Is Co-Working Right for Your Business?

Is Co-Working Right for Your Business?

Freelancers and digital nomads seem to be living the absolute dream. They wake up when they want, set their own hours and get to work from the comfort of their own homes every single day. Complete isolation might seem like a dream to some, but to others it’s a complete nightmare. Some of us need to be around others to thrive and working in utter silence for 8 hours a day just doesn’t cut it.

Other than giving freelancers and nomads a chance to speak to other people in person, co working spaces are becoming more and more popular for a variety of different reasons.

Pros

Cost effective

You might not know that office space is unbelievably expensive. Keeping the lights on every day is one of the biggest expenses a business faces, and some owners are using co working spaces to combat this. Sharing an office with other companies/employees not only drastically lowers your rent, but you’ll also be able to access more resources (like a boardroom, or a fax machine, or break rooms etc) than you had before.

Networking opportunities

Imagine being able to meet with like minded people every day without having to set up tedious meetings or scouring the web for new opportunities. In a co working space, you’ll be meeting people from all walks of life (or in this case, business) who need different services. Maybe the designer next to you needs someone to edit their CV, or the accountant on the next floor is in desperate need of a new website. Whatever the case might be, you’ll have the chance to share your services with a group of people right next door after having a chat in the break room.

Flexibility

One of the best things about co working spaces is the fact that you can decide what you need. If you only need one desk, then there’s no need to rent out a whole floor. You can manage how large or small you would like your space to be.

Human connection

Networking is one thing, but people need people. Whether your socialising quota can be filled after smiling at someone in the elevator, or if you crave human interaction every other hour – you can do both at a co working space.

Cons

Noise

The downside of working in a shared space with people who don’t actually work with you, is that you cannot control your environment as much as you’d like. There’s no way to ask an entire floor to quiet down while you take a phone call.

Lack of Privacy

You might be able to rent out a board room for an hour or two, but you won’t have your own office in which you can meet potential clients or make sensitive phone calls (as we’ve mentioned above). This lack of privacy is one of the biggest reasons why business owners prefer working in their own spaces.

Restrictive

As a freelancer, you might be able to work comfortably from the same spot for years. As a growing business, you might not have that luxury. Groups of 3 to 5 people might work well in a shared space because teams that small don’t necessarily need an entire office to themselves. But once your team starts growing, you’ll need more space, privacy and control.

So, there you have it. Co working might not be for you or your business, but there’s no denying that it definitely has its place in our ever-evolving futures. Are you someone who prefers working in the silence of your own home or in a hive of busy individuals? Let us know why in the comments below!