We can define a co-working space as mutual sharing of an office area by independent professionals and self-employed people. These are individuals who wish to work professionally outside the isolation of the home environment but cannot afford to lease an independent office area. This method of working is quite advantageous for many self -employed professionals. It allows for flexibility in working hours and no boss to answer to.
In order to decide whether a co-working space is ideal for you, you will have to look into the following benefits and limitations of co-working spaces:
1. Best option for startups with limited capital
Renting a commercial space involves signing an agreement to take the place anywhere between 2 to 10 years. Generally, a security amount has also to be paid. This entails a large amount of investment and cancelling a commercial agreement later may not be easy and prove to be expensive depending on the laws of the area.
Whereas renting a co-working space is like taking a club membership. You can rent a co-working space for a month and in some cases, you can rent for a week too. Some providers may also allow you to pay for hourly use. Startups with very limited initial capital find this an ideal way to work as they do not have to arrange for a large sum of money. Also, they don’t have to commit for a long term and still can work in a professional set-up. The other very important advantage is if they want to hire more people, they can simply pay for more space like expanding membership. Thus, co-working spaces offer a lot of flexibility.
2. Rent for co-working space is inclusive of all facilities
A very important benefit of choosing a co-working space to work at is that you are saved from incurring investment in furniture and fixtures. This will mean you do not have to buy a coffee machine, microwave and refrigerator. In addition, you are saved from the headache of finding a suitable commercial location to set up an office. It saves both your time and money.
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The new generation does not like to take on too many responsibilities and are thus saved from the responsibility of cleaning and maintaining the space. Tax and accounting procedures get simplified as the invoice gets raised for all services once at the end of the month.
3. Exciting environments and interaction
Office spaces that are shared with others in the community become exciting and vibrant workplaces. The designs of such spaces are such that you feel motivated and creative to realize your full potential at work. Also, co-working spaces allow you to maintain a balance between your work and family commitments. Here you can work without the distraction that you might experience at home. Social interaction with other professionals helps to achieve more in life.
4. Opportunities of networking while co-working
Co-working office spaces are very suitable to connect with any other businessperson who is also just starting. For example, if you need a web designer to create your website, then you don’t have to look beyond a few desks.
Is co-working for everyone?
Despite the many advantages of co-working spaces, it may not be the best option for everyone who wants to start a business. If a business is able to get sufficient financing to start with, then it might want to rent a commercial office of its own for the following reasons:
1. A Professional Look
A personal office makes the business look more professional and established. The entrepreneur can customize his office design, furniture and signage, keeping in mind his/her requirement.
Certain businesses that deal with sensitive information or have to maintain client privacy do not find co-working spaces suitable. They would prefer personal office space for their business. In co-working spaces, people can hear your conversation over the telephone and can read the information on your computer screens.
3. A peaceful environment
If you are one of those who like to work peacefully without distractions, then co-working spaces are not for you. People talking on phones or socializing or listening to music may lead to low productivity of work.
4. You already have a good network
One of the main advantages of co-working spaces is good networking. This may not work for you because if you have an established business, you may already have this advantage. It may not be worthwhile to sacrifice your privacy.
5. Physical setting not suitable
In co-working spaces, you have no control over the seating arrangements, seats close to windows, temperature and lighting. You may be uncomfortable with the kind of people around you.
To conclude, co-working spaces are for startups and solo businesspersons with limited finances. On the other hand, firms with growing business and looking to hire dozen or more employees will prefer private offices. Find out how business insurance can help your business stay secure.