COVID-19: WHY CO-WORKING SPACE IS IMPORTANT NOW
“Will coworking spaces be dead?”
It would be logical to say yes, now that we are in the age of covid-19, lockdowns and social distancing. As remote-working becomes new normal, we may worry we will become anti-social stuck in our own bubble working from home for the next few decades.
But not so fast. While coworking spaces have seen empty rooms for the past few months, I believe coworking spaces will emerge much stronger from this pandemic. Coworking spaces are even expected to grow between 30% to 40% post-covid19!
Like remote-working, coworking spaces will be just as important and necessary today. In fact, they will be the key recovery for your business. But before jumping into why this is so, let’s get the basics right first.
So let’s get down to it – what is coworking?
Coworking space is an office space where different workers from different companies, startups, freelancers and self-employed share the same office space. It is cost-efficient and convenient through the use of common facilities, technology, receptionist, refreshments and mail-parcel handling under one roof. New, small entrepreneurs can easily collaborate with other entrepreneurs next door. Think of an office version of “hostel”.
What makes coworking spaces different from traditional offices is its flexibility. Coworking is based on very flexible agreements, where you no longer need to take risks of signing a long-term lease with long-term rental duration. Let’s say, for some reason, you need to cancel the membership, you have flexible options to do so. This way, you don’t need to bear high-fixed costs. And the best part of coworking spaces is its location: they are usually based in strategic, premium locations to give the best of the best networking opportunities.
So now that we know what it is, why will it be more important from covid-19?
Remote-workers need to work somewhere else, not just at home
After months of lockdown, many workers will get tired of working from home and crave to work somewhere else. So it won’t be surprising that working from anywhere will be the new normal. Furthermore, remote-work can’t replace the social energy created at a physical office. Although professionals embrace flexibility in remote-work, they know that being near others boosts their motivation and productivity. A research suggested that, after some time, remote workers need closeness from being around others.
Also, we can’t expect remote-workers to continue working at cafes, or at McDonalds. Unsecured Wifi, loud noises, and small desks are not conducive for work. What coworking spaces can do is provide a professional space for remote-workers to breathe, work and collaborate with other like-minded people. So no more distractions, but more productivity!
Coworking spaces are key recovery to businesses
From Covid-19, many business leaders have downsized their office leases in facing economic challenges. The struggle to manage cash flows, overheads and operational costs can’t be anymore worse than this age. I see this as a big step away from the high fixed-cost model and the shift to more flexible business solutions. Furthermore, for many people, working from home doesn’t solve all the problems and it might not be so sustainable in the long run.
As the economy rebuilds itself, flexibility and cost-effectiveness will be the most important. And this will make coworking a more important service than before. Coworking spaces offer the cheaper alternative to typical office leases. Rather than committing long-term, coworking spaces go by flexible, short-term leases on renewable contracts. Coworking spaces are the better bargain as they have all furniture and amenities ready. So you don’t need to think about moving in and buying furniture for your own office! That being said, coworking can be the key recovery for your businesses in facing financial difficulties. So it’s not the end of your business, it just means the need to change.
Coworking spaces: a convenient community hub to revive business
Imagine a hostel. In your mind, it’s travellers from all around the world sitting in the balcony, making friends with each other. They pay little for their stay but create so many memories out of it.
Like a hostel, coworking spaces work like a community hub. At low costs, you can collaborate with professionals on the same floor. Together, you build new ideas, create opportunities and support each other. In unprecedented times, entrepreneurs, business leaders, and freelancers will need to build more local connections to revive their business. A strong business community remains the powerful key to success! Who knows – perhaps you can grow big together with the freelancer next door?
That’s what coworking can do for your business. In these trying times, it is important to take a step back and rethink your strategies. If it means moving away from high fixed-cost, then be it. You will never go wrong with flexible, cheaper solutions with our coworking space! Coworking is the new way of working – and we will help you work towards the future.