Co-Working Spaces (What to do Before You Have an Office)

As you continue developing the ideas that are shaping the future of your growing company, at some point it will inevitably become very clear that some environments are more conducive to your productivity than others. When you’re building a company from the ground up, however, every single expense ultimately has an impact on your bottom line – founders generally cannot afford the luxury of a large private corner office in which to do their planning. Enter co-working spaces, which were practically designed with the entrepreneur in mind.

“Enter co-working spaces, which were practically designed with the entrepreneur in mind.” 

Co-working spaces have a much different vibe from a regular office. These shared, collaborative office environments offer affordable space for those looking to get work done within a larger community of entrepreneurs, freelancers, and small teams in a flexible environment. Their energy is usually electric. The culture of the co-working space features a diverse array of characters, from young entrepreneurs excitedly sharing ideas at a large community table to solitary professionals deep in focus at a private desk. They generally offer office-like amenities such as private meeting rooms, kitchens, coffee, and work desks; they’re even designed to incentivize communication and maximize productivity. Researchers have launched several studies which seek to understand the effects of co-working spaces on productivity, and the results have been overwhelmingly positive: these shared spaces are directly correlated to greater job control, more meaningful work, and a sense of community. In fact, many progressive larger companies are beginning to utilize the co-working space concept as well.

So, what exactly makes these co-working spaces so popular and effective, and how can they help you to benefit and thrive as an entrepreneur?

Cost Efficiency

One of the unique advantages of co-working spaces is the ability to rent out only the space you need, as opposed to the more costly option of a private office space. Renting traditional commercial office space typically requires signing a long-term lease (5 years is the average), and this lease agreement is often very difficult and expensive to break. Generally, a deposit is required as well. On the other hand, co-working spaces operate somewhat like club memberships – space is usually rented per month, but options are also available for daily or even hourly rates. Users sign membership agreements which are flexible and extremely convenient for a growing company that may need to accommodate additional employees, which can be done simply by adding memberships.

Across the United States and Canada, costs for co-working spaces range from a few hundred dollars a month to thousands; pricing generally depends on factors such as location, amenities, extra benefits (i.e. 24-hour access, mail delivery, showers, etc.), and whether you opt for a shared or private desk space. As you might expect, co-working spaces in locations such as New York or Silicon Valley tend to be dramatically more expensive.

Most facilities will offer high-speed internet, access to printers and scanners, free coffee, access to microwaves and refrigerators, furniture, bookshelf space, and the use of a conference room. Though these may outwardly seem like insignificant perks, these are actually some of the amenities that would otherwise weigh heavily on your startup costs.

Collaboration with Others | Expanding Your Network

Along with their minimal cost, co-working spaces provide an opportunity for entrepreneurs to interact with others in the space. One of the harsh realities of entrepreneurial life is that it often involves isolation; many entrepreneurs will start out by working from home – away from the collaborative and synergistic energy of an environment with like-minded people. Along with the inevitable distractions at home, having too much autonomy has actually been shown to hinder productivity, since most people tend to lack structured routines. In contrast, having a community to work within can help to motivate by creating a greater sense of self-discipline and structure.

Spending time around like-minded individuals, many of whom are also growing a business, can help to spark ideas as well. The atmosphere of a co-working space is highly conducive to enabling connections and communication. Are you needing assistance with marketing, book-keeping, web design, or social media? Chances are that the specific expertise you’re seeking is only a desk away. Oftentimes, entrepreneurs will find their partners and co-founders within the walls of a co-working space.

With this being said, it’s important to note that socializing is never mandatory or forced in co-working spaces; users can choose when, how, and if they interact with others. Naturally, some interact less than others. However, most will find a strong sense of reassurance in knowing that there is the potential for interacting with others if they want or need to do so.

Flexibility

One of the most valuable assets of a co-working space to an entrepreneur is the flexibility it offers. The flexibility of this environment allows you to choose and adjust plans specifically based on your needs and circumstances, which includes temporarily pausing your membership for any reason. Want to work from home on certain days? Need to take a week or two off for travel or personal reasons? Your membership plan at a co-working space adapts to you and your schedule – it does not expect the same in return! Realistically speaking, entrepreneurs should always feel in control of their work environments; after all, they are acquiring the skills that will be necessary to control their own future business.

At their essence, co-working spaces are custom-designed for the entrepreneur. However, not everyone will find value in these spaces, so it’s important to explore your options – and the environments offered. For example, an entrepreneur with significant capital may prefer a commercial leased office space to assist in establishing a more professional appearance to potential customers; customized signage, displayed logos, and personalized office appearance are some of the elements that help distinguish a new, growing business from its competitors. Although rapidly-growing businesses with a dozen employees and counting will eventually want to rent their own office space, the co-working space offers a vast wealth of opportunity and flexibility for solo entrepreneurs and small businesses.

So where do you find these co-working spaces? Although your city will offer different options, here are 10 of the largest co-working spaces in the United States (in no particular order):

1. Impact Hub: http://www.impacthub.net/
2. WeWork: https://www.wework.com/
3. Your Alley: https://www.alley.com/
4. Knotel: https://www.knotel.com/
5. District Cowork: http://www.districtcowork.com/
6. Make Offices: https://makeoffices.com/
7. Industrious: https://www.industriousoffice.com/
8. Serendipity Labs: http://serendipitylabs.com/locations/
9. Spaces: https://www.spacesworks.com/about/
10. Regus: https://www.regus.com/