Coworking spaces can be ideal if you wish to work from a location on a short term basis and avoid long term commitments. This option can be attractive for start-up or growing businesses seeking to collaborate with other similar or complementary businesses.
Renting a coworking space is likely to be more cost effective than leasing a whole office, especially for freelancers. You can purchase a membership, tailored to your business type, size and needs, with occupation on a short fixed term licence.
Memberships may be for just desk space (usually in a co-working area) or a full office space (exclusive to your business).
Membership will usually include the use of furniture and facilities such as WIFI, printing, and meeting rooms (although additional fees may apply).
Since occupation is under licence only, there is little security for the occupier – the arrangement will end when the membership expires (or earlier on notice, depending on the Ts and Cs).
Coworking spaces often offer little privacy; you may need to book meeting rooms in advance and sometimes these may come an at additional fee.
You may be prohibited from making any changes to or decorating the space you occupy, so whilst you incur fewer costs, the office space may not reflect your business ethos.
Whilst coworking can be cheaper than taking a traditional commercial lease, if you are a rapidly growing business with an increasing number of employees, it may become uneconomical. You may eventually need to move to a traditional office space as your business grows.