It does not matter what kind of business you are into, whether medical practice, freelancing, remote working starter business among others. Opting for the shared space office has many benefits including the provision of fully furnished spaces that are either hired or purchased.
If one chooses the renting option then one can pay hourly, daily, weekly, or depending on the number of working desks. It is affordable and an amazing way to interact with other professionals increasing the efficiency of delivering services to your clients. Before deciding on working in the shared office spaces consider the benefits to be incurred and the associated disadvantages, if the benefits outweigh the cons then it is the right way to go.
Working at home increases inefficiencies as compared to the shareMD Suites as working at home is at times is too homely and one may end up focusing on the domestic duties more. There is a difference between coworking and executive offices.
What are executive suites?
They are commonly referred to as serviced offices and major business centers worldwide. The executive suites offer office areas that have several shared facilities like the waiting bay, kitchen, and examination room. They share office management including the receptionist and logistical officers and this helps manage the finances which could have been used in purely private practice.
Most of the executive suites are ready for use and it only requires the signing of the working agreements and you can move in with your staff and start working immediately. Business owners may choose to buy or lease the spaces for a certain duration of time like one or ten years.
Executive suites are an excellent option for small businesses that are looking to create a professional image for their clients. Depending on your profession like lawyers, medical experts, and accountants have clients who physically visit them, and the minimized signage by the executive suites give the clients the impression that your business occupies a very huge space. The best thing about these executive spaces is that they are affordable and minimize operational costs of any firm while allowing for professional interactions between the business owners.
What is co-working?
Co-working enables people to work in collaboration or independently within a shared office area. The shared space working environment attracts largely the technical companies, freelancers, and people in self-employment. It increases the chances of networking and interactions with other professionals and the spaces are affordable.
To be part of the co-working model requires an individual or business to sign up for a membership that allows an individual to access the working space and all the office equipment available. Some memberships avail their space based on a first-come, first-served.
Most of the working spaces offer 24/7 access to their conference halls, shared office equipment, waiting bay, and the WIFI. Some offices have very attractive perks like a fitness area, parking, and games like video games. Working in these spaces increases a communing feeling to the business owners.
Benefits of shared offices
- Increased productivity: every business structure needs a working environment regardless of its independence and success rates. When you work from home at times it becomes too comfortable which may reduce productivity. When you have a time set to work in an office your mind is conditioned to work efficiently and there are minimal distractions as compared to working from home where you may choose to take naps in between work.
- Increased professional and social networking: you could face only a few distractions when working from home, yes, but it gets lonely at times. Most of the co-working environments or spaces create a community like living with its members hence creating opportunities for networking with professionals and like-minded people who understand and support your ventures. So, the next time you have a business venture, locate it among the co-working spaces.
- Increased flexibility: co-working has more advantages as compared to working from home. With co-working spaces, one can go to work at their convenient time and leave at the appropriate time. The spaces offer membership at different levels and privacy is always promised. One does not have to worry about logistics and management of the office activities as there is labor provided to handle all the activities like cleaning.
- Availability of short-term deals– there are several leasing or renting deals available for business owners depending on their plans and budget. The short-term deals are favorable to the business that grows and shrinks or takes another direction within a short period.
- Extra perks: when working in a shared space, you get to enjoy extra services offered within the area like refreshments, meeting halls, and printing services.
The disadvantages of shared offices
- Reduced productivity: the greatest benefit of co-working is productivity as yes it is a disadvantage as well! With shared office spaces, noise is a common phenomenon that may distract a person when they are working. At times with socializing one may fail to make great connections if the other members are not willing to be on the sharing end.
- Traveling costs: when you work from home you save on transport costs as there is minimal or no commuting. When you work from a rented or leased space you have to go there daily or the set time and travel back to your residence. Fortunately, with the expansion of the co-working world, you just might find a spot in your home area.
- Financial costs: with shared office space it is affordable but still it is not free. Working from home is entirely free and one does not have to pay rent hence when you choose the shared office always calculate the profit margin against the finances used to rent an office. And if the profit margins are minimal then working from home remains to be the best option.
- Compromised privacy: some office layouts are open and the communal interactions reduce the privacy levels of businesses. But if you require privacy search for areas that have private and quiet nooks where you can have private conversations.
In conclusion, have you thought about relocating your working area from your home office? Worry no more! There are shared offices available and they are affordable with minimized operational costs and you will get to network with like-minded professionals.