Small and Medium Enterprises (SMEs) now account for about 90% of businesses worldwide, driving employment for over 50% of all jobs.

In 2021 alone, the UK saw the launch of over 800,000 new businesses, signaling a renewal in entrepreneurial determination. This was then further expanded by the US in 2022, where a staggering five million new businesses emerged.

As this sector continues to grow, startups no longer have to operate from coffee shops or kitchen tables. Nor do they have to commit to long-term office contracts.

Instead, shared office space provides a cost-effective compromise between the expense of leasing an entire office and the solitude of working from home.Small business owners worldwide are using shared work environments to maximise their growth. Read on to learn how you can reap the benefits of coworking spaces. 

What is a shared workspace?

Coworking spaces allow multiple individuals or companies to work side by side.

There are various types of shared workspaces. These include hot desks, dedicated desks, and shared private offices.

Hot desks offer a ready-made working space you can book on an ad-hoc basis without committing to a location. Meanwhile, dedicated desks offer a regular spot in a bustling office environment.

You can rent individual or multiple desks. You can also add or remove desks depending on your fluctuating needs.

Why shared office spaces are good for small businesses

Shared workspaces can create a wealth of invaluable opportunities for small businesses. To help you decide whether it’s a good fit for your business, we’ve compiled a list of the major benefits of coworking.

1. Flexibility

Circumstances often change, especially for startups and small businesses. Sharing workspaces gives businesses the agility to adapt to evolving demands.

Some startups only need a single desk once a week. Others might want a hub of five workspaces on a month-to-month basis.

Coworking spaces offer the flexibility to pick and choose when and where you want to work.

2. Cost saving

Sharing a working space is cost-effective. Rather than exhausting your budget on an entire private office, you only pay for the working space you need. Many coworking spaces have flexible pricing.

This ensures that you are only paying for the office space you need when you want to use it.

You can pay by the hour or by the day. You can even buy membership plans for unlimited access to a portfolio that spans the globe.

Coworking spaces also come equipped with all the required furniture and utilities. This is a significant saving which can make all the difference to a brand-new startup.

3. Networking opportunities

Who needs networking events when the office space is shared?

In a shared office, every day is an opportunity to connect with like-minded entrepreneurs. You can work alongside freelancers and remote workers from all types of industries. You can even meet potential clients, investors, and future collaborators.

With coworking, the opportunities to expand your professional network are endless.

4. Access to shared resources

A shared serviced office gives you access to fantastic resources without the overheads.

From cleaning to on-site management, serviced offices have everything you need. Wi-Fi, printers, furniture, and kitchen supplies are all included in the price.

5. Scale your business with ease

Communal workspaces give your business room to grow. With a shared office, you can start small and add extra desks as and when you need them.

If the demands of your business grow, you can readily scale up to your own private office, even just on a short-term basis. This will empower you to remain responsive to the needs of your organisation, as you can readily switch to the style of office you require.

6. Fully-furnished space

Whether you’re there for one day or one year, shared serviced offices are fully-furnished.

This means you’ll always have a comfortable and functional space to welcome clients. You can also book fully-equipped meeting rooms for added privacy when needed.

For days when you want to make an impact, you can impress clients and investors with a customised office. You can configure the space to suit your needs and add your logo and branding for a professional finish.

7. Move-in ready

Shared office space is always ready to accommodate your business and ensure you can hit the ground running. With all the furniture, technology, and services you need to maintain productivity, all you have to do is show up.

This gives you more time, energy, and money to spend on growing your business.

8. Improved work-life balance

Working from home has provided workers with more flexibility. But, with work and home merging into one place, it’s hard to maintain a work-life balance.

Coworking spaces offer a healthy middle ground, with one survey recording that 89% of its respondents felt happier after joining a coworking space. This uptick in happiness can be attributed to having more control over where work ends and their private lives begin.

Shared workspaces also provide employees with flexible work options. This is great for attracting top talent to grow your business.

9. Increased productivity and creativity

Surveys show that 84% of those who work in shared environments feel engaged and motivated. This is true even when coworkers engage with each other when hybrid working.

Studies also suggest that workers in coworking spaces experience an increase in productivity. Being around like-minded people from various industries also boosts creativity.

10. Reduce employee loneliness

Over half the respondents in a remote work survey cited loneliness as a recurring issue. By contrast, 83% of coworkers say they’re less lonely when sharing working space.

Working in shared spaces helps with loneliness, granting antural opportunities to form more workplace friendships. This can ultimately help a company too, as this can also help combat resenteeism.

Coworking is good for business

Sharing ideas and gaining perspectives from various industries can boost creativity.

Warm, comfortable and fully-furnished environments can increase focus and engagement. These prime office locations attract and retain both employees and clients alike with their modern stylings.

Studies have proven these merits, with 67% of coworkers believing it improved their professional success.

Find Your Perfect Shared Office Space with Regus

At Regus, our job is to help you work your way. We understand that every business is different. That’s why we have shared office space packages to suit every budget.

You can explore all of our shared workspaces as well as our offices across the world. Or, for help finding the right solution for your business, talk to our local experts today.