Four Misconceptions About Co-Working Spaces

Co-working spaces have quickly grown in demand and interest. According to a survey reported on by Bloomberg, large companies — not just small businesses — are creating demand for these flexible workspaces. Most major cities in the United States have co-working options. As a co-founder of an online marketplace that helps small- to medium-sized business owners find the right workspaces, we see firsthand the demand for co-working spaces and the many different options that are available.

Yet at the same time, many people have misconceptions about what co-working spaces actually are and what they can offer. They’re not all about free beer and cold brew coffee.

Let’s start with what co-working actually is: It’s the use of an office or another flexible work environment and sometimes the sharing of space and equipment, most often by people who are self-employed or work for small- to medium-sized businesses. Co-working spaces also can meet the needs and demands of larger companies looking for more convenience, shorter commitments or more space in additional markets.

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Now that we’re on the same page about what co-working is, allow me to dispel some of the most common misconceptions about co-working spaces.

1. Co-working spaces are expensive.

Co-working isn’t always as expensive as you might think. When entrepreneurs consider the costs of stand-alone spaces, such as purchasing office furniture, printers and other equipment, as well as the cost of building conference rooms, wiring the space, etc., co-working spaces can often be the same price or less than a stand-alone office. Additionally, some co-working spaces offer discounts or promotions. When small business owners and entrepreneurs work with local real estate brokers, they can often find out which co-working spaces are offering promotions to take advantage of the best deals.

From a business development and marketing perspective, co-working space leasing costs can sometimes be offset by the thousands of eyeballs on your product, your team and your logo. Sales can happen between co-working space tenants on a regular basis.

2. They’re distracting.

Often when people think of co-working, they think of large, open spaces with lots of people milling around. But there are many different co-working space options for businesses of all sizes. For example, there are:

• Shared team offices with a designated space and desk for each team member.

• Private office suites, which are increasingly in demand by Fortune 500 companies that don’t want to build their own offices. These spaces can provide employees with their own private offices, while a kitchen and other amenities may be shared with other companies.

• Workstations in an open, shared space. These can be ideal for new entrepreneurs who need a break from working in their homes.

• Private, one-person offices. These are a common choice among freelancers and small business owners.

With all the different kinds of spaces available, you can decide how social you want your space to be. As the business owner, you can choose how much involvement you want in the co-working community, and you can increase or decrease the social aspect of it.

3. They’re for creatives only.

Some people assume that co-working spaces are filled only by workers in creative industries, such as advertising, marketing and design. However, people from nearly every industry are working in these spaces. Some use them as their main offices, while larger companies sometimes use them as additional hubs for their employees.

4. They’re all the same.

While many co-working spaces have certain styles or feels to them, some offer options to make your space your own. For example, in some co-working spaces, larger companies can build to suit their needs — they can personalize their own floor, offices or conference rooms to fit the size of their workforce and the look of their brand.

Additionally, some co-working spaces are focused on serving certain groups of workers, such as those working in specific industries or those with shared goals, such as fitness, or social impact missions. There are also co-working spaces for women only, those designed to meet the needs of working parents and more.

As a small business owner, when you feel you’ve outgrown your current space — such as your home office — or you need more room for your growing team, co-working is definitely an option to consider. When you decide to start looking, consider your current needs and how much you think your business will grow in the next six to 12 months. One of the benefits of many co-working spaces is that you can often add more space or desks as needed.