Is co-working or in a shared office right for your business?

Now, in the era of startups and small businesses, it is a daunting task to find perfect working space. the business owners often hunt for an office space that is flexible and can help them improve the productivity of the business. Usually, startups and small business entities have a scalable team of staffs. So, the shared office is a viable option for them to carry out their official activities. It is generally a sound business practice for most of the units to keep the overall expenses low.

The co-working or shared office is different from the traditional office. In a shared office, more than one entity can establish their functional area in one place. Many different commercial properties are providing the services to the business houses for establishing their office spaces with other entities. The spaces are designed for accommodating multiple functional units at a single space with separate conference rooms, meeting space and working area. There are several advantages of shared office for the startups.

You can have a central location

Every business owner desired to establish their office at a central location as it has better communication and market. When you opt for a shared office, you can easily get a centrally located commercial space. On the other hand, setting up your private office may make you sacrifice a good location. It is easier to get a great location if you are opting for co-working or shared office space for your business.

Cost-effective solution

Setting up a private office or renting an entire office area is expensive for the business entity. For startups and small business entities, it is viable to get a shared office at a low cost. As the budget is tight for these business units, it is wise to cut the cost of renting a private office. Instead of spending on office furniture, set-up, other amenities, the business should focus on the growth of the business at the initial stage. Therefore, renting a shared space is beneficial in terms of cost-cutting for the business.

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Scaling up a shared office space is easy and flexible; you have access to all the office amenities like the conference room, meeting room and other spaces along with other teams. If your team grows with the growth of your business you can tailor your contract as per that with the commercial space owner.

With numerous benefits, there also risks of shared office space, which the business entities should consider while renting a space.

Risk of privacy

As a shared internet connection is used at a shared office, it has a risk for your confidential data. You have threats of cybercriminals for sabotaging your information, so, you should be careful about that before opting for shared office space.

However, it depends on the nature and requirement of the business, to choose the shared office space or a private office. The business owner should consider the benefits as well as the risks involved in renting the shared office as their workplace.