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Why Your Company Should Start Coworking

Coworking is evolving the modern way of work and will continue to do so even as the economy picks up again. While self-employed entrepreneurs have been opting to work in coworking spaces rather than their kitchen table for some time, small businesses and large companies are starting to see the benefits, too. From accessing a larger pool of knowledge to helping your employees work in an office space safely, here are the top reasons your company should consider utilizing coworking spaces like the Cal Poly Center for Innovation and Entrepreneurship (CIE) SLO HotHouse and HotHouse Annex.

Make Teleworking Work

While office spaces can begin reopening, telework is still being encouraged and office functions can’t fully revert to the way they once were. Although people love autonomy at work, however, too much of it, like when working from home, can paralyze productivity. 

That’s why employees need somewhere to do their job remotely that has more structure, like in a coworking space. 

“I really like having the separation of work and home,” Lindsey McConaghy, founder of Monde PR, says of her experience with coworking. “I feel like my productivity went through the roof.”

For the sake of your company’s efficiency, as well as the sanity and safety of your employees, there needs to be a balance of structure and flexibility for telework. Rather than having employees work from home, coworking spaces can provide them with flexibility in their workday backed by the structure and routine of coming into an office.

Plus, coworking can allow your employees to begin working in a structured office space again even if the reopening process doesn’t allow you to safely bring the whole team back into your main office space.

Greater Access to Knowledge

There are countless potential employees beyond your company’s backyard, but not all of them are willing to uproot their lives and move hundreds or thousands of miles to work for you —  that doesn’t mean they shouldn’t get the job. 

Coworking spaces are the best way to benefit your business with access to a larger pool of employees while accommodating those who would love to work for you from the comfort of their home location.

However, this doesn’t mean coworking spaces are reserved for distant remote workers; they can also allow you to bring more local knowledge onto your team if you want to expand the company beyond your main office’s capacity. 

Efficient Finances

When it comes to running a business, especially now, saving money is a no-brainer. Luckily, coworking spaces can help with that. 

Coworking can save you from paying to relocate employees and cuts costs in case of expansion by allowing you to have employees in a structured office space without the need to transition to a larger building. You can take advantage of monthly membership plans, like at the HotHouse and HotHouse Annex, rather than renting out expensive, long-term office space.

Plus, although it seems cost-efficient (i.e. free) to let employees work from home, that can cause lower productivity, thus a financial loss from inefficiency; coworking spaces keep productivity and returns on capital investment high. 

For Paula Mathias Fryer, the SLO Partners program director, coworking at the HotHouse allows her team, under the San Luis Obispo County Office of Education, to have a workspace best suited for them without causing massive changes for the Office of Education, as “It was really important for [her team] to be in the heart of the business community.” 

Community Building

It’s important to note that coworking spaces aren’t just beneficial to employers to keep employees on track; a massive part of working in an office space is the community. As many people who have worked from home will tell you, it can feel isolating to spend days without interaction from colleagues. 

“While working from home has its benefits, I think the biggest thing that’s missing is feeling like there are people who you can look to for help along the way,” CEO of Wayve Sierra Scolaro says of why she coworks in the HotHouse Annex. 

Coworking spaces give employees access to like-minded people and a feeling of camaraderie. Plus, having the option to socialize, rather than feeling forced to do so in a traditional single-company office space, allows employees to take advantage of networking at a pace that works best for them.

Innovation and Intrapreneurship

The great thing about a coworking space is its innovative atmosphere. Coworking spaces are often full of entrepreneurs and innovators with a wide array of skills. When your employees are able to work in an energetic, interdisciplinary community of coworkers, they will gain heightened motivation, access to strong professional relationships and the opportunity to learn new skills. By networking beyond the scope of one’s own company, employees can become intrapreneurs, helping your company grow and innovate from within.

“Coworking allows me to be around other people who are up to great things in their lives,” Founder of Buddhi Boxx Alisa Reynolds says. “The ebb and flow and exchange of energy between myself and others has helped me come up with some of the best ideas I’ve ever had.”

In the HotHouse and HotHouse Annex, coworkers are bound to benefit from the hustle and bustle inside. These spaces are San Luis Obispo’s entrepreneurial hubs, housing startups, freelancers, teams from local businesses, world travelers and beyond. There is always something to be learned, someone to learn from and the opportunity for your employee to grow their network. 

Coworking helps your company grow by enabling employees, whether within 30 miles or 3,000 miles, to have an enhanced way of work. Find out more about coworking with us at https://cie.calpoly.edu/coworking/.