Leasing a co-working space can be a powerful tool for your small business, keeping your costs down, broadening your professional network, and simplifying your taxes.
What are some advantages and disadvantages of co-working spaces?
Co-working spaces provide many advantages for startups and small businesses.
1. Cost-savings: sharing office space allows you to share expenses, which minimizes costs and gives you access to superior facilities that you could not have otherwise afforded.
2. Flexibility: a co-working arrangement is much easier to get out of than is a standard lease, and this gives you the mobility to expand or relocate your business without the headache and expense of breaking a lease.
3. Simplified taxes: it is much easier to deduct co-working expenses than “home office” expenses, the relevant laws and regulations are far less complex, and the deductions are less likely to elicit an audit.
4. Enhanced professional network: perhaps the greatest advantage of a co-working space is the close proximity to other like-minded entrepreneurs. By offering advice, and by sharing insight gleaned from experience, you and your co-workers can create a dynamic, fruitful, and mutually-beneficial work environment.
Co-working spaces also have their obvious disadvantages. There can be a lack of privacy, the cultures of different startups may not be entirely compatible, and there will likely be a steady stream of unfamiliar faces appearing in the office, making security a concern. It is up to you to decide whether or not the benefits outweigh the potential disadvantages.
How can you find a co-working space?
The Internet is a great place to start. Sites like Deskwanted, ShareDesk, and SharedOfficeSpace.com are excellent resources. But perhaps the best way to find co-working spaces is personal referrals. Leveraging the valuable insight of someone you know and trust, you can find a co-working space that can help propel your small business to the next level.