Co-working is making the move from passing trend to business norm. With the rise of gig economy and the aid of technology, professionals no longer need to tether themselves to an office for eight hours a day to be productive.
With the upcoming launch of our Ponyride-branded co-working, incubator space, Boys & Girls Clubs of Southeastern Michigan will soon join this thriving new wave with a neighborhood co-working solution for adults, entrepreneurs and small businesses.
Here are 9 Reasons Why Co-working Spaces are the Wave of the Future:
1. Convenience – With spaces like WeWork, The Gathering Spot and the Green Garage all over the city, why trek all the way to a boring office? Instead, people can have their pick of office spaces mere steps from their home. Usually, all essentials are provided for the tenant; a desk, printers and scanners, conference rooms and – of course – coffee.
2. Affordability – Co-working spaces are considerably more cost-effective than traditional office spaces. And you can buy only what you need. Not ready for the corner office yet? No problem! There’s a desk with your name on it.
Need space for yourself and your small group of employees? Co-working spaces have got you covered for a fraction of the cost of other rentals and with short-term leases available.
3. Aesthetics, Anybody? Your typical office building is boring and outdated. Sure, newer companies like Google and Apple lead the charge in making their workspaces comfortable for employees, but have you been inside a cubicle at your favorite insurance firm lately? Snooze-fest!
Co-working spaces typically have interesting furniture, visually stimulating paint and wallpaper. Many even have perks like free beverages or snacks.
4. Flexibility – Whether you travel or simply bore easily, co-working spaces allow for flexibility. You can lease in Detroit for the summer and take off for warmer weather in the winter without feeling like you wasted your money locked into a long-term lease.
5. Diversity Makes Your Business Smarter – Co-working spaces are less formal than traditional office spaces making them more attractive to the under 40 crowd – and very conducive for people of different business goals, cultural backgrounds, and ages to cohabit. Studies have proven that diverse teams perform better and are smarter than homogeneous teams. Co-working provides a built-in diversity factor to benefit all.
6. Be a Boss – Not everyone using a co-working space waits for their check to be signed each pay period. In fact, most who lease these spaces are bosses in their own rights. From the author who needs a change in scenery from their kitchen counter to the maker who annoys their neighbors with their incessant noise, small business owners are choosing to break away from Starbucks and home offices for new digs.
Not all spaces are created equal. Entrepreneurs can find spaces that cater to manufacturing, culinary arts, wellness, or traditional office vibes with a twist. And usually with flexible lease options.
7. Really be a Boss – For those who want to take a leap in the real estate investing game, co-working space has been the latest find. Rather than flipping houses, an investor can purchase a building, convert it for co-working space, and make money of the dozens of tenants leasing each month.
Can’t afford such a lofty purchase – yet? Consider pooling funds with friends. Everyone can bank the profits!
8. Investment in the Future – Most co-working spaces are for-profit businesses – hence the lucrative option of becoming the landlord instead of a tenant.
Ponyride in Detroit has taken the co-working idea and turned it on its ear. The nonprofit leases everything from office space to desk space for the solo entrepreneur to setups for entire manufacturing operations.
The difference? The price.
Since Ponyride is a nonprofit, their goals are not rooted in making money. Instead, they focus on building the community by supporting entrepreneurship. That support comes with deeply discounted rental rates that businessowners won’t find in for-profit co-working spaces.
“I remember one of our first tenants at Ponyride, Veronica Scott,” said Ponyride co-founder Phil Cooley. “She was a college student when she first started the empowerment plan and now she’s got 20,000 square feet…and 60 people working for her.”
9. Doubling Down on the Investment – BGCSM is working to Reimagine what our clubs can look like, do for, and be in our communities. We have watched the impact Phil Cooley and Ponyride in Detroit and are excited to replicate the co-working model in our clubs.
Early adopters contribute $450K in partnerships and donations to #ReimagineBGCSM as a world-class experience for both Youth & Adult members.— Boys & Girls Clubs of Southeastern Michigan (@bgcsem) April 24, 2019
Click here >> https://t.co/r2RGG0EXP7 to read more. pic.twitter.com/9wWmR83W9A
We were also excited – and humbled – to accept Cooley’s $100k donation to see that very thing happen.
BGCSM will double down on Ponyride’s investment in the future with one of our own: in the lives of our club kids. This means that young bosses and their family members can have a place to dream, plan, work and grow – all thanks to Ponyride.