What is Co-working?
From its origins in America, co-working has finally found its way to Ireland, and not a moment too soon. Co-working, or office sharing, does exactly what it says on the tin; it is the sharing of a purpose-built office space between a community of small businesses/start-ups. It has an ever-growing presence in Ireland, expected to take up 15% of the Dublin office market in 2018, according to The Irish Times.
Who is it for?
Given the non-committal, temporary nature of co-working, it has become a hugely successful resource among:
- Small Business Owners
Recently, the Irish property market has not only seen a rise in demand for Grade A office spaces, but also a decline in vacancies among such sites. To make matters worse for small business owners, office rent prices are reaching peaks that haven’t been seen since before the crash in 2007.
What are the benefits?
If you are only beginning your business adventure, financing is no doubt an issue for you. That burden is only made greater by the pressure of the property market. Co-working gives you all the amenities of owning/renting an office without the price tag of it. Opting in to a co-working community means that you will have access to furnished offices, conference facilities, as well as extra luxuries that you couldn’t otherwise afford. By saving money in the early stages of your business, you are making it easier for your future upscaling needs! Not only is co-working a cost-effective option, it also offers:
- Community Environment
- Flexible Working Conditions
- Prime Locations
While you may think that working from home offers an even cheaper alternative, co-working allows you to maintain your work-life balance. Having an office space of any kind helps to eliminate the distractions that you would find at home. More importantly, working in a shared office space means working in a collaborative environment, removing any threat of loneliness. This community encourages interaction, pushing you to be your best at any given moment.
What are my options?
With popularity rising so steadily, many companies have grasped the opportunity to profit from co-working endeavours. With offices based nationwide, there is no limit to your options. In Dublin, these include WeWork, Dogpatch, and our own customer who availed of our loan services, Harbour View. Looking outside of the capital, choices are just as plentiful with companies like Coworking.ie and Republic of Work looking after you.Typically, you are given the choice between short and longer-term memberships – allowing you a more flexible approach to your office space dilemma. Amenities vary with membership, and monthly prices range from €200 to €760 depending on your needs, as well as daily rates from €49.
Are you tempted by the prospect of co-working but still anxious about the financial pressure to your business? At GRID we offer a great business loan option that works with your cash flow. Our business loan is repaid through a small portion of your daily credit/debit card takings, meaning that repayments are flexible and work with you. Why not give one of our team a call and find out more about this option, or simply apply now?