If you starting your own business for the first time, one question comes up pretty quickly. Should you rent your own space or not? It seems that more and more companies are joining coworking communities. What once was a freelancer domain nowadays has become a viable option for all kinds of businesses. But, what really are the pros and cons of renting a coworking space? Is this the right route to take for any type of startup? These are all questions that we’re going to tackle in this article. So, be sure to dive in.
Pro: Flexibility
The flexibility has to be the number one advantage and benefit of coworking space. How we see it, this flexibility can be divided into three different areas.
- Flexible planning options. What we mean by this is that there are usually no year-long commitments that you have to take. So you just pay monthly for the services that you want.
- Flexible space options. With this kind of space arrangement, it’s not a problem if you decide to increase your team count by six people overnight. You can also switch to a private office if there’s a need for that. And with tips for making a vibrant new workspace, it’s the best option out there.
- Flexible cost options. There are no upfront fees, no deposited, and options are plentiful.
Pro: Opportunities for connections
Developing a startup can get a little bit lonely sometimes. So, you need to keep reminding yourself that there are new things to learn, do, and evaluate. You can catch up to all the trends pretty easily after moving to coworking space. Additionally, if you’re starting a company in the US as a foreigner, you can really benefit from this.
Most good shared office spaces in fact organize events that are used for connecting and networking people together. Think about it. Meeting the right person at the right time can do wonders for your company.
Con: Competition is close
Since these are the pros and cons of renting a coworking space, we have to look at things from different perspectives also. Although, some healthy competition can be beneficial, you don’t want them to look over your shoulder at all times.
There’s not much you can do here. However, you can try to find a coworking space in which different types of businesses are situated. Or, remind yourself and your colleagues to reserve some conversations for when you’re alone.
Con: Distractions
One last thing that we want to talk about is distractions. Picture this. You’re preparing for your big meeting, initiating sales calls, or discussing with developers. So, naturally you have zero tolerance for distractions. But, can you be sure that everyone in your coworking space will be in that frame of mind?
Yes, you can rent a private office and get the most of the problem out of way. But, the noise travels and you can’t really run away from all the people. You’re going to meet them. And that is, in fact, the last one of the pros and cons of renting a coworking space. Thing everything thoroughly and decide if this is the right decision for you.