Do you own a small business, or are you a freelancer, entrepreneur, or perhaps you are in the process of starting a business? Unfortunately, most people do not have the funds to buy their own office space. 

In addition, many freelancers or work from home individuals find it challenging to juggle their lifestyles and to keep their private life separate from their work lives. Whatever the case may be, joining a monthly coworking space will most certainly help reduce these struggles and frustrations.

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As more and more individuals endeavored to expand into new markets, increase agility, reduce costs and expenses, the demand for coworking spaces has grown tremendously as people look for a creative space to rent.

What is a Coworking Space?

A monthly coworking space is an excellent alternative to working at your own office or from home. Although the idea of working alongside strangers can often be a bit intimidating, you will be working in an environment full of dedicated and hardworking professionals from all industries.

What is the difference between coworking space and shared offices?

The primary difference between coworking spaces and office spaces differs depending on the companies' demands, terms and goals, and individuals utilizing these spaces.

Coworking Space

Premises of this kind, like this Bloomington coworking space (and others similar elsewhere) are usually an open plan area or environment. The tenants, such as small to medium-sized businesses, freelancers, and entrepreneurs, pay for the space they need, often through membership fees. The best part of all, you will not be bound to a long term contract. Instead, the monthly coworking space is typically a strict month to month contract.

Studies have shown that coworking spaces increased employee productivity. For example, 68% of workers say they are more focused, and up to 71% feel more creative and comfortable in a coworking space.

Shared Workspace

Established businesses mainly benefit from this option as shared office space has a greater area of traditional office facilities to help their employees run a company on a day-to-day basis. For instance, shared office spaces often have a kitchen, various office equipment and offer an entire reception area.

A company usually signs a lease contract of 12 months for the use of the facilities.

Who uses coworking spaces?

Small Businesses

Numerous small business owners who do not want to spend the same amount of money or expenses on traditional leasing are redirecting and turning to coworking spaces.

Coworking spaces require low setup costs and membership fees, which include most day-to-day amenities that a business needs. As a result, small businesses now make up the majority of users in coworking spaces.

Remote Workers and Freelancers

Coworking spaces provide excellent opportunities for programmers, digital publishers, freelancers, and remote workers to meet new people. Very often, they meet like-minded individuals who share their passion and interests.

With various people from all backgrounds, each with their own unique and diverse talents and knowledge, the chances of engaging with individuals who may be able to help and guide you in some areas that you struggle with or that are not your strong suit are great. 

Bear in mind, every person in the room is busy with their own work and projects, and it is not as if everyone is sitting around and chatting to one another. However, you will be surprised as to how welcoming and helping most people are.

There are various benefits of working in a coworking space environment, such as:

Fewer expenses and Saving Money

As mentioned, the beauty of coworking spaces is that you won't have to sign a long term contract of owning your own office. Instead, unlike traditional office leases, you will only pay for the area you need monthly, thus eliminating a standard lease's risks and possible hidden costs.

With the flexible agreement, should you feel the need to, you can expand your space at your own pace. In addition, coworking spaces eliminate the additional costs of bathroom facilities, internet connection, cleaning staff, printing services, etc. That would have usually been associated with renting and opening your own office space.

Social and Networking Opportunities

By working in a coworking space, you will be surrounded by high-achieving and goal-oriented professionals. Thus, enabling you to network, brainstorm, and meet new people every day. 

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You can start new conversations, engage and connect with everyone in the room who might turn out to be potential business partners or clients.

Increase Creativity and Productivity

Working a full-time 9-5 job in a fast-paced, rushed environment such as a traditional office space can cause major potential wellbeing and mental challenges as your energy levels and concentration fluctuate throughout the day.

Therefore, it is imperative to keep your work surroundings as comfortable and pleasant as possible. Coworking office spaces are designed to combine various working environments to accommodate all freelancers, entrepreneurs, and other working professional's different styles and preferences.

A well-designed and comfortable space will undoubtedly enhance your motivation, creativity, productivity, energy, and wellbeing with elements such as natural light, background music, and moderate temperatures.

Work Remotely and Travel

Coworking spaces are located and available in all cities around the world. Most, if not all, coworking spaces are accessible anytime, anywhere, wherever you are, 24/7.

You don't have to worry if the coworking office will have the facilities that you need as most, if not all, coworking spaces provide open WiFi, comfortable seating areas, office equipment, and refreshment stations.

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Find your Spot

If you like to move around while working or sitting in a different spot every day, coworking spaces will make this possible for you. 

Whether you prefer to sit outside and listen to nature's sounds, work at a coffee table, a hammock or relax on a couch, at coworking spaces, you have the freedom to sit and work anywhere in the facility. 

Improves Mental Well-being

As you will be surrounded by other like-minded, goal-driven and passionate professionals, the feeling and sense of disconnection and loneliness will be nonexistent.

By meeting new people and engaging in meaningful conversations, you will improve your interpersonal skills; your mind will have continuous healthy stimulation, which will ultimately enhance your mental health and overall wellbeing.