As a small business owner, you have a lot of decisions to make. Crucial decisions that can make or break you and that shouldn’t be made in the blink of an eye. One of the most important decisions you can make is where you work.

Your workspace is going to have a direct effect on your quality and quantity of work, and there are many things to consider. Should you rent a traditional office? Should you work from home? Should you work from a local coffee shop? Should you rent a co-working space? Each of these options is going to have good things and bad things about the space. For this article, we’re looking at co-working spaces.

Pros

First, let’s look at some of the pros for a shared workspace.

1. Cheaper

It’s not breaking news that rents are on the rise. Everywhere, it’s getting more expensive to rent an office. What a co-working space offers you, is an office space at a fraction of the price. For an entrepreneur, hearing “money savings” is probably music to your ears.

When you rent a co-working space, you only rent the desk you work on. Also, you may score some great amenities like coffee, free Wi-Fi, and discounted parking. Before renting, be sure to ask about what amenities are available to you.

2. Networking and collaboration

A co-working space is full of entrepreneurs just like you, who are going through the same challenges you and your company are. You’ll be able to network with like individuals, get advice, and maybe even find someone to collaborate with.

Who couldn’t use a strategic partner or two with whom to talk ideas?

3. Professionalism

As an entrepreneur, you want to look good to potential clients or investors. A co-working space gives you that by offering you a place to host meetings, that aren’t in your basement, or your local Starbucks. Renting a co-working space gives you that extra edge to impress those that your business depend on to survive.

Cons

Now that we’ve explored some of the best things about co-working spaces let’s talk about those issues that arise within a shared office.

1. Distractions

It can be hard for people to work for long periods, undisturbed, in a shared work environment. You may find yourself sharing space with extremely loud talkers, those people only use speakerphone, or those who like to listen to loud music. Depending on your tolerance level, these distractions can be extremely damaging to your productivity.

If you find yourself easily distracted, you may want to consider a home office.

2. Competition

It’s easy to feel competitive in a space where other smart, ambitious, creative people are working. It’s best to keep your work to yourself, but you may find yourself in conflict with a potential competitor. This wouldn’t happen if you work from home, or in another remote location.

That said, if you do find yourself with a competitor, it will be easy to switch gears, and collaborate instead.

While a co-working space is not perfect, it is a great way to save money and meet other like-minded professionals. It’s also a way to collaborate, and impress potential clients. If you’re considering renting a co-working space, be sure you research your options. To start, why not check out what we at 580 Executive Center can offer you.