Newsletter- May- Advantages and Disadvantages
People around the world are becoming increasingly entrepreneurial and embracing alternative forms of professional engagement. In fact, according to a report by Intuit, “In the U.S. alone, contingent workers will exceed 40 percent of the workforce by 2020.”
The restructuring of our economy will also change how and where we work. Fewer individuals will be required to make daily commutes to their drab office cubicles. It’s becoming increasingly possible to choose to work from whichever workplace best fits your needs.
During South by Southwest Interactive a panel made up of executives from major companies discussed the differences between the scale of productivity when working independently versus the collaboration and innovation that is sparked fromworkingtogetherinasharedspace. TheydiscoveredasHarvard Researches had each year since 2015, that unlike a traditional office, coworking spaces consist of members who work for a range of different companies, ventures, and projects. Because there is little direct competition or internal politics, they don’t feel they have to put on a work persona to fit in. Working amidst people doing different kinds of work can also make one’s own work identity stronger.
Whether a freelancer, bootstrapping entrepreneur, part of a partnership, a startup group or a member of a major corporation, that is now outsourcing work spaces, popular office options to choose from are: a space in your home, a cafe, co-working facilities or executive suites.
Which is right for you? How will you make the determination; what are the advantages and disadvantages?
Let’s consider each:
a) Commute time in dress code is minimal
b) Must be self-motivating
c) Miss out on camaraderie; no co-worker face time; can lead to hermitizing d) Danger of overworking and the inability to escape the office (’cause you are already there)
One meta-analysis of 46 studies found that telecommuting was associated with more job satisfaction, less desire to leave an employer, and had little effect on the quality of workplace relationships. In another study, researchers from BYU analyzed 24,436
IBM (IBM, +0.24%) employees in 75 countries to identify the point at which 25% of employees reported work-family conflicts. People with the ability to work from home and set their own hours could work 57 hours per week before a significant chunk experienced work-life stress. For those who had to be in the office at set hours, that break point occurred at 38 hours.
a) Theoretically, they’re losing money by you sitting there, so at least order something. If you bring your own mug, you may get a discount (at Starbuck’s $.10 per cup). Better yet, find an independent coffee shop and make friends with the barista(s).
Hold long, loud, large meetings and/or phone calls Stay the entire day
Hog the Wi-Fi, electricity outlets or tables
Leave your laptop unattended
c) Can be distracting
Co-working / Executive Suites
a) Available immediately; low start-up cost
b) Professional atmosphere; surrounded by goal oriented and high-achieving entrepreneurs and business people
c) Flexible – giving you a choice between an executive suite and a shared office setting
d) Conference room available for private meetings, presentations, your networking events
e) Office equipment in place and available for use
f) Promotes work-life balance
Coworking spaces are growing older, and so are their members. The current average age of coworking space members is a little over 36 years, compared to 35 years in the previous year.
The oldest members are entrepreneurs with staff (employers: 40 years), followed by freelancers (38 years). On the other hand, 43% of employees are yet to celebrate their 30th birthday and the average age for this group is just 33 years. As the ratio of employees is higher in big cities, they usually present the lowest average age. In cities with over a million inhabitants, this age is 34.5 years. In smaller cities with less than 100,000 inhabitants, the average age of members is 38.5 years.
SCALE UP CoCONNECT is open —-
I recently joined a group of real estate investors and together we established a executive office / coworking space that also offers conference areas that will accommodate from 6 to 40 people. It is located in Suite #100 at 5716 Hwy 290 West in Oak Hill, Texas 78735.
If you want to know more about real estate investing or the space availability, please contact