Co-working spaces and offices are both great options for start-ups, freelancers, entrepreneurs, small businesses and remote workers. But which one is right for you? There are a lot of factors that might determine which is the right fit for your circumstances. Let’s take a look.
The pros of co-working spaces
Co-working spaces are great for freelancers, entrepreneurs and small businesses. The costs of sharing an office space with other like-minded individuals are usually far cheaper than leasing your own office space. It’s a more social environment too, which leads to networking opportunities that might help to grow your business.
The other great benefit is that everything is provided. You can access reception services, mail handling, and of course, all of the standard office amenities and technology you would expect. You’ll get fast Wi-Fi, telephony, printers, scanners and more. Setting all of these things up yourself would be expensive, but in a co-working space, it’s all there for you. Plus, if you choose a venue like Urban Hub, you get a desirable CBD location without the price tag.
To recap, some of the benefits of co-working spaces are:
- More social
- Greater flexibility
- Fewer overheads and setup costs
- Networking opportunities
- Amenities provided
- Desirable office locations
The cons of co-working spaces
While co-working spaces are great for collaboration and networking, there are some downsides to consider.
- Privacy:If you need to make private phone calls or conduct important client meetings, you don’t have a lot of privacy. However, you can always book a shared meeting room for those times you need a little extra quiet.
- Noise levels:The collaborative nature of a co-working space is great, however, most are open-plan. This means noise travels quite freely, so if you are easily distracted, it might not be the best place for you.
Overall, there are ways around both of these issues, so unless you absolutely can’t work in a vibrant environment, co-working spaces are still a great place to be.
The pros of offices
When comparing a co-working space vs office, the most notable difference is privacy. In your own leased commercial office space, there is nobody else there except you and your employees. This means you can collaborate with your own team more freely, with nobody overhearing potentially confidential or sensitive information.
You also have the professional appearance of an office to consider. If you’re entertaining clients, having your own dedicated office space adds a touch of professionalism. Plus, you also have the flexibility to fit out your office the way you want (within the terms of your lease). You’ll never need to worry about meeting room availability or access to amenities because you’ve got your own.
Recapping again, these are the main pros of designated office space:
- Flexibility of layout
- No shared amenities
- Professional appearance
- Potential for designated car parking
The cons of offices
Leasing your own office is often seen as a step up, but that’s not always the case. There are a few drawbacks to offices, too.
- Cost:The cost of leasing your own office space is much higher than a co-working space.
- Setup expenses:If you need to purchase equipment such as printers, telephony, furniture and more, the costs can add up pretty quickly – before you even start work.
- Lack of collaboration:While your own office is great for internal collaboration, you miss out on the social aspect of a shared office.
- Location:Of course, you can lease an office wherever your budget allows. But convenient CBD locations cost a fortune, so you may find the only office you can afford to lease is out of the city. This means it’s more difficult for clients and customers to reach you, and also more commuting for you and your staff.
We should note that if your business grows to a certain point, the only thing that makes sense is leasing your own office. But for smaller businesses, start-ups and freelancers, co-working spaces make much more sense.
Can’t decide between a co-working space vs office?
If you’re still not sure what would suit your situation best, we’d love to show around our Urban Hub facility. We offer a range of office solutions, such as co-working spaces, serviced offices, virtual offices, meeting rooms and your own dedicated office space. Why not get the best of both worlds? Urban Hub provides the community feeling of shared offices with the benefits of your own leased premises. Plus, you’ll love our fully licensed café and outdoor terrace for relaxing or entertaining clients. Contact us today to find out more.