Posted on: 15 February 2016
Driven by technology enablement, the growth of online and creative industries coupled with the generational change, co-working has moved from a niche market to a fully-fledged alternative to the traditional office.
“Technology has enabled people to work away from the office and for an increasing number of individuals and businesses, work is no longer a physical or fixed place.” explains Phil Dodson, Director of @WorkHubs in London.
The growth of micro businesses and self-employment is also a distinct factor in the success of co-working environments. Out of the 5.4 million businesses operating in the UK currently, 95% of them are micro businesses, employing between 0 and 9 people.2
“In London alone, over 50% of businesses are SMEs which is a very significant number and they are a really important part of the economy. That’s why we think it’s crucial to provide small businesses with affordable and flexible workspaces.” says Sara Turnbull, founder of the Bootstrap Company.
The need for affordable workspaces is on the rise and a recent survey by QualitySolicitors revealed that nearly three quarters of small and micro business owners said that a flexible co-working space would be a business priority in the future.3
2 House of Commons Library, Briefing paper number 06152, 7th December 2015 ‘Business Statistics’by Chris Rhodes
Compare business insurance
The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Knowledge Centre.