The Coworking Business Is Now A Billion-Dollar Industry: Here’s How You Can Be A Part Of It
Upon experiencing a shift in the way, we lead our lives, we’ve come around different ways on how to live, work, and play. Some work within the comfort of their homes, while others prefer working remotely or in the office. Find out how the Coworking business is now part of the billion-dollar industry came from nowhere and to where it stands tall now. Know what opportunities awaits you, and be a part of the billion-dollar industry that helps millions of people across the globe, right now. In this article you’ll be deciphering the key information on why and how the Coworking scene has evolved into a billion-dollar industry. Read on if you want to be part of it.
The ABC’s of Coworking
How life has changed since the pandemic
How can you join the fast-growing industry?
Joining the billion-dollar industry
What are the different partnerships?
The Psychology of Coworking
A dive deeper into understanding flexible spaces
What’s next for flexible spaces?
Happier work environment
Everything in between
The ABC's of Coworking
For those who may not know, Coworking is a creative platform where individuals from independent companies can work collaboratively in a shared space. Small and large enterprises enjoy the concept of Coworking because of its cost-saving and sustainable features. More than the countless perks and benefits Coworking offers, employees and individuals who work at a Coworking space gain more meaningful work experience. Certainly, you wouldn’t want to miss out on an opportunity that allows employees to work more efficiently than they ever have. If you’ve ever been an employee, you’d know very well the language that would speak right up to the ears of people who would want to experience a better work environment.
In layman’s terms, a Coworking space is an environment that is curated and designed to accommodate all walks of life from different sorts of industries. Coworking spaces allow entrepreneurs, freelancers, students, and professionals to get out of their comfort zone, and work efficiently through a variety of beneficial work platforms. We were all students once. Whether it be conventional school or a not-so conventional standardized educational system. One of the best things about Coworking spaces is that it welcomes a diverse crowd of individuals. For example, if you’re a student with no access to quality chairs, like those in the Coworking space, that features ergonomic chairs, then you’d benefit a lot from the furniture in the place. Other than plain old furniture, access to quality internet connection isn’t always at hand. And students at times are placed at an even greater vulnerability. Working at a Coworking space makes learning remotely possible and even more effective. Chances are, it could even be more effective than traditional classroom discussions.
The population of users for Coworking spaces are widely diverse in all aspects of demographics. There are people who work at night, during the day, in the afternoon, and people who just like lodging around the space for a mental health break. Countless individuals of all walks of life explore the experience of Coworking. Around 41% of Coworking space users are in the sector of freelancers, students, and individual professionals. And 36% are employed individuals from the 16% of employers. The singular sector has a whole of 7%, these are composed of people in the IT sector, from telco to accounting firms and agencies. Of all these numbers, people from different industries have come to love Coworking mainly because of its strategic features and motivating atmosphere.
As you work in a Coworking space, you’re given the opportunity to hone and nurture relationships. While you work at a Coworking space you also get to have a glimpse of how other people work. From freelancers, students, entrepreneurs, IT personnel, you are taken steps forward in understanding the diversity of individuals who work to pay rent, individuals who work on their dreams, and people like you who work for the adrenaline. Working in a Coworking space is entering the door of opportunity that is opened before you.
How Life Has Changed Since The Pandemic...
In the onset of COVID-19, we’re faced with countless experiences we never deemed we’d go through. Countless doors of opportunities were forced shut because of health hazards and the overwhelming strife of a phenomena occurring on a global scale. We’re taken aback by our goals, plans with family, dreams for our careers, and every bit of it seems like a toll on our mental health. While countless lives have changed drastically for both positive and negative effects, there are quite a number of opportunities that have come along the way for both parties. Because of the pandemic, livelihoods have been forced to adjust, and working has never looked so different.
Going to work now is like looking at your childhood toys. You remember them from memory yet you can’t quite put your finger on how you used to play with them, let alone remember how you got them. Working now, if we happen to be privileged enough to still have the option to work remotely, work now is more flexible. We don’t have to rush into traffic at 4am to line up for the jeep. We no longer have to ride countless jeepney rides to reach our traditional office, because now, we’re able to work from the comfort of our homes or remotely. It’s like work has never been more interesting.
With the “new normal,” we’re placed on sheets of new information and practices that are fresh on our perspective. Things like going to work virtually or attending calls and conferences online. There are tons of things that are new to us, yet not all of these are entirely wrong or negative. One positive emblem to top all the aforementioned is the concept of Coworking. It’s something we know we can count on when technology fails us miserably. Coworking is both an opportunity and a privilege we are presented with.
