Guide to Workspace Options for Your Business
Whether you’re just starting out, or you have an established business that’s set to expand, finding the right workspace solution can be challenging. With the workspace industry going through some major changes right now, there are more workspace options for your business now than ever before.
In this article, we’ll take a look at different workspace options that are available and some of the pros and cons that do with each one.
1). Home Office
Finding space to work from home isn’t easy, especially if your home doesn’t have a spare room to use as an office. However, a table in the kitchen, or a desk in a corner of the living room can make great office spaces for your business. Working from a home office is an excellent choice, especially if you have a lean budget.
Here are some of the advantages of working from home:
- Affordable option: no need to pay extra for office space, utilities, and more.
- No need to deal with a landlord
- Work 24/7: work when you need to, even late into the night without worrying about needing to leave.
- Save money on commuting costs
- Keeps set-up costs low
- Some people are more productive when working on their own
- Work in a custom environment where you can control the heat/cooling and lighting
- Better work/life balance
Now for the disadvantages of working from home:
- You may not have access to meeting rooms, be able to take conference calls, and more.
- Working from home can be lonely, especially for those who need more social interactions at work.
- May find it difficult to stay productive due to constant interruptions from loved ones, pets, phone calls.
- Security may not be as good when working from a home Internet connection.
2). Serviced Office Spaces
A serviced office comes with everything your company needs to function and be productive. One monthly payment may provide you with a furnished office, along with access to other facilities such as office equipment, and more.
Here are some of the advantages of working out of a serviced office:
- Flexible lease: many services offices provide a flexible lease, with periods from 3 months and up. You can rent the space short-term or long-term, depending on the type of lease you choose.
- Furnished office: the lease will often include a fully furnished office, so you don’t have to deal with the cost of buying office furniture, having it delivered and then set up.
- Move in: can be done quickly in most cases as long as space is available. Many service office providers will have the office and everything from utilities to the network already setup when you move in. All you have to do is bring your laptop, plugin and get started on work. Your company doesn’t have to deal with a long, drawn-out move in process or the disruptions to business operations.
- Facilities to run the business: you’ll have access to everything needed to run the business. This includes utilities, phone services, high speed Internet, reception and admin services, access to a fully stocked kitchen, cleaning & maintenance services, meeting rooms, networking events, and more. Everything is included in the monthly rent.
Now let’s take a look at some of the disadvantages of a service office:
- Lack of personalisation: some office facilities may not allow you to decorate your office(s) as desired. You’ll be stuck with their décor.
- Watch out for hidden fees: some office facilities may try to hit you with unexpected costs. For instance, if you’d like faster Internet, that may cost extra. Of if you’d like to access to the printer, private meeting rooms, and more these services may cost more.
- Sharing amenities: with a serviced office, you may have to share amenities with others in the building. This can include shared bathrooms, meeting rooms, parking, and more.
3). Co-working Spaces
This is can be a great option if you’re not able to afford to rent an office or other type of workspace. Working in a co-working space you’ll be working in a space with other people. These may include freelancers, entrepreneurs, startups, and more.
Here are some of the advantages of co-working spaces:
- Flexible lease: this is a more flexible option rather than renting a traditional office space.
- Cost-effective: renting a co-working space is more affordable and you only pay for the services you need.
- Here are some of the disadvantages of a co-working space:
- Space: you’ll only have a desk—nothing else. And the desk may not be assigned to you only, but shared with others. This means each time you go to work there, you may be working at a different desk each time.
- May not include access to services you need: be sure to read through the lease before deciding to rent with a co-working space provider. Not all facilities include access to high speed Internet, printing, meeting rooms, and more. Know what’s included (or not) before you sign the lease.
4). Traditional Office Spaces
While a traditional office tends to be more expensive, there are some advantages to working out this type of workspace:
- Professional space: your business will have a dedicated office space, which makes a good impression on clients and business partners. The business will also look like it is more established and that it will be around for a while.
- Develop your brand: with a traditional office, you’ll have the freedom to decorate the space as you’d like. This means you’d have the opportunity to develop your company’s brand and carry it through the décor in the office.
- Control over the environment: with a traditional office you’ll also have control over the environment when it comes to lighting, heating and cooling.
Now let’s take a look at a few of the disadvantages of a traditional office:
- They’re more expensive: you’ll have to buy everything needed to run the business including office furniture, office equipment and more.
- Long-term lease: in most cases you’ll need to commit to a long-term lease. This can be difficult, especially there are major changes in the market. If you need to downsize or expand, you’ll be stuck with the space or will need to break the lease, which will involve even more in fees.
5). Business Centres & Shared Offices
These are another type of workspace alternative that have become popular in recent years. These tend to offer a more formal environment, especially when compared to co-working spaces. Depending on the facility, the lease may also include office furniture, access to meeting rooms, and more.
Here are some advantages that can come with a business centre or shared office:
- Variety of setups: when it comes to office spaces, layouts and furniture
- Access to additional services: including printers, meeting rooms, Internet, business address and more.
Now, here are some disadvantages of having a business centre or shared office:
- Expensive: these are usually more expensive than a co-working space.
- Similar to co-working spaces: everyone may be working in one large space, making it more challenging to maintain privacy for employees.
There’s a lot to consider when choosing the right workspace for your company. If you have any questions about which space would be best for your company, reach out and connect with us. We’re looking forward to talk with you!
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