Things have finally started falling back in their place. With the reboot and restarting world, we are witnessing out of the box setups for business. Breaking away from the conventions, we have business settings with loose boundaries. The two among those many are coworking spaces and rented offices.
These two are at the headlines of many debates. One such debate is how is coworking space better than a rented office. The trends are on the side of coworking space, but as the saying goes, “old is gold”. So let’s have a take on the topic with fair thoughts to each. And, if you are looking for some best coworking space or some best coworking space in Nagpur, then visit us.
Pandemic is gonna go down in history with all the consequences it caused to the lives of people. Not a single area is left untouched by pandemics. The pandemic can be called a financial holocaust because of which many businesses are pushed to go with the rented offices after the pandemic people are starting from scratch too, which also leaves them with the renting office. In short, renting an office is a result of the pandemic, not to exaggerate.
With the reopening world, everyone is looking for the best to go with. No one wants to give chances to beginners or put their money at stake in such crucial times. Coworking spaces are hubs for such people with skills. People from different backgrounds come under a single roof. So the coworking space is a part, or so to say, a need of a new normal.
Pros and Cons
What can be better than a pros and cons list when you are having second thoughts. We have laid our basic understanding of renting office and coworking space. Now we can evaluate them along the same lines.
Steady Business –
Steady businesses usually can go for renting an office. There is no point in investing when you are not getting profits. For a steady business with small finances, a rented office can be the best option.
If you are witnessing visible profits, you can think about expanding your business. Expansion can’t be easier in any other setting compared office. For expansion, you can take more property on rent.
No Sharing –
In a rented office, you don’t have to share your space with anyone. As the owner, you don’t have to worry about visitors every hour. As a staff or employee, you don’t have to get in an introductory conversation every hour.
In your own rented office, you get 100% of privacy. You can contain the elements of your project to yourself or the people you want to share with. There will be no stranger coming and messing up with your private stuff.
Noise Control –
In a rented office, you get to overlook noise control. In your office, you can ask your colleagues and staff to keep quiet to maintain peace. But in a social setting, you can’t really ask people to silence.
In a rented office, you can brand as per your choice. You don’t need to wait for approvals and take permission. You can go about the process with your own speed and requirements.
Renting is one of the annoying things. Rent seems like a sword hanging over your head every month. Rent is also more pricer than buying. On top of that, you have the wages of your employees. You have to keep a certain amount of money aside every month.
Different types of equipment –
In a renting office, you have to arrange a variety of equipment that too in a number. Starting from basic amenities to technological stuff. There is a lot to get done while you are going to rent an office.
The rented spaces often don’t come with furnishings. That is an addition to other expenses. From finishing touches to basic sitting, there is a lot to take care of. Furnishing according to aesthetics is another round of hell for tenants.
Unlike other professional settings, in a rented office, you have to take care of any damages, or any lacks if there is any. In a rented office, you have to pay for repair costs.
Boring Environment –
After a period of time, everything starts to seem boring. The same is the case with a rented office. You can’t really go about changing the office’s aesthetic every six months. The environment directly affects the result and work quality of employees.
No Monthly Sword –
Compared to renting an office, you don’t have to worry about the monthly rent or payments. You just need to pay your membership amount and enjoy your time at the coworking space until your membership plan expires.
Variety Of Equipment –
Unlike a rented office, you get a variety of equipment in a coworking space. You can lay your hands on the trendiest and the latest upgrade equipment in such a setting.
More Socialising –
Coworking spaces leave enough opportunities for you to socialise more. Every day you meet lots of people which enhances your communication skills too. You get to grow as a person and your personality too.
Internet Access –
The whole of the world lives on the internet nowadays. What if your internet crashes in between an important meeting? You wouldn’t like to think of such a horrifying scenario. Coworking spaces have internet access enough to provide you with your smooth online work.
Conference Rooms –
Not every office owns lavish conference halls or rooms. And if there is, it’s always occupied or busy with other teams. But in coworking spaces, they have conference rooms that you can reserve in advance. You don’t have to wait for others to finish. You can get your conference room as per your schedule.
If you are a start-up unit that is just laying its foundation, coworking space is the best option for you. As you are starting from scratch, already you don’t have expenses to spare on basic amenities and technologies. You can just be a partner at any coworking space and use your membership to the fullest.
In coworking spaces, there are people coming together from a variety of backgrounds, age groups and experiences.
In the business, networks and connections are things that can aid you anytime and anywhere. So these spaces offer you enough people to connect with and build a network that can help you in the coming future.
Private Office Reservation-
In an office setting, you have colleagues coming over your desktop from time to time. Not everyone likes to talk in between the working hours. Plus, with the given situation, it is also not safe to socialise with people out of a safe distance.
To avoid such encounters, coworking spaces give you a private office reservation. You can reserve a private office for as many hours as you want and work undisturbed.
Flexible Timings –
Unlike your regular office, you can go for flexible timings according to you and your team’s preference. You can go for an early time slot for extra peace or a late-night meeting to follow up with dinner.
Fun environment –
Coworking spaces are usually up with different events. Starting from book reading sesh to open mic. There is always something fun to look forward to. This fun environment breaks the mundane routine or monotony. It also gives you a fresher perspective every day.
The only con that we can think of right now is that coworking spaces are usually ideal for smaller teams. Coworking spaces have a limited number of members that they can have. So that cuts out the teams that include many members.
It’s needless to say that coworking space is better than renting an office in the modern world. If you still want to be 100% sure, you can go ahead and consult a broker. Prior to that, make sure to take your budget and requirements clear in mind. Look for a meeting point for both lines and then make a decision.
It’s not just about the finances and property. It’s also about your personal preference and your personality. Adjusting according to a new normal surely is a task. But it is how it is. So try to go with the trend and see if coworking space is better for you too.