As we hustle each day, we wonder when it will all be back to normal. As we work for each of our goals, families, and careers, we continue with the hope that it will all be okay soon. Each day we face our desk, work on the same gadget, and clock in to our hours at work, all within the four-cornered room of our home. Sometimes it gets a little too tiring. In other circumstances, we even experience difficulties that pose a hindrance to our work. Distractions, technical difficulties, and other problems that arise, stressing us to the bone.
Coworking has offered a solution to address the common problems hustlers like us experience. Creative spaces are designed to nurture the raw inspiration each of us has within. Instead of being locked within a four-walled room, working at a Coworking space drives us to the maximum potential of accomplishing our tasks and achieving our goals.
While countless businesses were able to adjust amid the pandemic, there are some that still experience a challenge in operating. Bills to pay, papers to accomplish, tons of work to fulfill, and the list goes on endlessly. People have switched to using Coworking spaces because of its self-efficacy and social support. It’s become a popular work environment for the diverse population of working individuals.
Due to the ongoing flexibilization of work, the new trend of working remotely is seen as the premise for individuals who are privileged enough to work within their homes or remotely. Why is it a billion-dollar industry? Because it’s helped just about millions of people worldwide. People who don’t have access to quality equipment, furniture, fast internet access, and a professional network of connections. Coworking has shaped the way the professional field has evolved because of its inclusive and dynamic characteristics.
How can you join the fast-growing industry?
Since Coworking spaces are designed to create a common ground for collaboration, community development, and business growth, people engage in working at Coworking spaces because of the benefits and convenience it offers. Coworking spaces are seen to be a better alternative to working from home and working in a traditional office set up.
Joining the billion-dollar industry...
Partnerships
For Coworking spaces, you can join the booming the scene as either a client or a partner if you don’t’ have the resources to come up with your own Coworking brand. Either way, you will increase the value of your entire portfolio through location and partnership management. It’s a win-win deal as it guarantees growth and development through the acquisition of shared spaces.
Landlord Partnerships
Landlord Partnerships is where property owners can transform properties, buildings and locations into creative beautiful, and dynamic workplaces. Through this, companies of all sizes explore and venture into experiencing a new and diverse work experience.
Doing so increases the value of the entire property through location and brand management. Think about it, if you have a property that isn’t living up to its full potential, you can form a partnership and transform it into a Coworking space, generating profit instead of collecting dust.
Broker Partnerships
Individuals or organizations who support multi-stakeholder partnerships on the local or international scale enable companies to achieve their respective property needs. Say if you were a broker and you thought of forming a partnership with a Coworking business, definitely expect profit in return.
You might wonder how value is created and increased through Coworking. Here’s how it goes; when you partner with a Coworking Space in a Broker Partnership, the property churn decreases by foot traffic since tenants grow in number through the use of flex-offices. You maximize rental through premium amenities, concierge services, and employee productivity. All of these are not at your cost as the broker, instead Coworking Space is in charge of attracting quality tenants from top international and local companies, and introducing the property as a Coworking Space to the spectrum of professionals all over.
Business to Business Partnerships
Also known as “B2B,” is a collaboration of two or more companies with a common goal of building a win-win relationship that is grounded on business growth and development. Say you own or work at a telco company or a brand in the BPO industry. You can partner up with a BPO Seat Lease in a Coworking space and have your company operate in a private office at the Coworking Space. Aside from working in a place where you receive tons of perks and freebies, you’d also have access to common areas, phone booths, meeting spaces, and private events.
You can grow and expand your brand and product development through marketing when you form a partnership with a Coworking Space. It’s also proven and tested that people who work at a Coworking Space gain more meaningful work experience. You know what they say, happy employees make happy customers.
The Psychology of Coworking
Since technological developments increase the digitalization of most activities on a global scale, work endeavors are also conducted virtually. Considering this change, we are faced with a wide range of options to choose from in accomplishing our duties in the professional side of life and in our personal endeavors.
There’s a term that is a hypernym for “different kinds of work arrangements that is outside of the traditional office,” this term is called “Telework.” Just like the concept of a Coworking space, telework has constantly evolved over the years in reducing the costs for working individuals from transportation, utilities, and workplace usage. The mobilization of corporate work has been improved through the development of virtual connections that allow us hustlers to work wherever we want, that includes a Coworking space.
We’re no longer individuals who stick with stationary work routines. Instead, we work where we feel most at ease and where we feel least stressed. After more than a decade, Coworking has evolved from a common space, to a place where creativity is nurtured and inspiration is generated. Employers and employees of different fields in the industry have testified to the truth about using a Coworking space. The billion-dollar industry is much loved by millions of people because it’s a friendly companion on a stress-filled week each month, and year.
