Ten entrepreneurs share their thoughts on the advantages and disadvantages of using a co-working space versus having their own office.
Co-working spaces are all the rage today among entrepreneurs -- but are they as beneficial to startups as everyone thinks? Ten founders from Young Entrepreneur Council (YEC) share their thoughts on the advantages and disadvantages of using a co-working space versus having their own office.
1. Too Loud for Calls
2. A Great Community
Working in a co-working space is less expensive than a traditional office space, and you belong to a community of smart entrepreneurs who are going through similar challenges. This network of like-minded coworkers provides you with strategic partners to bounce ideas off of and who understand the unique challenges you face as an entrepreneur. - Doug Bend, Bend Law Group, PC
3. Potential to Meet New Clients
Depending on what your company offering is, your co-working neighbors could wind up being potential clients. As a company that provides financial services to startups, we find working in a co-working space to be a win-win. A co-working space is a great place for us to get to know the very people who need our services, and to do informal market research in a collaborative work space. - David Ehrenberg, Early Growth Financial Services
4. Difficult for Undisturbed Work
My office, The Fueled Collective, is a co-working space. For many people it can be hard to get long stretches of creative, undisturbed work done in a shared work environment, which is why the second stretch of my working day happens when I'm alone and everyone has left the building. - Rameet Chawla, Fueled
5. Inspiration Is Everywhere
6. Great Learning Opportunities
In a co-working space, there's an opportunity to develop relationships with other small business owners and learn from their experiences. We're constantly meeting and learning from other entrepreneurs in the fashion and tech space -- often in unexpected ways! - Tracy Foster, ONA
7. The Laughter Aids Productivity
When someone shares a joke, a meme or an idea that gets everyone excited, it's extremely infectious. The community feel is light and airy and allows for a lot more free flowing collaboration. - Maren Hogan, Red Branch Media
8. Personal Offices Demonstrate Success
We recently moved out of a co-working space into our own office. Showing people around the office is a thrill -- it shows we're successful enough and big enough to warrant our own space. It's also fantastic to be able to invite clients to the office for meetings in our very own conference room. - Jared Feldman, Mashwork
9. Offers Easy Scalability
I love how scalable co-working spaces are. Whether you're growing your team month to month, hiring contractors for just a short time, or working across several geographic areas, co-working spaces are very flexible. This is especially true when they have several locations that you can visit or book conferences rooms in during travel. - Doreen Bloch, Poshly Inc.
10. Great Potential for Connections
The biggest advantage to working in a co-working space is the people you will meet. Co-working spaces are hotbeds for like-minded people. You can connect with them for business development, bounce ideas off them and possibly even find your next co-founder. - Blake Miller, Think Big Partners