Trying to decide on the best location for your business? Here we take a look at several factors that are likely to influence your decision, along with the pros and cons of coworking and private office spaces, to help you decide which is better for you.
Coworking space vs. Private office – Cost
Many solo entrepreneurs and freelancers choose to work remotely, either from home or places like coffee shops, to save money. The problem is that these remote locations are often full of distractions.
Whilst a coworking space is more expensive than working from home, it is deemed more professional and conducive for productivity. All expenses from office furniture to utility bills will be included in a set fee, so you won’t have to worry about unexpected costs creeping up on you.
It’s much more cost-effective for solo entrepreneurs to choose a coworking space over a private office. There are no high upfront costs or long-term leases to worry about. It’s as easy as paying a set fee monthly or annually. Most coworking spaces have flexible payment plans to meet your needs.
Coworking space vs. Private office – Upscaling
There’s no doubt that coworking spaces take the hassle and admin out of setting up a business, but what happens when your business starts to grow?
Most coworking space owners will be willing to accommodate their clients’ needs to grow their team and take over more desks. Instead of worrying about setting up and running the office, business owners can focus solely on growing their companies.
The only downside is that having the flexibility to expand your team in a coworking space can come at a premium. You have to decide whether it’s worth paying a little more for the hassle-free and flexible nature of a coworking space or whether you’d be better off investing in a private office.
Coworking space vs. Private office – Identity
The question of how you’ll manage your business identity is sure to come up when you’re considering a coworking space or a private office. In a private office, you’ll be able to make it your own, but of course, this will come at a hefty price.
In a coworking space, you have less control over what your working environment looks like. However, if our coworking space in Gibraltar is anything to go by, you certainly won’t be disappointed! Most coworking spaces are on-trend, creatively designed and largely tech-focused. This sort of environment will show your clients you’re contemporary, forward-thinking and capable of meeting their needs.
Coworking space members can also access private meeting and conference rooms, so that you can meet with clients in a practical and professional setting.
What is best for the Environment?
Starting up a business can be daunting and lonely, especially if you’re working from home or in a private office. One of the great things about coworking spaces is that you’ll be surrounded by people who are in the same position. There’ll be opportunities for you to help each other out and who knows what collaborations will be on the cards? Coworking is fantastic for networking and meeting people from a wide range of industries.
Aside from the social and collaborative nature of coworking spaces, they are also designed in a way that aims to make work fun. If you love what you’re doing and where you’re working, you’re bound to be more productive.
What’s best for your business?
Whether you choose a coworking space or private office will largely depend on your finances, business goals and what you’re hoping to get out of the office space.
If you’re looking to keep costs to a minimum and benefit from a flexible, high-tech and collaborative environment then coworking is definitely for you.
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