Co-Working Spaces Can Be Ideal for Entrepreneurs

[Maliha Islam]

Co-Working Spaces Can Be Ideal for Entrepreneurs

Have you ever thought about working in a coworking space? Co-working, defined as the sharing of office space by (typically) self-employed, independent professionals who wish to work together in a communal, collaborative setting (as opposed to the traditional model where office space is occupied by employees of a single organization), has a lot of advantages that you may not have thought of. In fact, coworking space can be ideal for entrepreneurs.

Self-Employment Is on the Rise and Co-Working Fits the Bill for Many Freelancers

The advantages of being a self-employed contractor are well known—being your own boss, having the flexibility to choose your hours and place of work, and the ability to deduct business expenses from income tax are all powerful incentives to choose self-employment, especially given that the traditional "job for life" that many of our parents and grandparents enjoyed has all but disappeared.

01  Co-Working Space Is Ideal for Low Cost Startups

Renting traditional commercial office space normally requires signing a lease of from two to 10 years in length (five years is typical). A deposit is also generally required. Depending on the state/provincial laws and how the lease agreement is structured, breaking out of a commercial lease can be difficult and expensive, particularly if space is not in high demand.

02  Co-Working Facilities Are All-Inclusive

One of the other major advantages to coworking is avoiding all the other private office space startup costs including furniture, utilities, additional lease service charges, and appliances (coffee machine, fridge, microwave, etc.). Finding appropriate private office space can also be very time-consuming.

without the costs and commitment of commercial lease space.

03  Co-Working Offers Collaboration and Synergy

Unfortunately, often one of the downsides to being a self-employed freelancer is the isolation—many contractors work from home and don't get the synergy and social interaction that working in an office with a group of like-minded people can offer.

Depending on your family situation a home environment can also be very distracting, as can other locations that entrepreneurs sometimes choose to work in such as coffee shops or malls.

04  Gaining New Business and Valuable Contacts

Coworking spaces are ideal environments for networking with other entrepreneurs, especially for startups. Need assistance with bookkeeping, a web designer for your business website, a photographer to cover your next event or someone to help with your social media marketing campaign? The expertise you need may be just a few desks away.

05  Is Co-Working Right for You?

While coworking has many benefits, it is necessarily not suitable for every entrepreneur or business. A startup business that has sufficient capital from the owner(s) or access to debt or equity financing may prefer commercial leased office space for a number of reasons:

Having its own premises may give a business a more established, professional appearance to customers—signage, office layout, furniture, etc. can all be customized to your requirements.

Private office space is more suitable to certain types of businesses, particularly those dealing with sensitive materials and/or issues of client confidentiality. In an open coworking environment, other entrepreneurs may be able to overhear telephone conversations with clients or see information on neighboring computer screens.

If you prefer a quiet work environment with a minimum of interruptions to stay focused, then coworking space may not be suitable. Background noise from phone conversations, socialization, music, etc. can be very distracting and detract from your productivity.
Collaboration and networking are some of the main benefits of coworking, but an established business may not need either.

Control over the physical environment—coworking space users may have minimal choices when it comes to ergonomic issues such as desk space and seating. Lack of control over lighting, room temperature/air conditioning, proximity to windows, etc. are other potential downsides of a shared work space.

Source: https://www.thebalancesmb.com/coworking-space-for-entrepreneurs-4150279