Office Conundrum: Choosing Between a Private Office and Coworking Space
The tips here will help you make a more informed decision. As your business grows, you want to be sure you and every member of your team is working in an office that facilitates productivity. Often, an alternative office space is the perfect compromise. To achieve this goal, keep the following points in mind:
Know What Resources You Need From a Private vs. Alternative Office Space
Different companies need access to different resources during an average workday. If you’re running a small startup that’s in its early stages of growth, you may only need reliable internet. Someone running a larger business might need printers, VOIP services, and similar amenities.
Look into both private office space for rent and alternative office solutions in your area to determine which offers the resources your team needs on a daily basis. Often, a coworking office space can offer built-in amenities and services that are included in coworking space costs. Meanwhile, a private work space may require you to fill the office yourself with the resources you need.
Set a Budget for Private and Coworking Space Costs
Choosing a private office space for rent when seeking a home for your company can be expensive. A private work space will typically require you to commit to a longer lease than an alternative office space would require.
In general, a coworking space costs less than a private space. You don’t have to rent it for a long period of time, and because you share amenities with other tenants, the costs of those resources aren’t as high as they would be in a traditional office. If you’re on a budget and don’t have enough funds to make a major financial commitment upfront, an alternative office solution like a coworking space might be the better option.
Understand the Benefits of Each
Working in your own private office space gives you the opportunity to focus exclusively on your own tasks. This is why established companies have traditionally gone this route. That said, major businesses like Microsoft and GE have also begun to embrace the advantages that coworking spaces offer.
These alternative office solutions can also be valuable if your company is fairly young. Being surrounded by other teams can offer major networking opportunities, as well be a source for inspiration and advice. If you’re trying to let people know your company exists, working alongside other entrepreneurs in related fields is a good way to start.
Look Into Access Options, Especially in a Private Office Space
The age of the traditional nine-to-five workday is long gone. Your team may need to access your space to get work done on weekends, early in the morning, and late at night. Thus, you want to be sure you have flexible access hours. Coworking spaces and other alternative office spaces tend to offer this, but you may have to look around to find a private work space that does.
The decision of what office environment to place your business is incredibly important. Take your time to assess every factor as you determine the right option for your business. Most importantly, ask for input from your employees. They’ll help you better understand how the pros and cons of a private office space vs. alternative office solutions impact their performance on the job.