Coworking spaces are popular with freelancers, entrepreneurs, and start-ups. Individuals or small teams can join these spaces and work alongside people from many other companies. Working in a shared space can help small teams feel less isolated and help them stay focused on their work. Coworking spaces can also present opportunities for networking, which can help you grow your business. Some spaces also provide useful amenities like free Wi-Fi and coffee. These benefits make coworking spaces an ideal choice for some companies.
However, a coworking space isn’t the right decision for every business. Before you move in to a coworking space, consider these factors.
Number of Employees
Coworking spaces are ideal for solo workers or small teams. If your team is small, you can easily mingle with other people in the space.
For larger teams, dedicated office space may be better. By renting your own office, you can avoid dominating a shared space with your large team. Since the whole office is yours, you and your team can spread out as much as you want.
If your company is growing quickly, a coworking space may not be the best choice. While the space could suit your company right now, you could outgrow it in a few months. At that point, you’ll need to start the search for your own office.
Moving offices twice in a short time can be stressful and a drain on your productivity. To reduce these problems, consider moving into your own office now, even though you don’t need it quite yet.
Need for Privacy
Coworking spaces are fairly public by design. In these spaces, people from different companies work in close proximity to one another. While this can help you make friends and new business contacts, it can also let people overhear your private information.
Before you move in to a coworking space, consider how much privacy you need. If your company deals with confidential information, you’ll probably need a more private space.
Need for Flexibility
Regular office spaces tend to require firm commitments. Yearlong or even multi-year leases are often required in commercial spaces. If your business is new, you may not feel ready to commit to anything long term yet.
At coworking spaces, memberships are flexible. Some spaces will offer daily drop-in passes, so you and your team can stop by whenever you have work to do. Other spaces offer monthly memberships. If your business outgrows the space, or if you decide to take your career in a different direction, you have the flexibility to leave the coworking space.
Culture of the Space
Coworking spacestend to develop a relaxed, free-flowing culture that’s typical of start-ups. In these spaces, you could find people playing ping pong or organizing workplace softball leagues.
For some businesses, this culture could be perfect. It can help you and your employees make new friends and business contacts. For other businesses, the culture could be uncomfortable. If you’re not fond of start-up cultures, consider renting your own private space and creating your own culture.
As a business owner, you know you always have to consider your budget. By carefully managing your expenses, you can help your business become (or remain) profitable. If your budget is limited for now, a coworking space may be the best option. You can rent a couple of desks and get the office space you need. Later, if your budget changes, you can consider moving to your own space. On the other hand, if you already have the budget for your own space, it may make sense to skip the coworking space and rent a private office.
Coworking spaces are the perfect choice for some businesses while others would be better served by renting their own private office space. By carefully considering these factors, you can make the right choice for your business.