Pros & Cons of Co-working for your Business
So, your business is growing, and you need a bigger office space. But how big is your business and workforce going to get? What if you sign a lease on a bigger office only to find your business outgrows it in a matter of months? Or, you sign a lease for a bigger office space that you don’t end up being able to grow in to? When your business is growing at a rapid pace, you don’t want to be bogged down by decisions around office spaces and seating plans. You should be focusing on growing your business at a scalable and manageable rate, and ensuring the success and profitability of your business.
So, what do you do? One option is to move into a new office space with plenty of room to grow, and while you’re figuring out how to grow your business and how big it will get, you can rent the extra space as a co-working venture until your business is ready to take on the new space.
What is co-working?
Co-working is a collaborative working style in a shared office environment. Those working in the co-working environment are typically self-employed, contractors or freelancers, and work in a range of different industries. While they work independently, they share common work values and prefer to not work in isolation.
Pros of creating a co-working space in your new office
Provides a new income stream:
While there may be some initial set up costs, a co-working space is a great additional stream of income while you’re growing your business. Co-working spaces usually charge daily rates, weekly rates, and monthly rates, keeping things flexible enough that you can change when you need to. If you require more of the co-working space for your growing team, you can make less desks available the following month.
Access to talent:
Your business is growing rapidly, and you need to take on more staff. Your first port of call should be the contractors and freelancers that are working in your co-working space. These contractors usually have highly valuable skills, and will already know a bit about your business, as well as having already met your team. Better yet, they’re already in your office! As they are used to flexible working conditions, their workload can scale with your business. These contractors can also provide great inspiration to your staff, sharing creative ideas from an outside perspective.
Working with like-minded people with complementary skills:
Even if the contractors renting a desk in your co-working space are not looking for permanent work, you can still tap into their skills to add value to your business where needed. Need a graphic designer for a quick brochure mock-up? Does your website require some basic SEO? It’s likely some of the contractors can sort it for you. This will save you having to pay big bucks going to an agency with likely longer turnaround times.
Cons of creating a co-working space in your new office:
While contractors can bring complimentary skills to your office, they may end up being a threat to your business if they are working in competition with you. Being in a co-working space also offers less privacy than a conventional office, which can cause extra headaches around competition.
Co-working spaces are usually a hub of creativity, innovation, collaboration, but sadly also distractions! Your staff may find it hard to focus with the additional people and noise in the office. There may also be longer waits for the toilets, coffee machines and more people to chat to, resulting in reduced productivity.
The effort of managing a co-working space:
Your primary focus should be on your business and its goals in order to be successful, not setting up and managing a co-working space. While it’s a great way to earn extra money for your business and to help with scaling your business, it may end up being more effort than it’s worth.
Despite these disadvantages, co-working spaces can add a lot of financial and creative value to your business.
The added talent and collaboration that contractors can bring to the co-working space also acts as a lucrative and readily accessible talent pool for your growing team.
And if you’re scaling over time, but not sure by how much, they are a great interim solution to filling a physical space in your office until you need it, so you don’t have to move your staff around every time you need a bit more space.
Once you’ve found the perfect office space for your growing team, you’ll need to find an office removalist to help you move into your new office. Talk to John Ryan Removals for help packing up, transporting, and setting up your new space. As the leaders in commercial removals for over 40 years, John Ryan Removals are the removalists you can trust for an efficient and stress free relocation.