Nowadays, work is no longer as straightforward as the typical 9-to-5 at an office.
Owing to the global connectivity of the Internet, entrepreneurs, freelancers, digital nomads, and remote workers can now operate on their own.
More and more, location independence is becoming the norm for these millennial career persons.
There are now more than 160,000 members worldwide spanning over 3,000 different co-working spaces around the world.
Consequently, the international popularity of these shared working spaces-like WeWork in New York, Warner Yard in London, Impact Hub in Manila and Hubud in Bali-is booming.
In Manila, places such as Impact Hub are leading the local vanguard, providing members a large, bright space surrounded by cheerful murals and populated with individuals that are not just professionally driven, but aspire for purposeful social change.
But how can you tell if co-working is really for you? We’ve compiled a list of three things to consider.
1 – Budget
Co-working spaces usually come with leases or membership fees. Especially for small businesses and early stage enterprises that are bootstrapping their operations, financial limitations are a significant reality. Even for telecommuters, it defeats the purpose if you are spending more for a space than your company or business is earning. When calculating costs, remember to factor in things such as living expenses, commute, Internet and associated leisure and utility bills. That said, co-working spaces are often more affordable alternatives to office spaces, coffee shops, or even your own apartment. Plus, the multiple potential benefits are well worth the investment.
2 – Productivity
The many benefits of co-working have been well-documented. A hotbed for entrepreneurial ventures, data suggest that start-ups working out of co-working spaces are four times more successful. Several companies have made their workforce largely remote-including Github, Mozilla, Buzzfeed, Etsy, and WordPress-increasing employee satisfaction and thus improving overall productivity. Compared to working from home, co-working offers less pesky distractions and, in fact, more helpful and supportive opportunities. At the end of the day, the right co-working space should inspire you to get the job done.
3 – Networking
Across the board, experts agree that the main advantage of co-working spaces is the access one gains to a wide network of peers and like-minded professionals. The chances of you hurdling that obstacle, or unlocking that next breakthrough idea drastically increases with the presence of collaborators around you. Looking for a co-founder, teammate, or just some honest feedback? What better way than to ask a co-worker? With the wide variety of co-working spaces available, so too will you have a diverse pool of talents to connect with and learn from.
(Impact Hub is at the 5th Floor Green Sun, 2285 Chino Roces Avenue Extension, Makati City, Manila, Philippines. It is an incubator, coworking and events space for a membership community of entrepreneurs, activists, creatives, and professionals taking action to drive positive social and environmental change.)