The number of coworking spaces in the US has boomed over the past couple of decades. From only 283 in 2010, there are now over 5,000 spaces hosting millions of business-savvy members, all taking advantage of these flexible, shared working environments.
As an agency, though, you might wonder how this would work for your business. Is a shared office even suitable for a team? To learn more, we’ve taken a look at 8 benefits of coworking spaces in closer detail. Let’s dive right in!
1. Collaborate With Other Businesses
One of the perks of choosing coworking spaces as an agency is the network you can create. With other agencies, brands, and freelancers working in one space, it’s a hub of collaboration.
Your agency can tap into this network to share resources, ideas, and services with other businesses. This opens up opportunities for increased revenue, with your target audience potentially working at the desk next right to yours.
For example, you might offer reseller web hosting in which you buy web hosting from a reputable provider and offer it white-label to your customers, making it a simple passive income stream. Other coworking members with sites of their own and digital marketing strategies make the ideal target market, providing a win-win for all parties.
You can also benefit from the services or products of your coworking neighbors.
Let’s say you’re improving your website copy and need a freelance writer. Rather than spending hours collecting quotes, you know that there’s a talented copywriter at your coworking space who would be willing to help you at a reduced cost, lowering your expenses and boosting your business.
2. Offer Hybrid Working
One of the causes for the rise of coworking popularity is an increase in remote and hybrid working. In fact, over 50% of Americans now have a hybrid set-up, in which they can work with flexibility from multiple locations.
By setting up your agency in a coworking space, you embrace this relaxed, employee-first manner of working. Rather than tying your business down to a traditional office, you can tailor your coworking plans to suit what your team wants.
This could make your agency more in demand, helping you secure the top talent in your industry and produce higher-quality work, leading to a boost in revenue.
3. Choose Cost-Efficient Payment Plans
Many coworking environments offer flexible, cost-efficient payment plans. While this might not increase your revenue directly, it can lower costs to increase your net profit.
For example, some spaces offer flexible contracts in which you can change the details of your membership based on your budget. In a period where you won’t be as busy, you can reduce your access to lower your business expenses, maintaining a healthy profit.
You’ll also benefit from far lower overhead costs compared to a traditional office. After your initial fee, you won’t have to worry about electricity bills, technology infrastructure, buying furniture, or paying for cleaning.
Overall, coworking tends to be more cost-effective than traditional offices in the US. In Washington DC, for example, it’s around 53% cheaper, making this a significant financial benefit for agencies.
4. Increase Team Productivity
Coworking spaces are designed to boost productivity while working, with environments that can be tailored to suit your needs. From meeting rooms to private, soundproof offices, your team can utilize the wide range of features and facilities to find the peace and quiet they need to focus.
Working in an environment that’s designed for focus is likely to boost productivity. This, in turn, will improve the output of your agency, maximizing your revenue.
5. Improve Your Legitimacy
70% of consumers buy from businesses they trust and ignore those that they don’t. This makes legitimacy and reliability vital for your agency’s success, both of which can be enhanced through the use of a coworking space.
For example, joining a coworking environment gives your agency a valid business address. Unlike with a private home address, clients can find you on Google Maps and visit you in person, putting a physical location to your agency name.
The setting of a coworking environment can add credibility to your brand image, too. Take team photos in meeting rooms, conduct video calls in a professional setting, and show the world that you mean business.
6. Scale Your Business
If you’re looking to scale your agency and you don’t yet have an office, a coworking environment is likely to help your growth strategy.
You can take advantage of the office space to host client meetings, for example, providing opportunities to boost relationships and develop profitable partnerships. These are also useful for team meetings, in which you can align the focus of your employees to streamline your strategy.
Take advantage of the amenities on offer, too – from scanners and printers to dedicated packing and shipping areas – and ensure your business isn’t restricted by a lack of possibility.
7. Join Social Events
Coworking spaces tend to encourage socializing, with many hosting weekly or monthly events. These often take place in the evenings and at weekends so that they don’t disrupt your working hours.
Coworking events provide a fantastic opportunity to learn from guest speakers. For example, your space might hire a marketing expert to speak on how you can tailor your digital strategy to increase your revenue.
These are also wonderful opportunities to socialize with your neighborhood businesses. If you haven’t already taken advantage of the revenue-boosting collaboration on offer, now’s your chance!
8. Don’t Restrict Your Agency to One Location
There’s a whole world out there waiting for your agency. Don’t let location hold you back.
Many coworking environments have different spots around the country – or the globe, if you’re lucky! This allows you to travel while you work, tapping into each location and picking up from where you left off.
By enabling work-on-the-go, you can offer your products and services around the states, reaching a far wider audience to boost your revenue.
Don’t underestimate the possibility of hiring from different talent pools, either. With memberships to a nationwide coworking space, you can hire from multiple cities and provide a professional working space for your entire team, helping you grow your agency across the country with highly skilled staff.
Final Thoughts
It’s hard to ignore the benefits of coworking spaces on revenue. From cost savings to increasing profit through collaboration, we hope this article has given you plenty of inspiration to start your own coworking journey.
Looking for a coworking environment to join? From New York City to Los Angeles, find a space to suit your agency on Coworker.
