What are the advantages and disadvantages of working in a co-work space versus renting an office?
I'm getting stircrazy in my home office and am ready to leave the house. Should I work in a co-work space or should I rent out an office? What are the advantages/disadvantages of each?
Co-working has major benefits for entrepreneurs and startups as it gives the opportunity for networking, collaboration, and provides flexibility. In contrast, owning a large office space can be expensive and challenging to maintain especially for startups when the cashflow is inconsistent. Another option for most startups and entrepreneurs is Virtual Office - where they can benefit from a professional business address and reception services. Here is a great place https://www.virtualofficedubai.ae/ . With a Virtual Office entrepreneurs and startups can also benefit from using meeting rooms on a flexible hourly or daily basis. Therefore, rather than owning any space, entrepreneurs can run their businesses with more flexibility and the same prestige.
The fact that co-working spaces are cost-effective is true, but from experience getting a slot and comfortable workstation or place is difficult. And you wont be able to work consistently due to the constant shifting of places, devices, and office spaces.
Having a rented office will have all your team at a single location and helps in better coordination especially when it is a team effort/project. Single/isolated tasks can be best executed from co-working spaces.
For example blogging can be done from co-working spaces as there no others involved in drafting and publishing content.
The traditional way of working seems to be fading away now. The changing times lead to changing attitudes and to live up to these flexible workspaces are taking the lead in the changing lifestyle. Having a flexible office space for rent has opened up various possibilities of the businesses of all sizes to make working in impressive spaces their reality. Affording these spaces has also become easier which was previously unavailable.
1. Increase Productivity
Anyone who is starting out with their business, who is planning to turn their hobby into full-time work is likely to set up their process at home. Of course, home working can save you money but it can have its own set s of drawbacks in the long run. People often find it difficult to focus when they have to not even get out of their pajamas.
2. Improve Networking
Flexible workspaces always are brimming with like-minded people, entrepreneurs spirit and exciting new businesses. Working from home can shut you off to many new business opportunities. Coworking spaces can be a great way to act as small business hubs. Those who can find great spaces will be around new and buzzing businesses that can help in the long run and keep you motivated.
3. Improve Team Morale
Working from home or alone can soon become isolating for many people. Although staying away from daily commuting and office politics can sound like a dream to many people, but we are social creatures and we need to have interactions and go somewhere each day. Flexible offices can be the perfect choices for these problems. Even if you rent an office space for a week the advantages will be massive.
4. You Get Professional Services
Flexible workspaces can be the reason for growth for many businesses. They do care about the member’s success. In the traditional leased office, the members are given keys to the office. But in big offices, you can get additional services along with the space that is provided.
5. Reduce Your Costs
When a small business decides to rent a leased office then they end up signing a contract for 3 to 10 years. This can some times be a financial risk for the small business that decides to follow the contract. They are highly inflexible and that leads to problems in companies growth.
Put simply, the advantages of co-working are economy, social environment, networking and potential collaboration, more flexibility and business support and facilities like meeting rooms on tap.
A dedicated space in a business centre will give you most of the above along with more privacy and perhaps look and feel more credible. You may be able to meet clients and suppliers in the office rather than rent meeting rooms. The downside is greater overall cost and possible isolation.
Both give a sense of 'going to work' and having that change of scene and environment, if that is important to you. A home office can be made to work well, but it sounds like this not what you want.
You can, of course mix these options, you don't have to work in only one way. Spend some time at home and then so many days at a co-working or shared-office space (I separate these similar environments because a lot of co-working space - and I include mine in this - is really just shared space).
It really depends on your personality and what stage your business is going through. Trialing co-working on a part-time basis is probably a cost-effective test to start your journey with. Good luck.
Everyone working there and everyone they know is a PROSPECT.
Everything begins and ends with your goals/business plan and should be rooted in creation of revenue. Besides getting out of your house what is the benefit? If no benefit then take a look at redoing/re-organizing your home office. Solve the problem not a feeling.
I have rented, subleased, and owned. The best I found was an organized home office with a sublease of small office with use of conference room i could use as needed. I hope that helps. Merry Christmas!
Great question. I've gone through this decision and have done both. There were several factors for me. First, understand your personality. I am much more of an extrovert and need a decent level of human interaction. I can easily work with lots of background noise, such as a coffee shop. I can also put earphones on to drown things out if it gets too noisy. Second, what do you need to do your work? Do you have a lot of files, need a monitor, etc. This will help you determine whether you need a designated desk or file cabinet. From my experience, there are typically a few options with co-work spaces: you can pay a smaller fee and get access to the space (like a gym) and grab whatever desk is available that day or you can pay more for a dedicated desk and/or storage area. Third, what is your price range.
What I like about co-work spaces is that there is often a lot of energy and I've been able to meet some great people and developed a support network to bounce ideas off of. On the flip side, they can be distracting. You need to be disciplined to focus on your work and not talk too much. Also, ask about conference and phone room availability. If you are on calls a lot you wan to make sure you can easily get privacy.
As for an office, I really liked having my own space and keeping everything in a locked office. However, I did feel a little isolated at times and felt there was quite a bit less energy. That said, I had some great neighbors which made going to the common kitchen a nice break.
It sounds like you work alone, but correct me if I am wrong. If so, why are you going stir crazy? Is it that you are alone or do you have family around that is making it hard to work from home? I would ask those questions first and figure out your ideal environment, then go out and look. We ended up with a private office at a co-work space. We got a deal because it was a new co-work space and they were looking to attract new members.
Good luck and certainly let me know if you want any more information.
There are many advantages the first being you get out of your house. The second is you get to save money and not be bothered by things that can take your attention away at home. You would have a place to get input into your thoughts about the business. This may help you when you need advice about clients.
You may not like working with people all the time. There may be to much going to concentrate on your own business. You have to see what is best for you. I like working alone it helps me to think better and if I need advice I can call my contacts where I don't have to have them in my office all the time.
I would say it depends on what you are doing in your job. If you can talk to potential co-workers in the space and throw ideas at them to help you then it may be more beneficial. This can help you and give you suggestions and talk through things if your stuck on things.
The only other thing that you may consider is if you thrive off being around other people or if they annoy you when you work. That is very much a person preference and of course the cost of each.