Coworking: A Surprisingly Effective Business Model

Employees working in a modern coworking space

Shared office spaces are popping up all over the US. These trendy alternatives to regular workspaces started by catering to millennials, but this workplace model is slowly making its mark as a viable and effective option for both small businesses and large corporations.

Making Entrepreneurship Possible

There are thousands of coworking spaces in the US — and office space franchises — are growing by the day.

These spaces provide small companies and entrepreneurs the opportunity to conduct their business, without the need to worry about acquiring different permits, the high cost of rent, leasing agreements, insurance, maintenance and keeping up with ever-changing city codes and regulations.

Coworking Works

There are more than 15,000 shared office spaces worldwide, catering to close to 2 million individuals, and experts expect that number to double by the year 2022.

The low cost and relative ease of renting an effective office through shared spaces pique the interest of young entrepreneurs. Freelancing millennials also love the idea of working in an office with minimal rules, flexible hours, absolute freedom (or something close to that) and like-minded people.

Networking within a shared space is also easier and more natural. People with different occupations and expertise can be easily contacted and contracted for any type of work.

A Shared Future

Large companies are beginning to utilize the concept of shared space. In 2–3 years, up to 50 percent of all corporations will be utilizing or benefiting from shared spaces.

By 2020, 40 percent of America’s workforce — around 65 million people — will be entrepreneurs, freelancers or independent contractors. Coworking and shared office spaces cater to these particular types of people, and young professionals are naturally drawn to these business models.

The concept of shared office spaces and coworking has proven to be viable, effective and, more importantly, profitable. Millions of jobs and opportunities have sprouted, and there might soon come a day when shared spaces become the new norm.