A dive deeper into understanding flexible spaces...
First, there’s such a term called “Value Proposition.” Value proposition is a key concept that is fundamental in understanding how flexible spaces grow and generate income. In case you decided to partner with a Coworking space as a landlord, you’d like to understand how you’d get to grow your business as part of a Coworking space.
Users achieve scale and accrue more through a single location than in multiple locations. Say if you’ve partnered with a Coworking space as a landlord, the per-square-foot occupancy costs would churn more because of customer use, than having one rental space occupied by one person alone.
What’s next for flexible spaces?
Well, you’d love this! Like music to your ears, the wonderful truth about Coworking spaces is that there is countless growth potential in this field. There’s no question why it’s an industry loved by millions.
Corporate Demand
You get to lock partnerships with companies through business-to-business deals that form large-scale growth.
Geographic Reach
Contractors, landlords, and brokers can easily expand the reach of Coworking spaces because of the availability of properties and land over rural and urban locations.
Freelancer Demand
There’s an undeniable growth of support and supplement for entrepreneurs and freelancers who seek office spaces and services that are offered in Coworking spaces.
Industry Profitability
While competition may increase, the margins of sales and costs are compressed in the acquisition and partnership of private entities and Coworking space brands.
Operations
Operations are fully conducted by the team of the Coworking space, and minimal effort is done by private partners like landlords and brokers.
Happier work environment
Consider the countless perks and features that Coworking spaces offer. It’s certainly a way for people to obtain the best work experience alongside generating the most work on a level of good achievement. While Coworking is in high demand, it continues to grow for both local and international scales. Because of increasing support from professionals, students, freelancers, and business partners, the industry prospers in tenths and thousandths in different mediums other than just profit.
If you own a company and you partner with a Coworking space through business-to-business partnerships, you’re immediately on the same boat where you can build a larger market for your brand. Included in the long list of perks that Coworking space offers, you get to save more from your budget because of shared spaces and lessened utility costs. Aside from material things, your employees would love to work in a Coworking space because it allows them to delve into a pad that is skillfully designed to motivate and nurture their potential.
Place yourself in the shoes of one of your employees. Imagine if you had to sit in the same chair, work at the same desk, and travel to the same office for so many hours a day, each week. Don’t you think that would be tiring? Other than tiring, that might just go the other way around motivation. It seems a tad too demotivating because there’s no means where work can feel like it doesn’t work.
It’s a common notion that people work best when their work environment isn’t one that suffocates or inhales life out of them. Nobody in their right mind would want to work in a place where talent isn’t nurtured and skills aren’t used for their purpose. Millions of people have switched to using Coworking spaces not because they just want to try something fun or jump into the bandwagon. Coworking spaces have become so popular because of the endless opportunities and inspiration that come along each day.
Working at Coworking space is like eating your favorite food. That one food you never get tired of, and you know you can eat for the rest of your life. A Coworking space is just like that. It’s suited according to your needs and preferences because it’s specifically designed for the purpose of inspiring working individuals such as yourself to stay motivated and be inspired as they walk through the glass doors of the Coworking space.
Everything in between...
To sum it all up, here’s one line form the 2013 comedy film “The Internship.” Owen Wilson’s character said: “For whatever it’s worth, your imagination is so wild, reality’s gonna be a breeze if not a letdown.” Just like how a Coworking space is, it’s a place where work and life actually achieve that harmony. That type of thing that you’d always want to come back to, or perhaps something that would make you stay.
Coworking spaces grow because of the people that see their potential. People like brokers, landlords, and private companies that engage in business-to-business interactions. These people are those who help build the dreams of freelancers, who work day and night pursuing their passion. Each Coworking space partner helps in establishing the future of students who study at Coworking spaces through simply providing a place that fosters learning efficiency. Coworking partners are the foundation of the billion-dollar industry. Each opportunity is a privilege taken, and a door entered.
You know how it goes, from the ins-and-outs to the extremities of growth that will be achieved through a Coworking space. You know the psychology behind it and the benefits it contributes to each walk of life in the spectrum of diverse fields. Perhaps you’d like to chime in and help dreams grow too. And maybe, just maybe, this might be a dream of yours you haven’t thought of perusing but is actually something you would come to love.
Dance along with the groove of Coworking and find out for yourself how it’s helped millions. You can join as a landlord, partner as a broker, or form a partnership with your company and a Coworking space. There are tons of opportunities to choose from, you just have to pick one. Check it out and learn further how it goes. It wouldn’t hurt to do some reading. Understand how the industry came from its humble beginnings to where it stands now, a pillar for individuals who work on what they’re passionate about.
