Coworking spaces are becoming increasingly popular amongst individuals who work remotely, are self-employed, or are part of a small company. With more of these places popping up in cities and with the flexibility the 2020/2021 pandemic has brought to the work environment, you’re likely to find one in your area from Asia to the USA.
For example, in the United States, since 2010, a significant rise of shared spaces has emerged, and the number keeps growing. According to the latest market forecast, a 6,200 increase in shared spaces is predicted by 2022. Cities like Chicago, Seattle, Washington, and Denver are leading the industry thanks to the locations’ resources and growth opportunities for business people. Hence, whether your business is in the U.S or just an entrepreneur who is searching for a perfect physical address, you can consider shared office space rental in Seattle or in each of these cities. This decision might be a beneficial one that you can make for your company’s success, considering the advantages of coworking in terms of affordability and productivity. If you’re contemplating relocating your small business, Vadim Cristea, a Singaporean who has worked for almost seven years in coworking spaces, discusses the pros and cons in today’s guest post.
In this article, I will let you know about the pros and cons of using a coworking space to get your work done. I have personally been using a coworking space in Singapore for around six and a half years now. So let’s just say I know what I’m talking about. I’ve seen the good, the bad, and the ugly of working in coworking spaces. I’ve used all kinds of websites and services; the best I’ve used so far and the one I still use now when searching for a new place to work is Osdoro.com.sg. Let’s start with the Pros.
Pros: The Advantages of Coworking Spaces
01. Fewer Distractions
Something fundamental to anyone’s work is the ability to focus. Being focused for 2 hours of deep work is better than 9 hours of constant work with distractions. If you are working from home, you have many distractions that can regularly display. For example, your teenage son can start playing the guitar in his room to become the next Jimi Hendrix. Or your partner is cooking and making lots of noise. Of course, it’s 2021, and we cannot escape distractions completely, but we can minimize them. And that’s one of the objectives of coworking spaces.
02. Facilities at your Disposal
Yes, of course, at home, you have your own coffee maker. You’ve got a fridge full of food you and your family love. But do you have a yoga studio? Do you have a professional barista? I don’t think so. In most coworking spaces, the amount of facilities is outstanding. I’ll give you a quick example. You’re at home or in the coffee shop where you usually work. Something comes up, and you need to use a printer. There’s a high probability that the coffee shop will not allow you to use their printer. And yes, you can use your own, but this can become expensive and just a general pain to be buying ink all the time. In most office rentals in Singapore, ink price is included in your rent.
03. A Community
Imagine going to work every day and being constantly exposed to hard-working and driven individuals and groups. As you walk through the door, you can have an abundance of valuable conversations that you wouldn’t usually be able to have. At home, your dog won’t be really interested in your latest business strategies, will he? At a coworking space, you’ll be surrounded by the energy of hard-working people. This is hugely motivating and will definitely give you a push whenever you require some motivation.
04. Great Workspace
Maybe you are a freelancer working alone, or perhaps you have a team of 4 people. If you work with a group, being all in the same place at the same time can be highly beneficial. This is a huge advantage. Imagine if you were all working from home and used messages and calls for all your communication. Things can be misunderstood and not taken the intended way over text. That’s why being all in the same place at the same time is so great for you and your business. The Coworking space is designed to maximize productivity.
05. Tech in Abundance
Fast fiber, Printing, and Landline. All things that most businesses nowadays will need if you want to expand your customer base. Many may think that landlines are out of date and no longer required for companies. Imagine the number of customers you miss out on by not having a landline option when they want to contact you.
06. Fast Process
It goes like this. Find a space you are interested in, Contact the agent conveniently over WhatsApp, Have a look around and check out the area too and get you and your team moved in. No need to worry about buying chairs and desks, everything is there for you already. It’s ready, locked, and loaded for you and your team to take your business to another level.
Time for the bad news, I can just keep writing a list of pros for you, but that wouldn’t be realistic, would it? Everything has its pros and cons, so let’s move forward and discuss the cons.
Cons: The disadvantages of Coworking Spaces
I know what you’re thinking. How? When not at home and in a coworking space, everything would be okay right? That’s not the case. There are distractions from other workers. Like I mentioned earlier, you’ll have a lot of business and goal-themed conversations with various people. This could be looked at as a pro or a con. It depends on how well you can handle it. You’ll have to master the art of slipping away slowly, cutting people off even though you’d love to talk for hours on end.
How old is your business? Is it only just breaking even. If so, then I don’t think you are ready to rent out space. It may look beautiful, and you’ll want to invest, but you’ve got to be thinking long term for your business if you want it to succeed. On the other hand, You may be ready. You might need to as your team is growing much faster than you thought it would. This is definitely a good reason to take the plunge into a coworking space.
So, do you need a coworking space, or do you even want a coworking space after looking at the pros and the cons? I hope that this has been a guide for you to help you make your decision as it is a significant and sometimes unnecessary investment.