Futuretheory has finally expanded to our new home in Fyshwick, in the Work Canberra shared working space. This was a 5-year dream that Germaine had of offering an affordable home for Canberra’s freelancers, creatives, solo entrepreneurs, and small businesses.
For the uninitiated, a shared workspace or coworking space is an office where professionals can work together and collaborate. The business model is based on the principles of mutual trust and the sharing of common core values. These spaces typically offer features like high-speed internet, specialised facilities, centralised locations and free amenities to its members for a monthly or weekly fee.
Some examples of Canberra’s most popular coworking spaces can be found on a curated list https://www.coworker.com/australia/canberra. Work Canberra is not currently featured on these sites list, but we hope it’s only a matter of time!
Whilst we are excited to offer collaborative office space to fellow Canberrans, we also understand that one size does not fit all. So to determine whether a shared office space is the right decision for you we have compiled a list of pros and cons as we see it so that you can decide for yourself.
Pros of Coworking Spaces
So why has the Coworking business model taken the world by storm?
Cost-Effective
One of the biggest benefits of using a coworking space is the ability to work in a fully furnished office space without significant investment. Using a shared space allows you to operate your business without needing to allocate funds for things like rent, insurance, office equipment, and other fixed costs that arise when starting a business.
This low barrier to entry is extremely beneficial to self-employed individuals or small businesses since they often don’t have the capital to lease high-quality office spaces when first starting out. Plus, setting up an office yourself means spending time finding equipment and furniture, talking to contractors and getting licenses. This is time that could be invested into building your business instead.
Highly Flexible
Not being locked into an office lease also has the added benefit of increased flexibility. Most coworking space providers will offer members different workspace packages tailored to their specific needs (e.g. hot desks, designated working areas or even private offices). These options usually come with short-term commitments that allow users to opt out if they feel they’re not gaining value from the service. This flexibility also allows companies to increase their team size with ease.
It should be noted that these on-demand cost structures are a lot like gym memberships. If you use the complete offering regularly, you get good value. But if you don’t, the cost-per-use skyrockets.
Creativity and Collaboration
Coworking spaces have often been described as the perfect mix of working in an office and being a freelancer. You have the agency to work independently on something you’re passionate about while being surrounded by a group of like-minded professionals who can lend you their expertise.
Moreover, working in a shared office space is a great way to network and connect with a wide array of small business owners, freelancers and entrepreneurs every day. Not only does this give you the opportunity to grow your personal brand, but it also enables you to outsource tasks to great talents when you need help with specific projects or time-sensitive tasks.
Low-Maintenance
One of the most unnoticed benefits of a coworking space is the ability to begin working immediately. These facilities almost always provide furnishing, administrative assistance, amenities and snacks to their tenants so they can focus entirely on business-related tasks.
The last thing any business owner wants to do when signing the lease for a new workspace is worry about setting up furniture or dealing with a dodgy printer that always runs out of ink. Germaine himself can attest to the many frustrating late nights he spent ensuring Futuretheory’s move to Fyshwick was as quick and seamless as possible.
Cons of Coworking Spaces
Now before you get too excited and book in three separate desks, you should be aware that coworking spaces also have some drawbacks.
Distracting Events, Crowds and Commotion
Whilst this may not be an issue for many, I love my alone time. Being able to zone into my work without people looking over my shoulder, asking if I want a coffee or talking to me about the NBA finals ensures I can produce the best work possible.
Unfortunately, for people like myself, the fast-paced and dynamic nature of coworking spaces can sometimes make focusing on the task at hand difficult. It can be hard to do work at the best of times, but it becomes even harder when you have seven business meetings, three client pitches and twenty coffee breaks all going on in the same room. This is made even worse by the model’s lack of formal structure when compared to typical workplaces, which can make it difficult to draw the line between work and socialisation.
Sacrificed Privacy
Following on from the last point, working in a shared environment means you lsoe an element of privacy in your work. Coworking spaces often forgo the use of walls for glass dividers (or no dividers at all) and limit the number of secluded work areas. This means you will likely have to deal with people glancing over your shoulder or overhearing your phone calls all day. Whilst this may seem like a minor inconvenience at best, you have to consider the possibility of competitors occupying the same office space and the implications of them having such easy access to your information.
Collaboration is Based on Culture
As previously mentioned, collaborating with other professionals is one of the key benefits of using a shared office space. However, if the owners of the space don’t make a conscious effort to establish a collaborative and friendly culture between their tenants, the area becomes little more than a glorified library.
Conclusion
So, should you be utilising a coworking space? Well, that depends. If you’re looking to collaborate with like-minded individuals then it can be advantageous. Conversely, if you find that you work best in solitude or the nature of your business involves sensitive information then it probably isn’t.
The best way to tell if ia coworking space is right for is to visit the space before you commit. There are a number of options in Canberra such as Entry 29 and Goodwork in the city, WOTSO in Dickson and Symonston, or even our friends at Keep Co who are less than 5 minutes away. Coworking companies are normally happy to give tours to prospective tenants.
