’t willing to pay that much. Consequently, coworking spaces are dominated by freelancers and entrepreneurs who already have stable businesses.
- They provide an environment that’s conducive to making authentic connections. You get to meet people organically, build trust through regular interactions, go and grab lunch with them, etc. The social atmosphere of coworking spaces tends to be casual as opposed to transactional.
- They enable you to observe people over time and gain insight into their character. You see how they carry themselves, interact with others, approach their work, etc. That can help you avoid untrustworthy individuals.
There’s also something to be said about the community aspect. When people feel like they belong to a community, they are more likely to behave their best, especially towards other members of that same community.
Plus, if someone is shady, you’ll probably hear about it through the grapevine!
The Drawbacks of Coworking Spaces
Coworking spaces have three main drawbacks…
#1: Cost
A few hundred dollars per month will add up to a few thousand dollars yearly. Plus, there may be additional expenses like parking, booking conference rooms, attending events, etc!
#2: Commute
15–30 minutes one way means 30–60 minutes of daily commute, which will add up to:
- 2.5–5 hours per week
- 10–20 hours per month
- 120–240 hours per year
That’s assuming that you work 5 days a week!
#3: Social Distractions
If you are getting your daily dose of socialization elsewhere, you might find the social aspect of coworking spaces distracting rather than helpful.
#4: Work Habits and Preferences
In addition, coworking spaces may not be suitable for people with unusual work habits and/or particular preferences regarding their work environment!
Still Not Sure if Joining a Coworking Space is the Right Choice for You?
If, after reading this article, you are still not sure whether joining a coworking space is the right choice for you, here’s what we recommend:
Step #1: Decide Which Metrics to Track
Ideally, you want to track:
- Metrics related to your subjective well-being, such as energy, mood, etc.
- Metrics related to your output include lines of code, word count, tasks completed, etc.
- Metrics related to your business include sales, revenue, and profit.
Step #2: Establish a Work-From-Home Baseline
Once you have decided which metrics to track, the next step is to establish your work-from-home baseline over three months.
Step #3: Join a Coworking Space and See What Happens
Once you have your work-from-home baseline, join a coworking space for three months and continue tracking the same metrics.
After those three months, compare your baseline metrics with the new ones to see which work environment produced better results!
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