Coworking has become a well known global trend in the current business world. No matter where your location is, is it New York? Singapore, Seattle, Florida, or Bali, new coworking spaces are being built on regular intervals. Small to medium-sized businesses, freelancers, digital nomads, and tech startups leave their routines of 9 to 5 and are ditching the traditional office setups.
Coworking spaces have two sides to the coin. It may be an alluring alternative but is not a perfect solution. Let’s get on to the comparison of the pros and cons of coworking spaces and scrutinize each aspect.
Pros of Coworking Spaces for Businesses and Freelancers
Coworking spaces are one of the best solutions for many prospects out there. It is becoming prevalent and has become a trend for future businesses and freelancers. Watch out these pros:
The Flexible and Low-cost Approach
Coworking spaces are much cheaper than the usual traditional offices. You may get an excellent deal from the owners of the property or the coworking space provider.
Who is not aware of We Work? They offer affordable coworking spaces with a modern taste of ambiance. You can pay as you like. For instance, separate desks, combined desks, designated desks, and more. Some coworking spaces have started an offer based on a daily pass. What more does one need?
If you are a freelancer or have just started a business, coworking spaces are the best option for you in networking and making connections. Surrounding yourself with like-minded entrepreneurs will make you feel motivated and open up new business opportunities. You can learn, take help and build your business or career, spend happy hours, and conduct educational workshops. All this within a coworking space. Isn’t that a good deal?
Cons of Coworking Spaces for Businesses and Freelancers
Although coworking spaces are becoming a trend and spreading like wildfire, not many businesses can find their nirvana. Read on the other side of the coin:
Decreased Efficiency and Transparency
Now it is very evident that each employee or freelancer is a perfect one. Some might get distracted and get a slack-off attitude when the managers are not breathing down their necks.
As a result, the productivity of the individual and overall progress of the project takes the hit. To keep a healthy and balanced work schedule, make sure you have all the remote working tools. Examples include video conferencing tools, virtual communication apps, employee time tracking apps, project management tools, and so on.
Crowd, Commotions and Distracting Events
Some coworking spaces are situated in densely populated areas. Chances are, your coworking space might be in the middle of a hustle-bustle metropolitan area. And it can get very crowded at specific points. If you do not have a separate cabin or private meeting room, you cannot get away with the noise and disturbance. And as a result, your productivity drops at many levels.
Moreover, coworking spaces are notoriously known for having networking sessions, workshops, and small business events. Although you will be notified about it beforehand, you cannot work at such a place.
There is no sure shot way to know whether a coworking space might be the best fit for you or your business. It can only happen if you are ready with all the tools and proper setup. So do thorough research and have all the necessary tools at hand before taking the plunge.