Most of you, those who follow entrepreneurship and startups have heard about this upcoming trend, that is a huge place where many companies work together. These coworking space in Toronto, either consists of companies with fewer employees or those who just freelance individually, who look for the place to sit and work. The idea of a coworking space is gaining popularity in Toronto. As there is a rise of the gig economy, there are a lot of solo workers who are just looking for places to sit and work. The problems these people encounter is that setting up an office requires a lot of capital. There are many startups, emerging around Toronto, hence coworking space in Toronto is quite a hit.
Now, Lets Us Talk About the Advantages and Disadvantages of Coworking Space in Toronto
Facilities: The coworking spaces in Toronto come with attractive places to chill, with foosball, gaming consoles and what not! Startups these days are getting creative with their setups, and if you want a relaxation room at your cost, you would be getting a hard kick in your pockets.
Flexible lease options: This is an end of your worries, you don’t need to sign year-long contracts anymore. These coworking spaces in Toronto are diverse and provides you with multiple leasing plans, as low as even on an hourly basis. Also, different people feel productive at different times of the day, so co-working spaces give you flexibility in the timings.
Need a mentor? We are here!: Many mentoring sessions are organized by industry specialist that will keep you motivated with your goal. Also, you will have access to training and programs about self-development. These coworking spaces in Toronto enhance your knowledge about funding and pitching if you are a start-up.
Networking opportunities: We say the network is your net- worth. When you will be meeting like-minded people, there are chances of the growth of your opportunities. The people with a similar mindset will help you grow and learn from their ideas. You are also likely to find a potential business partner or investor there.
Save Money: When you are a small team, and a startup at an initial stage there will be chances that you won’t be able to hire a proper office space. The co-working spaces in Toronto are fully- furnished and with a lot of recreational amenities saving a lot of money.
Now that we are well-versed with the advantages, let’s get a brief about the disadvantages
Lack of privacy: A lot of people working on different projects and companies make the system too cluttered. The private cabin isn’t always an option as many-a-times they aren’t soundproof. Sometimes sensitive and confidential company related information gets compromised. Apart from all of that they can turn noisy and cause distractions to the workers. Also, there can be rivals under the same roof, that can trigger unnecessary fights.
Lack of branding and expansion: Once you become an established brand you can’t function in a coworking space, if you want a larger brand value in the corporate world, you will need a larger office.
Restriction on Renovation: The ambiance can’t be changed according to your needs. The coworking spaces in Toronto are well-maintained indeed, but there is no scope of renovation.
Like, every coin has two sides, everything comes with a pro and con. You will have to accept that every action you take has a double-edged sword. So, keep in mind about the consequences. Mutual understanding is essential to make coworking space in Toronto the pathway to future work.