Co-working spaces are known for the many tangible and intangible benefits that they provide to their users and have gained immense popularity over the years. However, these spaces do not resonate with every form of organization. According to the S-curve of growth, there are Four stages that an organization goes through irrespective of their choice of industry. These stages move from start to growth, followed by scale and finally, maturity. It is critical to understand that each of these stages creates a separate identity of a company.
Types of Organization
Companies at the start stage would be primarily involved in innovation and gathering resources. These would include start-ups and freelancers who generally work as per their convenience of time and interest.
The growth stage would classify companies that have progressed from the start-up phase, generating revenue and growth with their client base but are facing heavy competition.
At this stage, a company can increase its revenue without incurring any cost. They significantly have established themselves in the market and have potentially formulated an approach that incurs no cost. Uber and Ola are some examples.
Companies at the Maturity stage have an excess amount of revenue generated from their scaling phase and now reach a stagnant level of growth. These are large scale companies where, even though innovation exists, it would not be too drastic in its form as most of the advancement has taken place in previous stages.
With the understanding of companies in terms of their evolving stages, it is clear that their functionality would also evolve. There would be different requirements needed by the companies to support their growth. Hence, a co-working space that provides a one-size-fits-all approach would not benefit each form of organization.
Co-working is not Your Solution if,
Co-working spaces have significantly earned a reputation for the many perks that they provide. From a reputed location on the map to even a parking spot, the amenities seem to be too attractive to pass. However, these do not suffice a company in the long run, particularly for companies beyond the Start stage.
Selection of Property:
As a start-up and a freelancer, the flexibility to shift your work-environment from one to another isn't a hassle. It is once you mature and establish yourselves that shifts your requirement towards permanency.
With co-working spaces, there is also a limitation to the convenience of location selection. Although their situated location is at the hub of the city, it may not always be at the preference of your company.
As a company begins to grow and flourish in the industry, it is bound to face competition. Since co-working spaces follow an open office plan, it hampers companies to have private discussions over business strategies while sharing the roof with their fellow competitors.
Once a company progresses towards the scaling stage and beyond, matters that require confidentiality take place. These matters could be anything ranging from client or business meetings with remote parties. As co-working spaces involve sharing wired and wireless networks, these meetings would not guarantee a hundred percent end to end security while being in a co-working environment.
Companies beyond the start-up phase would now begin to cultivate a company culture that would be unique to their own. Further, these companies now have established a face in the market and would also require their branding. All of which would only be possible if they owned a private workspace wherein they could explore the possibilities with their brand and culture.
Branding and Identity:
A company always visualizes progress with its own identity and brand. A company would want their logo sign put up for everyone to see. They would want a work environment that resonates with the company's philosophy. These attributes create an identity of the company itself. Co-working companies, however, do not provide the freedom to brand and create your own identity as they have their own to represent them.
These factors bring clarity to the role of co-working spaces with different forms of organizations. While start-ups and freelancers enjoy the endless ingenious treats of co-working spaces around the world, it is hard to say that co-working would be an unsustainable form of workspace. As long as there are start-ups that need a space to network and innovate without wanting to commit to leasing private workspaces, so long would co-working culture sustain. It is only once start-ups move forward that the benefits of a co-working space begin to seem questionable.