The shared work space trend is sweeping across Australia. It seems a new shared work space (co-work space) pops up everyday. From government funded shared work spaces to small private entrepreneurs, the concept is becoming very popular amongst sole traders, and small business owners. Now large US firm WeWork is looking to spread it’s wings into Australia.
So why are shared work spaces becoming so popular and are they right for you? Here are the pros and cons.
Pros of shared work spaces
- Significantly cheaper than owning or renting your own office
- Often no contracts or obligations to the renter
- Flexible options: 1 day, 2 day, 3 day a week or full time
- Wifi is often included at no extra cost
- The cost of insurance is often taken on by the establishment
- Tea, coffee etc is often included
- Most shared work spaces provide access to a private meeting room
- The renter doesn’t pay for electricity or water
- You are surrounded by like minded professionals from different industries fostering motivation, collaboration, and support.
Cons of shared work spaces
- Meeting rooms are shared and therefore might not be available when required.
- If you rent the space part time, hot-desking is usually required. This means you have to either use a laptop or lug your monitor and possessions around with you each time you come in (some spaces allow you to store your monitor in the building).
- Shared work spaces are often open plan with no privacy screens or cubicles. Noise from other workers can be a factor.
- If you are often on the phone or do a lot of online video meetings, a shared work space might not be ideal because of background noise and the noise you generate.
- Because there are usually no long term contracts, a guaranteed spot everyday is less secure. If the business shuts down, you could loose your work space within a day.
- Shared offices often don’t provide parking which could be a real deal breaker for some.
The workplace is changing with full time positions becoming the exception rather than the norm. Contracts and part time work are now common place. Shared work spaces are not just for the entrepreneur. Many employed professionals are using shared work spaces 1 or 2 days a week to work on their own projects because they are temp are part time.
In a world where technology is creating dis-intermediation, sharing office space is just another clever way for entrepreneurs to flourish.
