Updated: Jul 14, 2021
As a budding entrepreneur, your home office may be a suitable environment to get things done at your own pace in a comfortable private space. But as your business grows, a home office can’t support its escalating demands. Plus, working at home can increase the risks of burnout because it can be hard to separate home and work life.
If your business is outgrowing your home office but you're not quite ready to take that leap on your own, then you might fit perfectly in a coworking space. "Coworking" is the sharing of workspace by self-employed independent professionals who seek a collaborative work setting.
Sharing workspace with strangers? Sounds intimidating, but there are lots of benefits in opting for a coworking space, rather than a home or traditional private office.
Renting commercial office spaces can be too expensive for startups. It typically requires a lease of at least 2 years plus you need to deposit before you move in. Breaking out of a commercial lease can be just as expensive as acquiring it too.
Coworking, on the other hand, has a setup that is similar to club membership. It doesn’t require long-term commitment because you can just rent your space weekly, monthly, or whatever you need.
When getting your own private office, you have lots of costs to consider such as furniture, office equipment, utilities, and parking costs. Coworking spaces, however, offer everything you need—no strings attached. When you move in, everything is ready for use. Once you move out, you can just leave everything behind. It saves you from the hassle and costs of buying your own equipment and getting everything setup.
Networking opportunities and synergy
The best benefit you can enjoy from coworking is the chance to meet new people and build strong connections that will help your business scale exponentially. You get the synergy and social interaction of like-minded people where you can get inspired and learn more.
Coworking spaces offer flexibility for your growing business. As your needs change, you can tailor your terms with your coworking space to suit them, too. The low-cost and adaptable nature of coworking makes it the ideal option for solo entrepreneurs and micro-businesses.
Ready to get your own coworking space?