A co working office is a business structure where employees of various companies share a workplace, enabling both cost savings and increased productivity, and sometimes in some cases, joint refreshments and parcel collection services, and in others, joint equipment usage and supplies. It is a relatively new workplace structure and has been quite popular in many fields of industry, including information technology (IT), telecommunications, engineering, pharmaceuticals, financial sector, health care, and other service industries. However, a co-working office is not just an office; it can also be a virtual workplace. For example, one could call the workplace “the co-working office”, and it would be an actual physical location based on the internet, with shared desk spaces, shared networking and storage space, common meeting areas, etc.
The advantages of the co working arrangement are many. For one thing, it can be very cost-effective. In many cases, this is achieved through sharing of costs, with all parties saving on travel expenses for meetings held outside normal business hours. Since shared resources are used, there is no need to buy any additional equipment for a workgroup. Some of working offices have even managed to get their workers paid for travelling, in other words, by the hour.
Shared working areas are often easier to organize. The cost of running an office can be immense. Running a full-time office -or a part-time office-is a major undertaking, which often requires high security clearances, expensive rent, high electricity bills, high maintenance costs, heavy equipments, high rents, etc. So the cost of the whole setup can often add up to a significant chunk of the company’s capital budget. When all the assets of the company are spread over several employees, then it becomes difficult for one person to take on all the responsibilities.
Sharing an office with others has other advantages as well. You do not need to go through recruitment processes, pay checks, medical tests, physical examinations or any such other formalities that can easily take up a lot of your valuable working hours. Another important advantage is that you will not have to pay exorbitant board and lodging fees, if you are working from home. These fees add up and can quickly become a drain on your business capital.
When you are starting a new business, co-working offices can help you save money and time. You will find it easier to concentrate on your business, as opposed to looking for a suitable location and finding it hard to get investors and lenders to sanction you a loan. In addition, the location of the co working office plays an important role. The more distant it is, the more the business can be operated from remote areas, where there are minimal infrastructure and face-to-face interaction.
It is also important to think carefully about the co working agreement that you enter into with your investors and partners. A good arrangement should protect both you and your workers, providing them with a safe and secure environment to work in. It is common for a working agreement to include some form of payment protection insurance (PPI). This is a type of insurance that pays a percentage of your workers’ wages in the event that they become unemployed. It may be worth considering getting this insurance, if the co working office is very small.
A good co-working office should have provisions for its employees. These provisions should provide for training and development of skills, pay rates, holiday pay, sick leave and adequate health and safety conditions. It is very important that employees are treated fairly by their employers. If an employee is treated unfairly by his employer, he can file a complaint with the Employment Tribunal.
When you are selecting a a working office, you should bear in mind that the cost of setting up a new office can be enormous. If you cannot afford the office of your own, you may want to consider sharing the cost with a like minded business. The cost of running a co working office can easily top many business owners’ budgets. However, it is often well worth the extra investment to set up an office in order to protect yourself, your employees and your business.