Home Office vs. Coworking Space for Your Business
If you are just starting out in business, then no doubt you will have come across one of the most challenging questions for every new business: where should you be based? Undoubtedly, you have already started working out of your back bedroom or carved a nook for yourself at home. But, is that enough or do you perhaps need to look at an alternative working situation?
So, with that in mind, here is a look at the pros and cons of the home office vs. coworking space, as well as the reasons why one or the other may be the best working environment for your business.
One of the biggest differences between working from your home office vs. a coworking space is the price difference. Though not necessarily freeyou still need to pay rent and/or your mortgage, as well as billstheres no doubt that working from home is certainly less expensive than renting out any kind of office space. So, if you have a tight budget then this is almost a no-brainer.
However, in some cases working from home may not be an ideal scenario. Therefore carving out some additional budget or savings to invest in a dedicated office or desk in a coworking space may be ideal. In such cases, you will have to weight the cost and the need against each other in order to actively decide what would be the best option for you.
When you started working for yourself was one of the motivating factors cutting out your commute time? If so, then investing in a coworking space may not be your ideal scenario. Realistically, you can turn up later and leave earlier to avoid rush hour. But, you are likely to get much less work done as a result. Especially in comparison to simply staying at home and working regular hours still.
If no commute is a perk that you just cant live without, then a home office is the clear winner in your circumstance.
Is meeting new people and growing your business one of your goals for 2020? If so, then being cooped up all day in your home office is unlikely to help this happen. Networking events can be helpful in this scenario, getting you out of the house and meeting like-minded professionals from across your local area. But, it can be hard work tracking down a high-quality networking event in many cases.
Whereas, many coworking spaces actively develop and run their own networking events on a regular basis. Inviting like-minded individuals from their community together to meet and possibly collaborate as a result.
If networking is a must, then you either need to ingratiate yourself in a good group or actively seek out events in a coworking space. If youre just starting out and want to grow your business, then this can be especially important.
If you invite a client or potential client over to your home, sit them down at your breakfast nook and conduct a meeting in your pyjamas, then its a far cry from a professional look. In order to appear more professional for potential clients, then, you may want to have some kind of meeting space available.
In most cities you can rent these separately if needed, beyond your own private office. But if you worked in a coworking space then being able to rent out needed meeting spaces is often part of your contract, allowing you to book such spaces when required.
So, in this case, if office space is less important but a professional meeting environment is, then you may want to consider a coworking office. Or at least a hot desk option, as this provides you with the necessary meeting space when needed.
Alternative: Rented Offices
Of course, neither a home office or coworking space may be quite what your business needs in the long term. If you are looking to grow your business, hire employees and make your home business into a bigger enterprise then neither a home office or coworking space may be worthwhile.
If you want to settle roots for your business which actively grow over time, then a rented office may be the best option in this scenario. It is the more difficult path, however, so you may require a commercial property management team in order to be fully successful in this.
Overall, its important to consider all of the different elements which may be the deciding factor in basing your business in a new space. For some, price may make the decision easy and for others it may be the fact that you want somewhere that is a little more professionally suited. Either way, be sure to make a decision that is right for your business.