Co-working, Hybrid Model, WFH what is best for my company? pros and cons
With so many work models out there it can be hard to decide which one works best for your company as there is no ‘one size, fits all’ when it comes to office space to match your company values, size, and growth. We have broken down the pros and cons to co-working space models to help you best decide.
2 minute read
3rd November, 2020 | Remarcable
Co-working space is a trend that has been growing at an extensive rate in the last decade. Since 2012, London in particular has seen a drastic rise in the number of co-working spaces and venues that it has cemented its position as the global leader for flexible workplaces. As a continual trend, flexible working shows no sign of slowing down, especially after the major adaptations organisations have had to make throughout the pandemic crisis.
The idea of flexible working is becoming increasingly popular and even demanded within organisations which makes co-working spaces extremely attractive. These spaces offer a shared hybrid/coffee shop culture with dynamic meeting rooms and dedicated work zones. Having flexible office space enables you to scale up (or down) quickly without any hassle and you get to surround yourself with other like-minded entrepreneurs and businesses, a great chance for inspiration and collaboration. Sound good so far? Well, let's dig a little deeper into the real pros and cons of these sorts of spaces to better help you consider your future office move.
Firstly, let's look at the main advantages of co-working space:
1. Cash flow!
So, financially co-working spaces work well as you get to choose a suitable centralised location without any upfront costs or long-term commitments. Everything you need within an office is already fitted out for you to use, making it easy to get right down to business.
The flexibility within co-working spaces offers you a chance to expand or contract without any capital outlay. With most co-working space leases being for a year with a 6-month break clause this type of tenancy agreement allows a lot more room to breathe.
Traditional office spaces are just a shell and require a lot of initial work and capital before you can get started. Co-working space allows you to concentrate on getting your business up and running straight away, providing 24/7 support, and invoicing you monthly, taking care of everything else.
Now let?s look at some of the disadvantages:
You do not get a say in the number of people per space and therefore it is often said that co-working space operators try to maximise their profits by fitting as many people into one space as possible. (Obviously, during this time of the global pandemic this would not necessarily be applicable) However, with varied entrepreneurs and start-up businesses within one space this can often get distracting and blur a company's individual culture and values.
2. Lack of customisation
If your organisation is one that requires face-to-face meetings with clients, then a co-working space could be too informal. First impressions count on your customers and clients and they want to get a feel for you as a company. As we are visual creatures the design of your office space has a huge initial impact.
We all love a little competition however would you want to risk your competitors sitting in the same room as you whilst holding team meetings? This could get a little close for comfort and could result in stepping on each other's toes.
In summary co-working spaces really are dependent on your business model and whether it ticks the boxes that suit your needs. If you are considering an office move and not sure what the right future investment should look like for you within the current climate, then get in touch with a member of our team. We can help you see the benefits and importance of office design for your business growth.