Is a Coworking Space Better for Your Startup?
When a startup takes off, there is a small timeframe to piece together all the resources. One of these resources is an office space, where you will set up and grow your business. It is a vital facet that integrates all the business functions.
Your first instinct might be leasing a private office space, but is it the best option? Nowadays, more and more startups are opting for coworking spaces, which are an alternative to a traditional office.
Here’s how a coworking office can be beneficial for your new business:
- Cost Saving
Starting a business is an expensive affair that requires multiple investments. By operating your business in virtual offices, you will save a major chunk of your funds. You can get exactly the amount of space you need at a much more affordable rate.
From rent and coffee to furniture, internet and other amenities, a coworking space will significantly cut down your expenses.
- Immediately Operational
It takes time to lease a space, furnish it and make it operational. When your business is taking off at an exponential rate, you will need a space that’s immediately operational. This is where serviced offices triumph a traditional workplace.
Putting your business out there is the key to success. Coworking spaces offer stellar business and networking opportunities. You will make connections with other entrepreneurs and even potential investors and business partners.
Not only this, the rapid growth of your business will require you to look for more talent to employ. Instead of outsourcing the work, you can find someone suitable in the coworking space.
Starting in a coworking space will give you access to an established company culture. While you are starting out, you can take cues from the existing culture and build your own.
A coworking space delivers a working environment that is full of passionate and hardworking creatives. This will inspire and motivate your staff to work hard and improve their productivity.
However, a coworking space isn’t all sunshine and rainbows. Here’s why it might not be suitable for your business:
- Limited Space
You might outgrow a coworking space faster than you think. Undermining the growth rate of your business will quickly make a coworking space unsuitable for your operations.
- Lack of Privacy
A coworking space can never offer complete privacy. You will always be surrounded by people from different organisations. Conducting confidential calls and meetings might prove to be difficult.
- Distracting Environment
Even though you will connect with a lot of people, this can also be quite distracting. Some people work better in a quiet environment. A chaotic coworking space can negatively impact productivity.
- Working Hours
The initial days of building a business demands long working hours. Often coworking spaces are functional for conventional 9-5 working hours. Inflexible business hours is a matter of concern that you won’t face in a conventional office.
- Unwanted Competition
It is possible that a competitor shares the space as you. This will jeopardize your ideas and even make the workplace hostile, doing more harm than good.
Like everything else, a coworking space has its set of pros and cons. But nonetheless, with the rise in the number of coworking space you can find a shared office that perfectly suits you business.