No wonder start-ups begin their journeys in garages, co-workings, and incubators. These ecosystems are excellent for business growth, providing investment opportunities, mentorship, and a support network.
If we look at the global scale, there are approximately 18 700 co-working spaces, as reported by Statista. That number is projected to increase to about 41 975 by the end of 2024.
Co-working spaces offer many benefits for start-ups and small businesses. They usually have flexible lease terms, reduced expenditures, and a complete design setup. Depending on the service provider, monthly prices per desk can go from 500€ to 1500€. This flexibility and accessibility appeals to a variety of companies.
There's a definite upsurge in co-working spaces, but are they a good solution for everyone? When should you consider looking for your own workspace?
Here are 5 signs you're ready to wave goodbye to the world of co-workings:
1. The Noise and Constant Movement Are Too Distracting
Excessive noise and action can be an issue, no matter where you work. When groups of people pour into one place, sounds begin to mix, chatter gets louder, and stirring becomes inevitable. If you’re trying to do focus work or have an important meeting, soon enough, every little sound you hear will drive you up the wall.
The sooner you recognize that background noise and too many people affect your productivity, the quicker you can start looking for a more suitable, quiet office to call your new workspace.
2. Some Privacy, please?
When you have important meetings or calls about sensitive topics, or job interviews to conduct, there's nothing worse than being in a crowded place. Yes, most co-working spaces have isolated areas for calls, but they aren't always available when you need them. Often they're also tiny, so if you have claustrophobia, you'll definitely want to avoid these booths.
If you want more control over who hears what and when, maybe it's better you find your own isolated office. You don't need to schedule meeting booths or navigate through a room full of other people while trying to appear professional. Your own space gives you freedom and flexibility - something hard to achieve in a shared workspace.
3. Your Team Is Growing
If your company is successful, you'll have more clients, and you might want to expand, which means hiring, and probably finding a space that suits you better at this stage. It never becomes more apparent that you need your own office when space becomes an issue.
Your workspace needs to grow with you as you grow, so find one you can make your own, and turn it into a catalyst for sustained growth and wellbeing.
4. You’re Spending More Money Than It’s Worth
This one is tricky because shared workspaces are usually affordable and come with less financial commitment and investment. You don't need to worry about amenities, Wi-Fi, etc. You only pay for the space you need, saving on some extra costs.
However, this doesn't mean you should stay in co-working spaces forever. With a little bit of patience, in time, you'll find a space that fits your needs and your current financial state. Be on the lookout for offices in your area, especially as you start gaining success.
5. Your Company Culture Is Non-Existent
When you work in a shared workspace, you'll be influenced by the culture of the community or some charismatic individuals. This mix is great if you want to meet new people, get inspired, and share knowledge. But trying to build your own company culture in coworkings is a big challenge.
Your brand and culture will naturally form and evolve when you spend time together with your team in a space that doesn’t limit you. As you grow, you want to be able to nurture that distinctive culture instead of going along with what everyone else is doing.
It's never easy taking a step into the unknown. Shifting from a co-working to your own space is a significant change, so take your time to assess your current situation and requirements.
Our team of experts is ready to help if you're looking for a new office and are unsure where to start. We helped big and small businesses, and we believe everyone needs an inspiring work environment.
Feel free to get in touch with us! We love design and would love to answer any questions you may have!