Coworking spaces are becoming increasingly popular among individuals who work remotely, are self-employed, or are part of a small team. As more of these spaces pop up in cities across the country, chances are you’ll find one in your area. If you’re considering moving your small business to a coworking space, review our list of pros and cons of coworking spaces below. Although group work settings may not suit everyone, it may be the best financial decision for your business!
- It can be more affordable than leasing
Unfortunately, the cost of renting office space is high. When you consider all the additional costs that go into making the space usable for your business, it can quickly become an unaffordable option.
In comparison, renting a co-working space can be a more cost-effective option. Depending on your location and the facility where you will be working, the cost of renting a co-working space will vary.
- Facilities provided
Depending on the type of business you run, there are certain amenities that can help keep your business running or make your employees happy. One of the advantages of coworking spaces is that they are equipped with everything you need, including reliable internet connections, office equipment, and well-equipped meeting areas. Each co-working space will have its own special amenities to keep members comfortable, from coffee and snacks to lounges. If you own a small company and providing convenience to your employees is important to you, coworking spaces may be a great fit!
- A sense of community
Working from home can be comfortable and convenient, but it can also feel alienating. Joining a co-working community is an opportunity to network with other professionals, share ideas and support co-operative entrepreneurial ventures. Getting to know people who are self-employed or running a small business can be incredibly inspiring. Often, there will also be networking events and social gatherings for members to get to know each other outside of the work day, so you’ll have plenty of opportunities to make valuable connections.
The number of individuals choosing co-working spaces is growing by 24 percent every year. Because of this, more spaces are opening up and co-ops are expanding the features available to members to make their spaces stand out. If you’re interested in a coworking space, you’ll be able to choose from a few different options, allowing you to choose the best possible space for your company!
- Costs may still be out of budget
Yes, co-working space will probably be less expensive than renting office space. However, this is still a large expense that may not be in the budget. If you’re self-employed, free workspaces like libraries and coffee shops with Wi-Fi are a good option unless you can afford the monthly fee for a coworking space.
- Too many distractions
Being around other people can be a great motivator to be productive during the workday, but it can also mean being surrounded by distractions that limit productivity. You won’t have control over the sound of people talking on the phone in a co-working space, meetings with other companies, or listening to music while someone is working at the desk next door. When you have your own business space, you can make the rules, but in a co-working space you need to be prepared for potential distractions that you can’t control.
- Significant restrictions
There is a lot to be said for a space that is already designed, furnished and equipped with amenities. On the other hand, this means that your options for customizing your workspace are limited. For example, you probably won’t be able to decorate the walls with artwork or bring in your favourite desk chair. You may also face restrictions on sharing your space with a large group of people, including waiting for a private meeting space.
Along with restrictions on how your space should look, there may be restrictions on how the space is used. Depending on the coworking space you join, there will be options for the type of space you get. At WeWork, for example, you can choose between a hot desk (which means choosing any open seat every day), a dedicated desk that’s just yours, and a private office with a lock. Obviously, some options offer more space, privacy and security than others. You need to find a balance between those needs and your budget to decide if the space makes sense for your business.
Coworking spaces are great, but they’re not for everyone
Co-working may not be the best solution for everyone, but for many it can be the answer to the need for an affordable, well-equipped workspace.