Renting Short-Term Office Space Versus Co-Working
When it comes time to find office space for your growing business, you may find the process to be a overwhelming with the variety of options available. After all, there are many reasons why you should choose a co-working space, while there are many factors that may lead you to prefer renting an office. However, it is a crucial decision and making the right choice is important for long term success.
Of course, the most important consideration is that you choose the setting that best meets your personal needs as well as those of your growing business. Your workspace needs to reflect your image and branding, as well as your specific niche. It also needs to have the right appeal to attract your ideal clients and customers. So, which option is best? It depends on many factors and primarily depends on your needs. Here are some reasons why one may prefer a co-working space and also some reasons why one may choose to rent an office.
The value of co-working
Co-working spaces are becoming an exceedingly popular option for small companies and start-ups. There are many co-working space options that are now available. They are a fantastic option for those that are just starting out.
These spaces provide temporary office space that is readily available, along with shorter leases, and a plethora of networking opportunities. Just think, you will be working alongside fellow entrepreneurs and business people representing numerous industries. You can take advantage of the collective knowledge from the variety of business represented in the space, establish professional connections and increase brand awareness.
Many of these spaces are found in both urban and suburban areas. They offer the freelancer, small business owner, or entrepreneur a chance to escape the isolation experiences from working from a home office or coffee shops. These spaces are create community with each business adding knowledge and contributing their expertise to the mix. These spaces often consist of a large room, a network of smaller rooms, or simply resemble a lounge or huge open office space.
Using a co-working space is much more affordable than renting an office. First, all users are sharing utilities, printers, Wi-Fi, a community kitchen area, coffee makers, conference rooms, and furniture, such as couches, tables, and desks. Many times, a receptionist is available to handle any administrative requests.
Another advantage of utilizing co-working space is that you do not have to worry about business need fluctuations including changes in your business requirements that entail a decrease or increase in your revenue or staffing needs. Coworking spaces afford you the luxury of the greatest flexibility. You can even rent the space for a few weeks or months to work on temporary projects.
Private office space or executive suites
However, it must be acknowledged that there are situations in which renting private office space or executive suites are much more appropriate. First, if you are working in any type of business that deals with private information, such as law, accounting, banking, investments, or consulting, confidentiality is a requirement to be able to discuss business matters in the privacy of your own office. Sensitive documents, such criminal records, birth certificates, and bank statements should all be stored in an area that can be locked up at the end of the day.
Private office space or executive suites entails an enclosed office space that is occupied by your company alone. You can customize the space to suit your personal tastes and the needs of your business. You will be able to bring in your own furniture and artwork. Often, private office spaces or executive suites come furnished for your convenience. You will be able to play music if you want for ambiance. You still have the same benefits available to coworking, including, conference rooms, kitchen, printer, internet, and a receptionist to help with your needs. You don’t have to worry about people moving your furniture and you can have as many guests as you want in your office, of course, space permitting.
Private office space can help you as a business concentrate on branding and establishing an identity in the community. As a matter of fact, many professionals in investments, finance or law can benefit from having private office space to establish credibility while projecting a positive company image.
In conclusion, the idea of finding a the right option to grow your business provides many opportunities. There are several options, including co-working space and private office space or executive suites. By reading our quick comparison above, you can quickly delineate what works the best for your business when it comes to choosing between a small office rental or a co-working space. Schedule to tour a few of each to see how each are different and to get a better idea of what will work for you in the long run.