In a world that is increasingly making use of the concept of a shared economy to drive growth and extract maximum efficiency from the resources available, it is little wonder that coworking has caught on. Coworking’s popularity is increasing with each passing year. Furthermore, the diversity of its users is rising, with large multinationals like Dell, Microsoft, and SalesForce embracing the concept.

For the most part, it is the benefits that individuals and business can accrue from this setup that has attracted interest and usage. The membership-based use of workspace has a lot of benefits, which include:

#1. Economical – For entrepreneurs seeking to set up their business, the overhead cost can be daunting. If you consider that to set up office space, one has to scour the area of interest for vacant office space, negotiate and lease their office space, the furnish the office, and pay for insurance, cleaning, and other office related services and products, this endeavor will positively stain the business. On the other hand, with The Farm Soho coworking space, all you need is to pay your monthly membership and you get a high-quality workspace that is not only furnished but has the vast majority resources that you need to be productive.

#2. Flexibility – Unlike traditional offices, co-working facilities are run on a 24/7 basis. This means that as a member, you can access your workspace anytime you want to work. Therefore, the workspace is flexible enough to allow to work on your terms and schedule. You can pull all-nighters, work for three weeks straight and rest for a whole week or any other work schedule that meet your needs. You will also want to pick a space where you can hold events such as The Farm Soho.

#3. Emotional Support – Coworking spaces inherently induce an aura and sense of community among members. Members get an opportunity to interact and network with a diverse group of people. By surrounding yourself with people, it the same situation as you are budding entrepreneurs are better able to handle the uncertainties and self-doubt that comes starting a business.

#4. Networking Opportunities – Shared offices are a networking heaven. By and large, these facilities contain a diverse group of professionals, remote workers, and entrepreneurs. As such, members can have opportunities to network with people in their own field and people in other areas, which more often than not is possible with home or regular workspaces.

#5. Structure – Initially, individual who felt that the regular 9-5 work cycle did not suit their lives turned to freelancing by setting up a home office. However, this had the effect of combing personal life and professional life. For instance, while at home, you are tempted to check on your dog or handle a personal task, thus taking you away from your work. Coworking allows such individuals to separate their work life and personal life. This induces structure in your professional life, making it easy for you to be efficient and effective.

With all this said, on the basic level, coworking has one particular benefit that many members find indispensable – gets rid of loneliness. Human beings are social beings and isolation has negative effects on our well-being. Coworking provides a social environment that negates loneliness.