Shared office space is becoming popular among startups or growing small businesses. A lot of start-ups and new entrepreneurs have found occupying office space in a sharing environment instead of working from a corner of a living room or renting an office; advantageous in many ways. Coworking or shared spaces can be found in major and small cities, and it is gaining popularity in other countries as well.
A shared office is a right medium for businesses who do not want to own or rent large premises but wish to improvise or upgrade on working from home. Whether a startup or a new business, shared office space has the potential to provide the best of both worlds.
Shared office spaces are also referred as business incubators. These spaces have the potential to really help businesses grow. Working environments in shared space have a built-in business network which brings together creative and innovative people working on different and exciting projects under one roof. They also encourage business growth and development by providing development support, resources, and services to new businesses.
No doubt shared office spaces are genuinely good, but there are some things to be aware of. Here are top 3 pros and cons of a shared office. Let’s start with pros.
3 Pros of shared space –
Flexibility – Shared space offers the benefit of flexibility in plan options, cost options, and space options. Businesses can choose monthly rental plans instead of long-term leases at an affordable cost with no deposits. Plus, they get the choice to switch from smaller space to a larger area quite quickly.
Community – A strong community is the backbone of a shared space. Community eases teething troubles for start-ups and new businesses by introducing them to businesses offering similar service/product. Communities also host events for networking and learning from fellow members.
Amenities – Unlike the rented office, a shared space offers amenities that include complete furniture, high-speed internet, meeting rooms, kitchen, printing and scanning, and more. These facilities eliminate the burden of office management from businesses.
Now, let’s take a look at the cons.
Distraction – Shared space is prone to distraction caused by the presence or occupancy of other entrepreneurs or freelancers within the same space. Shared spaces are less structures compared to traditional offices, so, it is difficult to draw a line between work and socialization is challenging for businesses and its employees.
Competitors – This one is a quite critical con as the chances of working amidst competitors are higher than traditional offices. The open seating culture in shared space increases the possibility of speaking indirectly to competitors which no business would want to.
Regulations – Shared spaces work on set rules and regulations. Businesses have to adapt to them and the existing culture. Most businesses may find themselves interacting with people not related to their products or services.
Shared space is trending. In fact, they are a launchpad for startups/new business and are creating a foundation to take their business to newer heights. In spite of pros and cons, the concept is most sought service today.