The way people collaborate and work on projects has substantially changed in the last few years. This has happened due a burgeoning interest on entrepreneurship provided by tech savvy millennial. Even traditional business owners are increasingly looking out to reinvent their modes of management because of the demands put out by a globalized world.

Shared office environments, more popularly known as ‘Co-Working Spaces’ have become increasingly popular and have grown at a rate of 300% within the past half-decade. If you too are looking for a co –working space that will fit the requirements of your business, read the following guide.

Co-Working Space

How the Way We Work Has Changed

The generation born after 1990 (a.k.a millennials) are increasingly joining the work force now, and a large percentage of them have access to mobile phones and laptops, some even sleep with their smart phones within arm’s reach. Due to advancements in technology, workers are becoming more independent and mobile, and are able to work in remote locations without the need for constant physical attachment with the wider organization.

This has also changed our lifestyles and how we consume goods and services. There is now a greater focus on tech-enabled online community spaces (Facebook, Instagram, and Twitter) as well as an increasing importance on sharing (Airbnb, Lyft, Uber). And these are just some of the companies which help us to collaborate and increase our efficiency without the reliance on high-cost fixed assets.

Advantages of a Co-Working Space

Traditionally, businesses have always had a substantial starting cost. You need to invest in expensive assets such as renting or purchasing space, procuring office fixtures and making sure the utilities in need (electricity, internet, heating and lighting) are appropriately provided. Luckily, co-working spaces let you jump over all these hurdles and worry about the more important questions pertinent to your business operations and development. Once you have paid your monthly rent, you can start working in your co-working space right from the get go.

Furthermore Co-working spaces are absolutely amazing fields for functionally collaborating with suppliers, vendors, colleagues, customers and other likeminded businesses and professionals. They would allow you to take part in business related social activities such as networking events, pitching competitions and hackathons. Many collaborative spaces also have in-house mentors, legal counselors and industry experts who can provide important guidance to your startup.

What to look for in a Co-working Space

Convenience

If you are starting a new business it is very likely that you’ll have to put in long hours. Therefore it is best that you find a place that is easily accessible. Close proximity to your residence and/or public transit is important.

Amenities

You want amenities that will help you or your workers perform their work easily and help you reach your goals faster. Many working spaces offer different amenities and you’ve got to pick the one that’s right for your business.

Price

Startups usually work within tight budgets, so you need to find a place that’s within yours.

Flexibility

Look for a place that can accommodate your business as it grows.