The rise of co-working seems inexorable, particularly given how the world of work has changed since the COVID-19 pandemic struck. More and more businesses are encouraging remote working, and when the crisis passes, they will see the benefits that being able to work outside of the traditional office brings and perhaps encourage it further. This is where co-working will really step up and possibly become the new norm. However, will co-working spaces work for every office-based business? No, it won’t. Some will benefit forms ticking to a standard office setup. Here, we look at the advantages and disadvantages of both traditional offices and co-working spaces, so you can find out which one will be more suitable for your business.
By Team Savant
Image: Crew
Flexible Office Space
Flexible office space or coworking spaces usually provide everything that you will need to run a business smoothly. Renting a desk is sometimes paid by the hour or day or paid on a weekly or monthly contract basis.
Advantages
Usually has kitchen facilities
Super-fast wifi
Ergonomically designed furniture
Cleaning, service and maintenance is not your responsibility
Up to date techs such as printers and scanners
Private booths and rooms for meetings and conferences
Hot drinks
Complimentary snacks, such as cookies and fruit
Of course, not whether your flexible office space offers all of the above is dependent on the office themselves, but these are pretty standard. You may find that some have social areas as well, with games consoles and pool tables to encourage a sense of community and friendship and networking. Others may hold regular seminars or training events which you can take advantage of.
Disadvantages
Can be more expensive in the long term
Lack of privacy
Lack of space
Can be noisy
You also have to consider the industry that you work in. If you deal with sensitive matters - perhaps law or finance, you may find that clients are less likely to be forthcoming with information if there are other, unknown people in the room. If you need to spread yourself out, you may find co-working spaces a challenge, as they may offer less space than a traditional office set up.
Traditional Offices
Image: David Fintz
Advantages
Layout and design exactly to your needs and specifications
Your own space, giving you a corporate identity
Privacy
Disadvantages
Cleaning and maintenance and general upkeep is your responsibility
Huge upfront capital investment
Fixed lease or contract
Inflexibility
Many people make the decision based on how many employees there are, but actually, you can still use a co-working space no matter how many staff you have. However, depending on how fast your business is growing may be a better indication of whether to invest in a traditional office setup or whether to embrace the co-working lifestyle. If your business is rapidly growing, a corporate identity is essential, so this may be the tipping point of choosing the latter option.
Both have advantages, and both have disadvantages. Spend some time weighing them up and making the decision that is most suitable for your business needs.