You may have noticed that many start-ups are opting for co-working spaces for their working environment. Entrepreneurs are seeing the benefits foregoing the traditional, full-time office space, trading it for a shared space with standard office resources mixed with the network of a plethora of professionals, contractors, travelers, and entrepreneurs. There are several benefits of co-working spaces, but these don’t come minus a few drawbacks.
BlackEnterprise.com provides the pros and cons of shared spaces for you to gauge if this style of working works for you.
Pros:
Networking opportunities. In co-working you may be surrounded by a variety of people toting a variety of resources. Working in an environment that allows for non-traditional encounters for your business could prove beneficial for your business.
Environment. Some co-working spaces pulse with an energy that promotes productivity, collaboration, community and fun. Working in the right vibe with the right type of people can be just what you need to produce the right type of work.
Getting out of the house. If you freelance or work from home full-time you know the value that lies in just getting out of the house. A simple change of environment can generate creativity, spark imagination, and reignite your desire to produce. This could also eliminate those inevitable home distractions.
Cost efficiency. Leasing your own office and providing full office equipment can be costly, and in some cases, unnecessary. The size and functionality of your business may change in a matter of months. It may be wise to have the flexibility that co-working memberships allows to easily adapt with your business.
Cons:
Distractions: You know that sense of community we mentioned earlier? Yes, well, those same people that collaborate with and inspire you may also distract you. There are times when the fun can take over the work in these environments so you must be diligent in remaining focused.
Cost: Yes, you can save money by eliminating full-time monthly office overhead, but you may also lose money if your startup can’t afford to pay for co-working space membership. If your business is currently ‘robbing Peter to pay Paul,’ you may want to stick to coffee shops until further notice.
Lack-of-privacy. Another plus, yet minus, of co-working is that other people are there. This means not only are you sharing resources, but you’re also sharing your space. Lack of privacy can be annoying when you’re talking on the phone, thinking quietly, or just existing. Didn’t you opt for the freelancer’s life to avoid exactly that?
Learn how co-working spaces, tech hubs and accelerators are actively connecting, educating and inspiring founders at the 2016 BE Entrepreneurs Summit, May 4-7, Loews Hotel Miami, Miami, Florida. Register now.
Be sure to follow Black Enterprise on social media @BlackEnterprise for Entrepreneur Summit news, highlights, and updates. Use hashtag #BESummit to stay in the loop.