Coworking spaces are known to create entrepreneurial communities and networks of young ambitious hard-workers. While many believe that the trend of coworking spaces is here to stay (and we, of course, couldn’t agree more), we have outlined below some challenges faced by the parties involved so you can prepare and overcome them easily.
Issues Experienced in Coworking Space
Customers of a coworking space include freelancers, long-distance workers, and work teams from different companies. Customers have the pay as you go flexibility and using coworking spaces in Jaipur can save on land costs for startups. Despite the advantages, the challenges are worth considering, and here are some of them:
Since a coworking space accommodates people from different companies of different fields, it’s possible to get distracted by others’ work. Although networking is a helpful take-away of coworking spaces, it may have a negative effect on performance if the office space is too crowded or noisy.
Lack of Privacy
Working in close contact and interacting daily with those from other companies means that they have an insight into the work that you do. Not only do customers struggle with finding personal space when trying to work, but there is always the risk of data theft, especially from competing firms.
Lack of Personalization of Workspace
Since coworking spaces are used on a temporary basis and are open to everyone, they do not allow for personalization of workspace. You cannot bring along a picture of your family, or your favorite plant to decorate your workspace with. This can decrease job satisfaction and the feeling of belonging which is necessary for the motivation of workers.
While many coworking spaces offer luxurious facilities such as yoga, recreation room, consulting services, and technological support, other coworking spaces are not as equipped. Unfortunately, whether or not you are able to find these benefits depends on the customer’s and the coworking space’s location. If the only coworking space near you is one that only offers desks, WiFi, and some snacks, it will have to make do.
It goes without saying that these offices are shared spaces. This means that for each worker, there is limited space. This might pose challenges especially to work for teams in a coworking space that have to communicate frequently and deal with a lot of paperwork and physical material.
Challenges Faced by Owners
Owners of coworking space companies form agreements with landowners to lease a place. They then equip the space with office equipment and structures such as conference rooms, audiovisual equipment, extension cords, seating, stationery, etc. They attract customers with flexible pricing plans and pay the utility bills for space.
As opposed to short term customers, owners of coworking spaces must get into long term contracts with building owners. This contradiction means there are often very big gaps between demand and supply. If the coworking space is not very popular and cannot attract many customers in a particular month, the owners will experience a loss.
The concept of coworking space grows popular as companies begin to value the quality of workers and hire long-distance workers, and individuals in the creative field begin to enjoy more independence. Parallelly, the competition between coworking space companies increases. In today’s market, it is important to offer many additional services in a coworking space to create a fun yet productive ambiance.
Risks of Damage and Insurance
There always remains the risk of damage to property. As customers feel responsible and accountable for the furniture and space, owners must step their game up for damage control. The responsibility for damage assessment, repair, and insurance falls to the head of the owner of the coworking space.
Low Customer Retention
Due to the customer base that coworking spaces attract, they are able to retain fewer customers. This is not only due to the increasing competition of coworking spaces but also due to the nature of the customer’s work. Temporary work teams reach their goals and do not need the space anymore, or freelancers are unpredictable and work at their own pace. This can cause uncertainty and stress for the owners.
Since it is an official establishment, and customers can come and go as they please, the energy requirements increase, as the lights, air conditioners, WiFi, and other digital appliances need to be powered throughout the day. These can add up to a big amount at the end of the month, and can be the reason for a loss is the coworking space has not been able to attract enough customers.
Despite these challenges, coworking spaces have become a popular option due to their flexibility. If your current coworking space cannot meet your needs, there is always the option of finding another one that does, without worrying about costs. If you’re a Jaipurite then you’re in luck because Qbicle is one of the most trusted providers of professional coworking space in Jaipur and their flexible plans and offered features are second to none.