Co-working spaces are the newest trend among small business owners and entrepreneurs. These spaces give professionals the ability to go somewhere aside from their homes to get the work done and often include other amenities such as audio/video equipment, office equipment, meeting spaces, reserved desks, internet access, and an office kitchen area, these may seem like a great arrangement. It is significant to consider all the aspects before deciding on which co-working space for your small business.
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1) Co-Working Spaces Provide a Professional Environment
Some small business owners and entrepreneurs find it very difficult to work from home – in many cases things such as television, pets, and children that can be very distracting. Although working from home, in a local coffee shop or the library is usually free of charge, these spaces often do not lend themselves to being very productive environments. In a co-working space, it has similarities to the traditional setting, but they usually have a much more professional atmosphere, which many people find more productive.
It is important to remember that co-working spaces often do not have private offices for each person renting in the space. In most cases, there will be desks arranged throughout one larger room with other smaller, private spaces available such as meeting rooms or boardrooms. Make sure to keep these in mind when considering a co-working space – while the environment will be more professional than your living room, you will likely not get the same kind of privacy as a traditional office space.
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2) Co-Working Spaces Can Provide Networking Opportunities
Chances are, if you choose to join a co-working space, you will meet clients and business partners in that space, meaning they will also be exposed to the other professionals sharing this workspace. Before signing up for a co-working organization, ask what different types of businesses or professional that are willing to share the area with you – see if there are any potential for networking or partnerships as well as seeing if those businesses are in direct competition for your customers or clients.
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3) There is a Cost for Joining a Co-Working Organization
Just like renting office space, there is also a cost to become a part of a co-working space. Depending on what type of organization you chose to work with, it could either be a prepayment for a set amount of time or monthly installments much like paying rents. While the cost of joining a co-working organization is necessary, you should also take other expenses into consideration, including a possible longer commute or to eat out more often since you will not be at home.
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In the end, only you as the business owner or entrepreneur can decide if a co-working space is right for you and your business. Being in a professional environment will make you more productive? Will presenting your clients to other industries bring up issues with the competition? Is it more efficient to invest your time and money into acquiring your personal office space? All of these are relevant questions to ask before making a move to join a co-working organization.
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