Coworking vs Your Own Office Space: Making the Right Choice for Your Business
Finding the right workspace is crucial for the success of any business. While coworking spaces have gained popularity in recent years, designing and building your own office could be a strategic investment for your business. In this article, we’ll explore the pros and cons of setting up your business in a coworking space vs your own office and the potential financing options available.
Branding and Culture
Coworking vs Own Office
Having your own bespoke office space offers a distinct advantage when it comes to branding and identity. With a self-owned space, you have the freedom to create a personalised environment that authentically represents your brand values and corporate culture. On the contrary, most coworking spaces do not allow company logos and branding to be displayed in a shared office. Customising the space to align with your brand fosters a sense of authenticity and cohesion, leaving a lasting impression on clients and employees. From wall colours to furniture choices, every element can be tailored to showcase your unique brand personality and differentiate your business from the competition. This level of customisation helps build a strong brand identity that resonates both internally and externally.
Flexibility vs Productivity
Coworking
Coworking spaces offer businesses the flexibility to rent space for as long or as short as required, which can be a useful option for businesses that are just starting out or those that need to scale up or down quickly.
Your Own Office
While coworking spaces offer more flexibility in terms of leasing, one of the main advantages of having your own office space is the ability to tailor it specifically to your company's needs. Unlike coworking spaces, where layouts are predetermined, having your own workspace allows you to design the space to promote productivity and collaboration among your team. From flexible floor plans to specialised work areas, customisation helps maximise efficiency and enhance your brand identity. A report by Harvard Business Review reveals that employees in traditional office spaces, designed for collaboration and efficiency, experienced a 32% increase in overall productivity compared to those in coworking spaces.
Networking and Collaboration
Coworking vs Own Office
Coworking spaces offer the opportunity to collaborate with other businesses, which can be a great way to share resources and ideas. They also provide an opportunity to network with other businesses and entrepreneurs, which can be an effective way to make connections. A bespoke office allows you to create, design and implement customised events plans, hosting networking events, workshops, and seminars tailored specifically to your business goals and target audience.
Cost
Coworking
Coworking spaces eliminate the initial outgoing costs associated with designing and building your own office space. Instead, you pay a monthly fee that typically includes amenities such as utilities, maintenance, and access to shared facilities. This cost efficiency is especially beneficial for start-ups and small businesses with limited budgets.
Your Own Office
Designing and building an office space can be a costly endeavour for any business. The expenses involved in creating a functional and aesthetically pleasing workplace can often seem daunting. However, with the growing trend towards landlords financing fit outs and the option to apportion fit out costs into rent rates over a specified period, businesses can now explore financing options to ease the financial burden. This approach provides an attractive option for businesses as it allows them to commence their fit out without worrying about immediate upfront costs. Instead, the fit out costs are spread out over the lease term, making it more manageable for businesses with tight budgets. Financing your fit out eliminates the need for companies to divert significant amounts of capital towards office renovations, allowing them to allocate those funds for other essential business operations.
To find out more about financing your fit out get in touch with our commercial experts here.
Privacy and Security
Coworking vs Own Office
For businesses handling sensitive information or requiring confidentiality, privacy and security are paramount. This can be a concern with coworking spaces as there is less security in terms of keeping confidential information safe. However, with your own office, you have full control over access and can implement stringent security protocols. This level of control is often lacking in coworking spaces, where shared amenities and open environments may not provide the same level of confidentiality.
Coworking vs Your Own Office Space - What is right for your business?
Ultimately, the choice between coworking and your own space depends on your business's requirements, growth plans, and budgetary considerations. Coworking spaces can be a great option for start-ups and small businesses looking for flexibility and cost efficiencies in the short term. For more guidance on considering the right coworking space for your business, read here.
For companies looking for a space that caters specifically to their needs, having your own office space provides numerous advantages to accelerate your business. Your own office space allows you to create an environment that authentically represents your brand values and company culture. Additionally, it provides the necessary privacy, security and control that may be limited in coworking spaces. With financing options available to mitigate upfront costs of fit outs, businesses can establish their own office space that caters specifically to their needs, facilitating increased productivity and enabling long-term growth.
With over 30 years’ experience designing both bespoke offices and coworking spaces, our team at Modus can help you find the right space for your business. Get in touch here.