A co-working space for small business has become the new trend. The best thing about this is that you have loads of options in hand. However, the downside is that new solutions are cropping up every day and it might be difficult to find out the right office space.
Co-working enables a company to rent an office on a monthly basis to fill the gap between having a virtual office or home and leasing a space for a commercial purpose. This is one of most versatile solutions for startups.
Office space is one of the highest expenses of your business and thus, you should invest very prudently. Here are some pointers that will help you to know if co-working space is the right choice for your business.
You are in the Early Stage
Small businesses, freelancers, startups might not like investing in long term lease. This is because it can be a huge expense. Co-working space is a way to get a professional office space at an affordable rate until you are ready to get your own place. If you rent shared space on a daily or weekly basis, you will be able to save a lot of money. Moreover, you will also be able to use the basic office facilities such as the conference rooms, printers, and internet access.
You Deal with a Small Team
Shared office spaces are great for a small team of workers. You will be able to rent a desk according to your requirement. A shared office will allow you to have space for client meetings. This is great small business owners or freelancers who do not like working along. However, keep in mind that with the increase in the strength of your team, co-working might become challenging.
You have Short-Term Requirements
Shared spaces usually thrive on non-commitment. This is beneficial for businesses that are not sure about their future requirement. Co-working spaces also offer membership and you will be able to purchase daily, monthly, and yearly passes. You will also have the option to increase or decrease your seats. In case, the hustle bustle of the environment enables you to work efficiently then you should consider it to be the right choice for you. However, if you prefer stability and want to see the same friendly faces then co-working space is not for you.
You do not Require Customization
If you are looking for a simple solution for your business and do not think much about personalizing your workplace and developing the culture of your company, you should consider co-working. Shared workplaces have their own culture and always welcome new businesses. Thus, you will not be able to set up any bills. It is only a temporary solution.
If you like meeting people who have the same challenges and goals then you should look for a shared working place. This will help you to collaborate with people and seek advice from them. If you do not care much about privacy then you should opt for shared office space.