To Co-work or Not
Pros and Cons of Co-working Spaces
Many start-ups champion co-working spaces for offering a professional working space without the hefty rent. But before you run off and settle into one of the many co-working spaces around, take a step back and determine whether a co-working space is the best fit for your business needs.
Low start-up costs
Most co-working spaces are beautifully designed. They offer flexible working arrangements and basic amenities like meeting rooms, mailing address, internet access, maintenance, and printing services. Membership at The Hive starts at $30/day and $500/month. Prefer privacy? Fork out $800 per month for a private room with limited storage.
The biggest appeal of co-working spaces is probably the network of people from different industries with different skillsets at your disposal. New collaboration and business opportunities lurk at every corner. Since you have to pitch your own brand every time you introduce yourself to colleagues, you’ll get a lot of practice for when it matters. Spaces with shared open-office concepts like The Hub will help you stay structured and productive; you’re less likely to doze off in the office if you see others doing work.
Personal and professional development
What sets co-working spaces apart from traditional offices is its eclectic smattering of events and professional services designed to help members grow. The Working Capitol regularly hosts events like Mumpreneur Mondays, a monthly networking and skill-sharing series, for its members. Some co-working offices are also open to collaboration; more established businesses can host their own events at the office, thus allowing members to trade skills and support one another.
Separate work and living spaces
Working from home is all fine and dandy until you realize the line between work and home life has become fuzzy, a little like the PJ pants you’re wearing at 1pm on a Wednesday. A co-working office space allow you to leave your work at the office so you can unwind when you come home.
While an open-concept office can boost productivity, it also means there will be plenty of noise. Since you’ll have to be mindful of others around you, it might be difficult for business owners and freelancers needing to make calls throughout the workday. Change in co-working spaces is a constant, especially if you are hotdesking. Depending on your chosen co-working space, overcrowding can become an issue. At its worst, co-working offices is a glamorous version of a packed university common area.
Some co-working spaces have strict hours and tend to close by 7 pm, which leaves night owls hanging in the lurch. This can help some of us create structure in our work routine but it also means having to figure out alternative arrangements if there’s a daytime emergency or you just work better at night.
Lack of storage
Co-working offices are notorious for their lack of storage options. If you run a retail or trade business, coworking spaces are probably not what you’re looking for. Business owners with large inventories must rent a small warehouse or be at the mercy of family members.
If you’re looking for an alternative to co-working spaces with plenty of storage, consider renting a space where you can conduct daily operations and easily access your inventory. Work + Store units are customizable so you can designate the working and storage area according to your needs. Plus, you can take advantage of the in-house last mile delivery service so you can streamline your operations and maximise your time.