The study titled "Fostering Wellbeing and Satisfaction for Micro-Entrepreneurs: The Role of Coworking Spaces" by Marko Orel, Martin Lukes, and Jan Zouhar takes an analytic look at the impact of coworking spaces on the well-being and entrepreneurial satisfaction of micro-entrepreneurs. And what is even more impressive, is they made the report publicly available.
The research highlights how coworking spaces provide a supportive ecosystem that extends beyond traditional work environments — particularly benefiting women and those with young children.
SImilar to the Gensler report, these are findings that will surprise few in the coworking and flex space world. But the true gold in this report is the research to back up the claims. And because coworking folks are incredibly busy, we tried to capture the highlights of the report as well as how to use the information.
The study used a mixed-methods approach, combining quantitative surveys and qualitative focus groups. Quantitative data were gathered through surveys from micro-entrepreneurs, both those working from coworking spaces and other settings. Qualitative insights were obtained from focus groups with frequent coworking space users.
Survey 1: 3,900 entrepreneurs, 24.3% response rate (947 responses) with final usable sample after filtering: 824 observations.
Survey 2: 108 observations of entrepreneurs primarily working from coworking spaces.
Demographics:
34% of coworking space users were female
Average age of coworking space users was 30.1 years
80% of coworking space users had no children
17% had young children
Nearest-neighbor matching estimator showed an average treatment effect on the treated (ATET) of 0.54 points for wellbeing and 0.11 points for entrepreneurial satisfaction.
Regression analysis indicated significant gender differences in perceived benefits, with women reporting higher positive effects.
Here are the key findings of the report
Well-being and work-life balance
Coworking space users reported a mean wellbeing score of 4.04 on a 6-point Likert scale, compared to 3.50 for non-users.
Micro-entrepreneurs using coworking spaces reported significant improvements in their wellbeing and work-life balance. These spaces offer structured work environments that help in creating clear boundaries between personal and professional life, reducing stress and enhancing productivity.
Community building and networking
Coworking spaces provide valuable opportunities for networking and community building, which are crucial for micro-entrepreneurs often working in isolation. The sense of belonging to a supportive community mitigates feelings of isolation and boosts overall satisfaction.
Gender and family dynamics
The benefits of coworking spaces are particularly pronounced for women and micro-entrepreneurs with young children. Coworking spaces help manage work-family boundaries and provide a supportive network that is beneficial for those balancing professional and personal responsibilities.
- Gender differences: Women reported higher benefits from coworking space membership in terms of wellbeing, work satisfaction, inspiration, and work performance.
- Family dynamics: Entrepreneurs with young children valued coworking space membership more in terms of wellbeing, inspiration, and cooperation.
Social support and professional growth
The study found that coworking space users benefit from both formal and informal support networks within these spaces. This support is vital for professional growth, as it provides access to resources, knowledge, and collaboration opportunities.
Coworking space users reported a mean satisfaction score of 5.10 on a 6-point Likert scale, compared to 4.92 for non-users.
Practical implications to take away from the report
For micro-entrepreneurs: The study suggests that micro-entrepreneurs, especially women and those with young children, should consider using coworking spaces as their primary work location to enhance their wellbeing and professional satisfaction.
For policymakers and coworking space providers: There is a need to design coworking space environments that cater to the diverse needs of micro-entrepreneurs. This includes providing family-friendly facilities, flexible workspaces, and fostering a strong sense of community.
What should you DO with this information?
Promote work-life balance: Emphasize how coworking spaces help create a clear distinction between work and personal life, which can significantly reduce stress and improve overall wellbeing.
Talking Point: "Our coworking spaces are designed to help you achieve a perfect work-life balance, allowing you to focus better and reduce stress."
Support for women and parents: Highlight the benefits of coworking spaces for women and micro-entrepreneurs with young children, such as providing a structured work environment that aids in managing family responsibilities.
Talking Point: "We understand the challenges of balancing work and family. Our coworking spaces offer the perfect solution with facilities that support working parents."
Foster community building: Promote the community aspect of coworking spaces, where micro-entrepreneurs can network, share ideas, and collaborate with like-minded individuals.
Talking Point: "Join a community of innovative and supportive professionals who are here to help you grow and succeed."
Organize networking events: Regularly organize events, workshops, and networking sessions to encourage interaction and collaboration among members.
Talking Point: "Attend our regular networking events and workshops to connect with other professionals and enhance your business opportunities."
Offer professional development opportunities: Provide access to resources and opportunities for skill development, such as training sessions, mentoring programs, and business support services.
Talking Point: "Enhance your skills and grow your business with our professional development programs and support services."
Create flexible workspaces: Ensure that the workspace design is flexible and caters to the varying needs of micro-entrepreneurs, including private work areas and communal spaces.
Talking Point: "Our flexible workspaces are designed to adapt to your needs, providing both private and collaborative environments."
Emphasize health and wellbeing: In marketing materials, emphasize how coworking spaces contribute to improved mental health and wellbeing.
T Talking Point: "Experience a healthier way to work with our coworking spaces that prioritize your mental health and wellbeing."
Highlight success stories: Share testimonials and success stories from existing members to illustrate the positive impact of coworking spaces on their professional and personal lives.
Talking Point: "Hear from our members about how our coworking spaces have transformed their work-life balance and boosted their success."
By using these action items and incorporating the suggested talking points into your messaging, coworking space owners and managers can effectively communicate the unique benefits of their spaces, backing up the claims with data, attract more micro-entrepreneurs to your community, and enhance the overall satisfaction and well-being of your members.
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