Happy together: is a co-working space right for you?

• Author: Madison, Rachel
• Position: EntrepreneurEdge

In recent years, co-working spaces have been popping up across the state. Cities, universities and community business leaders have embraced this new type of workspace that promotes collaboration among new entrepreneurs--a place where ideas can be shared and businesses can grow at a fraction of the cost of traditional office space.

But how do you know if a co-working space is right for your startup? Follow these tips from industry experts to decide if a co-working space is up your alley or if you should steer clear.

PROS:

Escape the Basement. Sometimes getting a startup off the ground can be difficult, especially if you're starting out in your basement. That's where co-working spaces can help. "Entrepreneurs can come in and get out of their basement or Starbucks, and instead come to a professional-looking place where they can invite clients in. work and network," says Ever Gonzales, founder of Outlier Labs in St. George.

Wide Open Spaces. Alex Lawrence, vice provost of innovation and economic development at Weber State University, says the general concept of a co-working space is an entirely open area with few doors and rooms. Desks and dedicated work spaces are scattered throughout the open room to encourage collaboration.

Money in the Bank. Gonzales says most co-working spaces offer low monthly rates for entrepreneurs--typically between $50 and $100--to rent items like a desk and chair, plus the use of conference rooms, classrooms, lounges, high-speed internet and access to any workshops held at the space. That price also includes the use of the facility's utilities, restrooms, locker rooms and bike racks. "The monthly fee has everything kind of wrapped into it," Lawrence says. "One price covers everything, so you can come in with your laptop and go."

Collaboration and Commiseration. Lawrence says the biggest benefit to setting up shop in a co-working space is the ability entrepreneurs will have to collaborate and commiserate with other entrepreneurs. "They can help each other, cheer each other on, cry on each other's shoulders and work together on projects," he says.

Devereaux Smith, managing partner of Innovation Network in Provo, says brainstorming is one of the most frequent types of collaboration in a co-working space. "Our tenants will join together to have discussions on how to make one company's product better," he says. "They sit there and have idea storms, and the end product is typically something great."

Mentors Aplenty. Smith...