As a start-up considering where you want your employees to work can be a big decision. Sure, you may let them work from home once a week or so, but having an office or shared space may become necessary as your business needs to grow. Let’s go over some of the pro’s and con’s of renting a co-working space, vs. renting an office space for start-ups.
Let’s start with co-working space
A co-working space should meet your needs and include a few bonus offers as well. Renting a space that is affordable, has reliable Internet, and great people you can be around day in and day out should be at the top of your list. Of course, there are many other things to consider, too.
Pros
Affordability: Most co-working spaces are affordable, especially when comparing to an office. You may be able to find daily, weekly, monthly or yearly rates, and won’t necessarily be locked down in a contract.
Amenities: Most co-working spaces offer free coffee. They also offer printers, faxes, and Wi-Fi with your agreement.
Tons of talent: Co-working spaces tend to attract artists, engineers, writers, and other hard-working, talented people.
Cons
Distractions: You may be faced with people watching YouTube videos all day, or those who just can’t work without blaring music. You may also make some great friends there who can make it hard to stay productive. If you or your employees are easily distracted, co-working space may not be the option for you.
Conflicts: There probably won’t be an HR person around when someone steals someone else’s lunch. You may also find yourself with people who don’t know how to resolve disputes in a mature manner.
Competition: You may find yourself in direct competition with someone in your co-working space. Competition among employees will be uncomfortable if you let it. If you come across this, there is also the possibility that you may become allies.
Now onto office spaces
No, not the late 90’s movie starring Jennifer Anniston, but a real go to work, sit down office.
Pros
Professional setting: You’ll have a space that your clients can come and meet you in a professional setting. A professional setting is ideal for start-ups looking to make a name for themselves in the professional world.
Locked spaces: Desks that lock, offices that lock. Your work will be secure and away from prying and curious eyes. You’ll also know that any confidential information is not seen by anyone from another company who happens to walk by your desk.
Conference rooms: If you rent a co-working space, there’s no guarantee that you’ll get a meeting room, or have one available when you need it. In a bigger office setting, you’ll have access to conference rooms, and maybe even a way to set up a projector.
Cons
Cost: The cost for an office space is going to be higher than a co-working space.
Commitment: The harsh reality is that most office spaces will require a long-term commitment of 2 to 3 years. Commitments that long can be a scary thing for start-ups.
Burnout: If you’re in your office all day, you may miss out on networking opportunities, as well as lose your creativity. Co-working spaces tend to be full of creative people who you can use as a resource, while an office space is just the same people day in and day out.
Whether you think you’re ready for a co-working space, or if you want to learn more, contact us, the 580 Executive Center team. We can help you go over your options and help you decide what’s right for your start-up.
