Are you thinking about taking the step to relocate out of your temporary home office to an office space? The process can indeed be quite overwhelming. Expenses are usually at a minimum when working from your home office. However, this comes with distractions galore.
While working from an office space means your costs are higher, it brings a host of tangible and intangible value to your business. This is why it is crucial to rent an office space that entirely aligns with the needs of your business.
Perhaps the most critical question to keep in mind when searching for office space is – “why”? Once you understand the purpose of the space you want to rent, you can decide what type of office space best satisfies your business goals.
Today’s sharing economy has seen new coworking space models developing that provide space to entrepreneurs, small business owners, freelancers etc. Since there are many types of spaces available, you need to decide whether you want a hot desk/dedicated desk in an open setup or a private office space. It’s imperative you understand the exact distinction between these before you make a decision.
Here’s a look at some determinants that will likely influence your decision on which office space type – coworking and private office spaces – is more beneficial for you.
Countless solo entrepreneurs and freelancers prefer to work remotely, either from home or from coffee shops, to lessen their expenses. However, the predicament is that these remote locations are prey to frequent distractions that negatively impact work.
While a coworking space might seem more expensive than working from home, it’s easier to maintain a professional front and contributes to productivity. In addition, all your expenses, from office furniture to utility bills, are included within one rental fee, so there’s no fear of unexpected costs or any hidden charges creeping up.
When comparing the two, choosing a coworking space over a private office is much more cost-effective for solo entrepreneurs despite both coming with a range of facilities. In both cases, there are no costly long-term leases to fret about. Instead, it’s as straightforward as paying a fixed monthly or annual rental. In addition, most coworking spaces offer flexible payment options to suit every budget and business type.
Undoubtedly coworking spaces take away the hassle of administration when setting up a business office, but what follows when your business starts to expand?
Most coworking spaces conveniently accommodate their clients’ demands to take on more workstations as their team grows. So that instead of bothering about setting up and administering the office, business owners can concentrate undividedly on growing their businesses.
You need to decide whether you want to invest in a little more for a private office space’s hassle-free and flexible nature or whether you’d like to rent workstations on an individual basis as a coworking format.
How you would like to project your business identity is another essential factor to consider when opting for a coworking space or a private office. A private custom-built office space gives you the freedom to align it to your brand identity at a slightly higher price.
However, while you may have limited control over customizing your working environment in a coworking space, most are trendy, thoughtfully designed and generously tech-enabled. This kind of work environment immediately projects a modern, forward-thinking brand capable of meeting your clientele’s needs.
In both cases, space members can access the complimentary meeting and conference rooms to discuss or meet with employees and clients in an efficient setting.
A fully furnished private office within a coworking space is the best option for a sound balance between open workstations and private offices. They make for the best of both worlds, merging the collaboration of an open office with the privacy of your office space.
These provide the best value for individuals or small teams looking to rent private offices at more cost-efficient pricing than renting traditional business space while providing comprehensive business amenities.
Regardless of whichever type of office space you decide to go ahead with, one thing remains uncompromised, which is supreme functionality – the foundation of our service motto at Workafella. Book a tour with us today to experience it for yourself!