Co-Sharing Workspace – Is It the Best Place for Your Business?
With rising costs across the board, businesses are constantly looking for new ways to reduce their margins in today’s business landscape. One popular cost-cutting trend is co-sharing office spaces. Many companies are choosing to set up base in a co-sharing space, which comprises an open-concept office used by multiple businesses, as well as a plethora of common amenities.
While there are numerous benefits of a co-sharing space, there are certain downfalls as well. Equip yourself with this list of co-sharing spaces’ pros and cons before you make the decision to move!
Pros
1. Create a Community
A co-sharing space gives employees the rare opportunity to network with people from different industries. You’ll never know who you’ll meet – a digital marketing firm might be on your right, with a photography venture on your left. Entrepreneur affirms that sometimes, these people might even be potential clients for your business!
2. Inspiration Aplenty!
Surrounded by a variety of creative individuals and entrepreneurs, it’s hard for employees in a co-sharing space to not be inspired. As claimed by Business.com, “inspiration is everywhere” in a co-sharing space. Businesses can feel free to share their ideas, bounce concepts off each other and conduct immersive brainstorming sessions.
3. Flexibility for expansion
Businesses will grow– after all, any expansion can be seen as a form of flourishing success. A co-sharing space will afford any business the luxury of easy scalability without having to worry about space constraint. In contrast, increasing manpower numbers may impose a strain for any other traditional office spaces.
4. Plethora of amenities
Many co-sharing spaces come with shared amenities: meeting rooms, WiFi connectivity, kitchens, and pantries, as well as specific services such as utilities (electricity and water), repair maintenance and garbage removal. As outlined by Inc, companies can have all these at their disposal – at a fraction of the usual cost! – and utilise them as and when they wish.
Cons
1. Multiple distractions
With any shared working space, the propensity for distraction is naturally high. This might be detrimental for employees who thrive in quiet environments, causing productivity levels to be lowered. This would also pose a problem for sales professionals who are constantly on the phone – it’s nearly impossible to have an undisrupted phone call without everyone around you listening in on whatever you say. Adversely, this might cause a decrease in both efficiency and productivity levels. As affirmed by Cascade Business News, a co-sharing space will prove to be only suitable for those able to shut out any surrounding ambient noise.
2. Strict fixed working hours
Most co-sharing spaces operate on a strict 9-5 working day, offering little flexibility for companies that wish to start or end later.
3. Lacking a sense of belonging
Co-sharing spaces primarily lack a sense of belonging, with employees lacking a space to call their own. Employees appreciate feeling that they’re an important part of any overall business strategy, and a lack of ownership might be reflected in the quality of work. Having a dedicated office will add to the legitimacy of the company for both internal employees and external investors or clients – lacking this hence damages any business’ overall credibility.
4. Unable to establish a unique brand
Without a dedicated space of their own, businesses will have challenges to create or establish their own unique brand. Instead, they are subsumed into a common space, becoming part of the masses instead of standing out from the crowd – in turn posing a problem for companies looking to create a name for themselves.
With obvious benefits and shortcomings, a co-sharing space evidently isn’t for every company. It’s pertinent to correctly assess your business’ needs and requirements before deciding to base your employees in a co-sharing space or dedicated office. This will help companies ensure that productivity is enhanced in the workplace.
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