Posted On: Mon, 02/24/2020 - 08:40

CoWorking Spaces – a flexible and cost effective alternative

CoWorking is whereby a company or individual will utilise an empty desk of another company, this often includes internet, kitchen facilities and in fact most of the services the host company has the benefit of.

In our growing and transient employment market – being flexible in terms of work location for yourself and your employees can be seen as a benefit – not only can this reduce your overheads, but it can also provide an office location when one is required.

Key Benefits of CoWorking

There are numerous published benefits but benefits of a well-structured Co-Working contract can include:

  1. Reduced costs – often a fraction of the cost of private office space
  2. Increased contract flexibility – often smaller deposits (if any) and more flexible contracts in terms of duration, notice period etc
  3. Increased volume flexibility – often easier to add/remove desks as necessary for the business – using several hot desks across a pool of employees is often possible

Some pitfalls of CoWorking

As with every set of benefits there will be some areas to focus on – considering the below will help to ensure any CoWorking contract or arrangement works for both sides:

  1. Confidentiality – you will be working in a shared space – often with signed confidentiality agreements but you should be aware of what you are leaving around (consider a clean desk policy, always lock your laptop and ensure there is a space out of the office for private calls and remember your legal obligations)
  2. Lack of assured working space – the benefits of the flexible contract work both ways – this can mean there are no assurances of a desk for the whole of the term or space if you need to expand
  3. Meeting Room availability – some CoWorking spaces (such as Number8) have meeting spaces you can use/rent but others might have limited/no availability.

On balance you need to determine whether CoWorking is right for you or perhaps a small service office space would suit you better.  At Number8 our CoWorking spaces are currently (correct at time of blog) £150 + VAT per calendar month and include internet, lockable pedestal, 24*7 access and meeting room access (costs apply).

If you are interested to see how you or your business can be benefit from CoWorking please contact us here.

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