How Much Can I Earn from Coworking in 2022?

It is tempting to assume that COVID-19 has punctured the tire of the coworking market growth. But in fact, this industry is far from being dead. The peak of the work from home boom is now behind, and companies now move in the direction of

hybrid work. After all, remote work and work from home are not completely the same. And many employees prefer to do their job in a coworking space that is close to their homes. That said, let us delve deeper into the question of how much can I earn from coworking in 2022?

 

How Coworking Spaces Still Make Money

Coworking is a relatively new form of business that has been through a lot of trouble recently. But it is striving nevertheless. Individual renters and big companies keep coming back to the concept of shared offices. Some prefer renting a private office in a coworking space, but it’s all the same.

People do not want to travel far from their homes for their jobs, so more companies decide to rent a coworking space in the suburbs for the employees who live there. They call this concept the “15 Minute City”. When everything you need for living is within 15 minutes’ reach around your house. In this way, the employees keep working remotely, even though they don’t work from home. Such a hybrid form of the working process allows focusing better than at home with its distractions. While people still don’t have to travel far.

 

Statistics

Even though many employees have grown accustomed to working from home, two-thirds of Americans still value the opportunity for in-person networking. And flexible workspaces provide enough human interaction to effectively build one's career. A freelance assignment writer would strive better if he works alongside other professionals, who can share their knowledge and business contacts with him. In addition to that, the presence of other human beings during your work is a great bonus to your mental health.

According to another survey, 76% of employees say that lack of human interaction in a work from home condition led them to burnout. That makes flexible workspaces a good compromise for remote workers and adds to the demand for coworking services. Big companies do not ignore the benefits of flexible workspaces either. Corporations seek to spread and decentralize their offices, which leads to major investments in coworking businesses.

 

Predictions for 2022

The demand in coworking places is so big that their number is expected to double in 2024, according to the Global Coworking Growth Study. And a big part of it is going on in the suburbs since more than half of employees say that having an office close to their home is a must for their work. More than 3 million people are going to do their job in a coworking space in 2022. That is almost a million more people than in the previous year.

By the end of the year, the size of the coworking industry market may approach 10 billion dollars. Which is 2 billion dollars bigger than it was before the pandemic. That said, let us discuss how much you can earn from coworking in 2022.

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More about coworking industry trends here: Top 13 Coworking Space Trends 2022—Experts’ Predictions on the Future of Flexible Workspace

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How to Grow Your Income as a Coworking Business

Flexible workspaces businesses usually become profitable in a span of two years. So business owners should be patient if they start out only now. An average income of a coworking space is 10% of what the renters pay you. Also, only half of the coworking businesses end up being profitable. That’s why you should consider investing in additional ways to increase their payoff. There are several methods to grow your revenues in this industry:

• Invite companies – as is said above, freelancers aren’t the only ones who seek advantage of the coworking spaces. Big corporations are also eager to invest in this business and rent their office space. So, target your advertising campaigns at bigger customers.
• Offer more services – in addition to the office space, you may also offer equipment and other necessities for rent. Conference rooms especially do well when they have lots of in-built equipment your clients might need during their meetings. Also, private offices are in big demand nowadays as well.
• Find the best place – coworking in big cities strives better. But don’t forget that many people and companies are seeking to rent their flexible workspace in a suburban part of the city.
• Invest in coworking software – info desks with managers whom you need to pay salary are not that efficient. If you invest in booking software for your business, you can add a considerable sum to your pure coworking payoff. Things like paying cards and apps where renters can book rooms without an intermediary are very convenient to both sides.

 

Conclusion

Coworking is a growing industry. And despite the pandemic, it's only going to become bigger. This gives those who are already in the business and those who are just starting up bright perspectives and great chances for success.

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The article was written by Eliza Sadler, a professional journalist with 4 years of experience. She also works at essay writing and provides help with academic assignments. She always focused on doing quality work to achieve her goals and objectives. Eliza is fascinated by the ability to create original works that meet high standards. Feel free to connect with her by email.