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Whether you are an already established business or just trying to get a foothold, you have at your disposal a variety of options in how you can choose to operate your business. Key among these options is whether to rent office space or to work from home. If you make the wrong decision, your business could suffer. Therefore, let’s explore these two alternatives in terms of their pros and cons and help you evaluate which works better for you work from home or rent office space?
Pros of Office Space Rental/Coworking Space
While working at home, you cannot really escape from things like kids, household tasks, pets and many other things calling for your attention. Having an office separates you from all these distractions so you can focus on work.
ALLOWS YOU TO SET BOUNDARIES
Despite your best efforts to create exclusive time for you to work, it is almost impossible to see it through. By working in an office all work is done in the office, and when you get home, your attention shifts to family. Additionally, family and friends will have more regard to an office and will not barge in at will. This allows you to have a healthy work-life balance.
Technology has made great leaps. Businesses can now have effective collaboration and teamwork among employees across different locations through a virtual office. However, nothing can really replace the feeling of having face to face interactions. It breeds a sense of togetherness among employees and having an office makes this possible.
PROJECTS A GOOD CORPORATE IMAGE
First impressions matter. If your business requires you to often host meetings, then having an appealing office space is almost a necessity. It will allow you to project and maintain an aura of professionalism and legitimacy to whoever you need to meet. It will also positively impact your brand in the community.
Cons of Office Space Rental/Coworking Space
YOU HAVE TO COMMUTE
As opposed to walking down the hallway when you work from home, having an office requires you to make a daily commute. This can take your precious time if your office if far from your home.
If you rent office space does not mean that you are completely free from distractions. Co-workers are a major source of distractions whether you work in the same office or working down the hall. They will often stop by to know how you, your family and business and to update you on the trending topics. This can negatively impact your productivity so it is best to nip it in the bud before it gets out of hand.
Holding face to face meetings is very beneficial in creating a sense of togetherness and nurturing company culture. However, meetings have been shown to waste a lot of time and money. Therefore, if you are going to have meetings, at least make them effective. Have a clear agenda, time frame and as few people as you need to accomplish the objectives.
OFFICE SPACE /COWORKING SPACE RENTALS ARE IDEAL FOR PEOPLE WHO;
Anyone can rent an office. However, an office is ideal for the following kinds of people.
- People who are self-motivated, self-employed, and self-directed
- Prefer to have a clear, physical separation between work time and family time
- Prone to distractions and/or loneliness if they work at home
- Prefer to work alongside others without having to work under a boss or for a company
- Able to be more productive when working alongside other productive people
- Value the benefit of autonomy and community
- Employed entrepreneurs pursuing personal interests or businesses
- Need to collaborate and network with other likeminded individuals
- Need to have an office for corporate and professional purposes without having to pay for a traditional office
Pros of Working from Home
IT IS EFFICIENT
When you work from home, you do not need to commute. This means that you save an extra hour or two that you can then use to work or attend to your personal life.
The fact that you do not have to commute to work every day comes with many benefits. One of these benefits of wear and tear savings on your car. You will also reduce your fuel expense and carbon footprint which is good for the environment.
If you have a team of employees, working from home might not seem like a plausible idea. However, through advancements in technology, you can conveniently and effectively communicate and collaborate with your team at the comfort of your home. This will, in turn, allow the whole team to be more productive.
Cons of Working from Home
Ideally, a home office requires you to have a separate room with a desk and comfortable chair. However, not many people can manage to have a spare bedroom or basement to turn into an office. Therefore, most people end up setting up a desk at the corner of the living room, while others turn any space they can sit with a laptop into their office.
NEVER ENDING DISTRACTIONS
This goes without saying. When you work from home, despite your best efforts to make it clear that you are working, something will always come up. From family members to friends and even neighbours, it is almost impossible to go an hour without a form of distraction. However, recently, most entrepreneurs working from home complain about needy pets. While you can set boundaries with humans, what do you do to your favourite pet when it wants to curl up on your keyboard?
If your business requires you to host meetings often, then you might have a challenge. You wouldn’t want to constantly invite clients, partners or vendors into your home for formal meetings. It doesn’t look good on you or the company. Therefore, you will always need to rent office space in order to meet since Starbucks or your local restaurant is not the most ideal space to discuss sensitive issues.
WHO IS BEST SUITED TO WORKING FROM HOME?
Again, everyone can work from home if they so desire. However, considering the pros and cons, working from home is ideal for the following types of people.
- People who are extremely self-motivated and focused
- Are prone to distractions or can afford to set up a convenient home office away from distractions
- Prefer to work alone in a quiet environment
- Have the discipline to clearly separate time for work and leisure
- Do not have an interest in networking, collaborating or hanging out with like-minded entrepreneurs
- Don’t have the resources to invest in a traditional office or Coworking space
SO, SHOULD YOU RENT OFFICE SPACE OR WORK FROM HOME?
After evaluating both alternatives, there is no direct answer to this question. This is because situations vary from one entrepreneur to another. Each entrepreneur and business has unique needs. Therefore, it depends on your business model and your needs as an entrepreneur and a business.
If you are looking to rent office space in Toronto, look no further than Officescape. We have properly furnished shared and co-working rental office space to meet the needs of different businesses at all stages of development as well as individuals. Talk to us today and let us help you make the right decision. (905-482-3020)