As the coworking trend gains traction, offshoots such as coliving have begun to appear. While both coworking and coliving emphasize community spirit and cooperation, they differ in a few ways that you should know before deciding on what kind of digital nomad to become.
Coworking vs. Coliving
A coworking hub, as its name suggests, focuses on offering a workplace where like-minded individuals can tackle their daily tasks and be part of a tightly knit community where professional advancement, lifelong learning, and cooperation are promoted. Coliving, on the other hand, focuses not only on building community at work but also in one’s private life.
Coworking hubs are a fantastic place where solopreneurs, freelancers and creative individuals go to work on a daily basis. Instead of isolating themselves by working from home, they frequent fully equipped coworking hubs where they get to network with other like-minded people. They also often participate in educational programs, seminars and other learning and networking events organized by the coworking hub, with the goal of developing their knowledge, growing their business and extending their professional circle. With so many amenities available and with membership surging, coworking hubs rely on software such as Yardi Kube to keep track of accounting and billing matters, but also to interact with customers and attract new members.
On the other hand, coliving spaces basically incorporate all of the services that a coworking hub offers, in addition to some extras. They basically cover the work portion of an individual’s life, but also expand the philosophy of coworking to an entire lifestyle. Those living in a coliving space actually have on-site housing at their workplace, which can mean a much more economical choice for anyone living and working in an overly expensive city—while also contributing to community-building.
Pros & Cons of Coliving
The advantages of coliving spaces are plentiful. For starters, they offer fantastic on-site amenities, along with the joy of living with individuals with similar interests. Furthermore, they usually come fully furnished, meaning you won’t have to do any additional spending. The reduced financial commitment is another bonus, as you won’t have to sign a long-term lease for a year or more; rather, you can opt for a much shorter, month-long membership, and then see if you’d like to extend it based on your experience.
Another plus is the sense of belonging, the myriad of group activities you can partake in, and the massive community support that you’ll likely benefit from. However, this is not a commune, and you can certainly mingle with people outside of your coliving hub at any time.
On the flip side, a possible disadvantage of coliving hubs comes from the fact that you basically live where you work. Separating your professional life from your personal life can prove to be a challenge in this case. Additionally, you likely won’t be able to customize your space as much as you’d like, which can be bothersome to many—especially if you’re oriented toward creativity and take pleasure in home decor (even if the residence is temporary).
Coworking or Coliving – Which is Right for You?
Coworking hubs are ideal for those wishing to separate their private life from their work life. If you have and can afford your own place in a different part of the city, don’t mind the time and money spent on your commute and would do anything to just go home at the end of the day without feeling tempted to work overtime, then a shared office space is definitely the ideal choice for you. It’s also perfect if you have long-term goals of growing your business and staying in the same city you live in.
Conversely, coliving spaces are perfect for individuals who tend to travel a lot and only spend a few months at a time in any given place. As the sudden popularity of digital nomadism continues to rise, coliving hubs offer an ideal work and living space for anyone who needs short-term housing and a well-equipped office to work from. Coliving can also be an excellent choice for anyone who has moved from a small town into an expensive city and needs a temporary and affordable solution as they build up their business.
In the end, it’s up to you to decide on your future goals and see which space is the better choice for you. So, analyze your current status, plan the growth of your business, and decide accordingly if coworking or coliving hubs are the best option for you.