Is Co-Working A Good Idea for You?

When you started working on your dream venture, did you think about the number of impending expenses? I am pretty sure you did. Because working from home can be distracting and may affect your productivity. One of the biggest expenses of any venture is renting out a location. For a newcomer, the idea of paying the rent for an office space can be quite daunting, given the high risk involved with a new venture. Let me tell you that this is one expense you can definitely cut back on, especially if you are a one-man army so far. How? You must be wondering. The answer is: co-working. When self-employed, independent professionals work together in a common space (as opposed to the traditional model where office space is occupied by employees of a single organization). It is called co-working. For a self-employed individual, co-working can be helpful in many ways. Let us find out how.

To rent a traditional office, you need to make a long-term financial commitment in the form of a lease, which may extend for anywhere between two to ten years. To rent a coworking space, you can pay by the month and save yourself this financial burden. Your co-working costs will depend upon the kind of space you rent out. If you are a low-cost startup you can rent a basic place. For more established startups, co-working options involve extra benefits such as 24-hour access, conference rooms, on-site receptionist and/or admin services such as mail delivery, secure bike lock-ups, showers, use of participating sites in different locations, workshops and educational events, discounts from corporate partners, specialty coffees and snacks.

If you rent a traditional space, you will need to make added expenses to be able to use it as an office for example, furniture, utilities, coffee machine, fridge etc. On the other hand, your co-working space will charge you a rent that is inclusive of these amenities.

The synergistic atmosphere of working with other creators and entrepreneurs in the same room can have a great impact on your productivity, which you would have been missing had you been working from home. It also provides that separation from home environment and yet that balance of a casual and warm environment, which helps you function professionally but in a relaxed manner.

Last but not the least, you may end up making new friends and great contacts in these co-working spaces. Everyone there is a driven and creative individual and what are the odds you might find someone you would be willing to partner up with?

Once your business steps into the growth space and you begin expanding your team, you will eventually want to rent out your own space but in the very beginning, co-working may do as many favours to your professional merit as it will do to your pocket.