Are co-working office spaces the way forward?

Were you aware of the trend for co-working office spaces?  All over London and other major towns and cities, shared office spaces have been popping up left, right and centre, and they’re giving many freelancers or small businesses somewhere a little more sociable to work than the front room at home.  While they can be reasonably priced and offer a great chance to network with like-minded individuals, there are some down sides.

Who are co-working spaces good for?

• Freelancers and remote workers: working from home can cause a lot of distractions and procrastination. Shared working spaces offer a space where you can focus on your work.  Plus, if you’re in the city, you’re better placed to attend meetings.
• Start-ups: Co working spaces are perfect for start-ups that are still finding their feet and are not placed to forecast how quickly their company might grow.
• Businesses that require flexibility: A long, rigid contract won’t work for every business, and co-working spaces offer a lot of flexibility in terms of tenancy.

Here are some pros and cons:

Pros

Networking opportunities and socials

If you’re worried that working in a co-working space means there is no work cohesion, socials or after work drinks, then stop immediately!

Co-working spaces offer tonnes of fun social options, from activities such as team sporting leagues, to networking and mingling events – Co working spaces ensure they have it all.

One of the biggest advantages has to be the chance you get to network with other freelancers or start-up owners.  Starting your own business or working for yourself can be a lonely affair, and the best shared office spaces hold plenty of events to help you meet and get to know the people around you, whether through social occasions, happy hours or guest speakers.

Networking means you can learn from the experience and mistakes of others, and it will help your business grow.

Flexibility

Around the UK, companies such as WeWork and The Office Group (TOG) offer shared working spaces which can give you complete control over your location, costs, lease plans and the space itself.

Sometimes you may just need a bigger space for a month-long project, or need somewhere bigger if your team suddenly grows overnight – whatever your circumstances, you’ve got more control over where and how you work than if you were roped into a lengthy contract with a commercial landlord.

Not having to worry about the ‘little’ things

If you rent somewhere privately and for the long-term, you probably have to furnish it yourself, organise the internet and phone lines, sort out employee parking and worry about distributing the post.

In a shared office space these things will almost always be taken care of for you.  That means all you have to do is rock up and get to work, leaving the building management team to handle the dull admin stuff and taking out the recycling.

Cool offices

Want the quirky office vibes, with comfy sofas, café with free unlimited coffee and table tennis tournaments at lunch? It’s no doubt that co-working spaces are designed to be ultra cosy, ultra quirky and super cool.

Cons

The competition could be nearby

While having other start-ups around you can be a good thing, it could also mean there are competitors working under one roof.  All small companies and freelancers will find there’s competition, but it can make for a very uncomfortable working environment if you find your rivals are sitting at the next desk and chasing the same customers or contacts.

Think very carefully about how close you might want to be to companies working in the same market.

Distractions

Sometimes working with other people around you can be a motivator, other times it can be a terrible distraction.  In a shared office space there’s always something going on, something more interesting than the task you’re supposed to be working on… There’s less structure in a shared office than there would be in a traditional office, and it’s much harder to shut yourself away and concentrate.

Whether it’s the gossip in the kitchenette or the loud and annoying laughter from another team, you’ll find there are days when keeping focused can be almost impossible.

The dangers of uniformity

Start-ups and freelancers often trade on the fact that they’re unique and original.  Work in any shared office environment and you run the risk of developing a bland brand, where your own company values and what makes you ‘special’ start to merge into what’s around you.  Companies who work in close proximity can find they’re starting to reflect one another’s style and ideas, so you’ll have to fight hard to hold on to what sets you apart from the others.

Think carefully before you decide whether shared working spaces could be the way to go.  There’s good and bad to be found in this modern way of working – make up your own mind whether cheaper costs, flexibility and the social side outweigh the distractions and danger from competitors.  Some will thrive and some will fail in co-working office spaces.

Lizzie Exton writes for Inspiring Interns, which specialises in sourcing candidates for internships. To browse our graduate jobs London listings, visit our website.