The rise of co-working spaces has given businesses another option on where to situate their operations. Previously, they were only relegated to a private office option, but now they are free to rent office space in co-working places. Of course, the decision will ultimately boil down to what your business is, the number of employees you have, how you want to be perceived by clients, and your budget. To help you make the smarter choice, here is a quick guide that outlines the pros and cons of each option:
Traditional or private office space can serve as the exclusive headquarters for your company, which means you don’t have to share with anyone else. You can have an open layout like a co-working space, but you also have the option to divide it up into cubicles or rooms. You can also set up secluded conference rooms for group and client meetings. Plus, you have complete control over the technology and resources you want to have for your team.
Pros of a private office
- Private offices give you the utmost privacy with fewer distractions and scheduling conflicts. You’re free to use meeting rooms whenever you want, and since you don’t have to share with other people or companies, it also offers a quieter environment.
- Co-working spaces facilitate easy collaboration, while private offices encourage individual work.
- If you handle clients often, you can ensure better confidentiality and privacy.
- You can also design the office however you want, which can contribute to your personal branding.
Cons of a private office
- Since you don’t share a space with other companies and individuals, you have fewer opportunities to network.
- If you decide to have separate cubicles, you’re creating barriers between team members and discourage collaboration and communication among them.
- You have a ton more administrative work since you have to manage everything yourself.
- You also have to put up with a long-term lease which can be costly.
A co-working space is an arrangement that involves an open-concept layout. You share a space with any company or individual who is a member of that space. These spaces often have communal areas like meeting rooms, shared technology like Wi-Fi and printers, and shared amenities like free coffee and snacks.
Pros of a co-working space:
- The open layout of a co-working space grants flexibility and allows individuals to work wherever they choose, provided that it’s available.
- Having to share a space with other people presents collaboration and networking opportunities that you cannot have with a private office.
- You only have to pay a membership fee for all the utilities and amenities you enjoy. Many co-working spaces offer month-to-month and quarterly plans, depending on the space you choose.
- You don’t have to concern yourself with administrative work since co-working spaces have built-in management.
Cons of co-working space:
- If you’re a freelancer or running a startup, a co-working space can be costly compared to working at home or a cafe.
- Expect to have tons of people around at all times, given that it’s a shared space.
- If you’re meeting clients, it may not be the ideal place to hold a meeting.
- You also have to accept that there may be times where resources and meeting rooms may not be available because everything is shared.
What you decide ultimately depends on what your business needs at the time. If you choose to go for a co-working space in Charlotte, NC, don’t hesitate to reach out to us, and set up a tour to fit your schedule. We provide everything you need to grow your business from the day you move in!