Due to the ongoing pandemic, businesses around the world have switched to working from home (WFH). Corporates are also turning to collaboration to increase flexibility, create a distributed and hybrid workforce, and save costs. The question is which works better for corporates – WFH or co-working offices?
Work from home
One of the most exciting things about owning a business is deciding when and where to work. Depending on the nature of your business, you may not even need an office. Working remotely or from home can be an excellent choice, but doing so comes with its pros and cons.
Benefits of working from home
- Time savings – Because working from home doesn’t require commuting, you save time you would normally spend driving or taking public transport.
- Cost savings – Working from home doesn’t require paying rent for office space, and you can even deduct some business expenses on your taxes, like your laptop, phone bill, or office furniture.
- Work/Life Balance- When you work from home, you have the flexibility to bus your kids, walk the dog, prepare dinner, and more. Working from home promotes work-life balance.
Disadvantages of working from home
- Lack of meeting space- If your business requires you to meet clients, it is not advisable to invite them to your home. However, you can always meet in a public place, such as a local coffee shop.
- Decreased Productivity – Home-based entrepreneurs need to have laser-sharp focus. Between pets, kids, laundry, and other household chores, it can be difficult to stay productive while working from home.
- Lack of collaboration – Despite video conferencing, chat and messaging, working from home and not having face-to-face interactions with employees and clients can lead to a lack of collaboration.
Working from a co-working space
For entrepreneurs who aren’t quite ready for a traditional office space, a coworking space can be a cost-effective solution that fills in some of the gaps of working from home.
Advantages of co-working spaces
- Socialization and human interaction – When you work in a coworking space, you have access to other professionals, which can help lift your mood and inspire you.
- Business Connections- Coworking spaces can be great places to meet new connections and generate new business. In an office full of energetic, hard-working individuals, you can network like a pro.
Disadvantages of co-working spaces
- Distractions- With many co-working spaces set up as open floor plans, it can be easy to get distracted. Some co-working spaces offer private offices, but there will still be other people using the halls and common areas.
- Additional Costs – While most co-working spaces provide furniture and basic amenities (eg coffee, water), you will need to pay rent. The cost of coworking spaces can vary, usually between $100 and $400 per month depending on the size and area of the space.
Which one is right for your business?
When deciding whether work from home or a coworking space is best for you, keep these additional points in mind.
Productivity is a big factor to consider and only you know your work style best. If you think you’ll be more productive in your own environment, don’t bother looking for a co-working space. But if you tend to work better in a more professional environment, this could be a solid investment.
Also consider the social aspect – or lack thereof – when choosing a venue. Being surrounded by like-minded individuals can be especially inspiring or overwhelmingly distracting.
And finally, there is the price. Sometimes, depending on the terms of the coworking space, you can have the best of both worlds: buying a desk from a coworking space as needed gives you the luxury of minimizing the time you spend alone at home. Personal office space, while still taking advantage of the many co-working spaces offered — without the high price tag.
Everyone works best in different situations. The type of work you do and the stage you are at in your career will also influence the best workplace for you. While you may enjoy the cost savings of a home office early in your career, the networking benefits of a coworking space alone may outweigh the cost of a monthly membership later in your career.
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