Let’s do a comparison of coworking space vs a home based office. Since these are two of the hottest trends in business, chances are such a comparison will be beneficial for many. We invite you to read this article and then call us at (817) 439-3224 if you have any questions.
What is a home-based office?
It is only the most common form of business location in the United States. Recent estimates have the number of home-based businesses at over sixty million and growing. It is exactly what it sounds like, a business based in a home. It is done for a number of reasons, the most prominent of which is the savings of working capital.
What is coworking space?
Coworking space is a shared desk or a shared office space in a shared building. It is a short-term way to rent an office without too much of a cash outflow. Instead of signing a one-year office lease, you only sign a month-to-month office rental agreement.
Advantages of a home based office
The main advantage of a home based office is the money you save. You are already making a house payment, so you pay nothing extra by converting a spare bedroom into an office. It is also very convenient to wake up, shower, and walk twenty feet to your business . . . no commuting, no traffic hassles, no nothing associated with an office outside the home. If you need a snack it is in the fridge down the hall. If you need to take a break the television is nearby, or you can work in your garden. Comfort, ease, money savings, and familiarity . . . all are strong arguments for a home based office.
Advantages of a coworking space
A coworking space is valued by many because it allows for interaction with others. Business owners work side-by-side with other business owners, not in competition but in a spirit of support and encouragement. Coworking allows for a sharing of ideas. It is a think tank during breaks. It is alive with creativity and social interaction, and compared to normal office rentals, it is very affordable. A coworking space also give a professional face to your business.
Disadvantages of both
While a home-based office is, without a doubt, less expensive, it is also a rather shabby look for a business. It is next to impossible to have clients come to your home based business while the cat lounges across your computer workspace. A home based office also perpetuates loneliness and stifles creativity.
A coworking space does cost more than a home based office. It does require commuting to and from your home. It is, in that way, an inconvenience.
About Paddock Place Office Suites
Hopefully we have given you something to think about. If you are interested in seeing a coworking space in action, visit the Paddock Place Office Suites website, or give us a call at (817) 439-3224 for more information. If you are in the Fort Worth area we would be happy to arrange a tour of our locally owned and operated coworking spaces in the Fort Worth Design District.