In recent times, the popularity of co-working spaces has skyrocketed and these continue to be a popular choice for start-ups, entrepreneurs, and even big established businesses that need a workspace on flexible terms. Although many have traditionally taken it as given that a permanent office dedicated to a single business is how companies should run, present-day contractors and business owners prefer to look at things differently now. Many businesses have now embraced the concept of shared working spaces to keep the costs of commercial real estate down and eliminate additional expenses like extra-staffing and space build-outs.
The terms ‘shared working spaces’ and ‘co-working spaces’ are used interchangeably quite often. However, there is significant number of differences between the two. The confusion is caused between them because of nearly similar workplaces such as business centres, shared spaces, executive suites and fully-serviced offices providing members with the same experience. A shared workspace and co-working space can vary in terms of the vision of the space, the goals and needs of the company, and the demands of its business. There is not a ‘one size fits all’ for businesses that occupy both shared and co-working spaces.
Co-Working Space Vs. Shared Working Space
Co-working spaces are generally ideal for and preferred by start-ups and entrepreneurs looking for a better and more feasible alternative to working from home. It is often freelancers who use these spaces, as some of them are just getting started and are not tied to any specific business or industry. Co-working spaces afford start-ups with an opportunity to remain lean, providing them with an economical avenue for community collaboration, and a lively, dynamic atmosphere that inspires productivity.
On the other hand, shared working spaces usually cater to and house bigger and more established businesses. They provide a standard office set-up in a modern way, suiting the various requirements of businesses. Comprising spaces such as executive suites and business centres, shared working spaces focus on having equipment like fax machines, copiers, professional office furniture, and stationary in place. Under shared working spaces, clients can have their own
dedicated offices by acquiring Shop and Establishment license and getting their own branding.
Another important distinction is that co-working spaces are usually leased out to members for a period of 3 to 6 months while on the other hand, shared office spaces are leased for a minimum of 12-months and more.
Why Shared Working Spaces Are More Sought-After?
Coming to a co-working space at the entry-level option, one gets a clean desk, access to Wi-Fi, and small perks such as tea and coffee. On a small additional payment, one can get supplies and other services such as printing, copying, meeting/conference rooms, for which normally people have to pay separately, adding exorbitantly to expenses. Such a model suits freelancers, remote workers and small businesses.
However, when the business picks up and there are meetings scheduled with more clients and partners, a private office becomes a more viable option. Although co-working spaces do offer private offices, having a fully-serviced shared workspace provides a more direct connection with one’s clients. One can hold meetings without having to worry about interruptions from other members. Many quality workspaces entail soundproof spaces for calls as well as latest technology for video conferencing and document sharing.
Co-working spaces afford start-ups with an opportunity to remain lean, providing them with an economical avenue for community collaboration, and a lively, dynamic atmosphere that inspires productivity
Businesses need to understand the needs of their clientele and find a space that caters to their particular requirements. For example, a company needs to figure out whether a café will suit meeting its prospects or they will instead need to opt for a more professional environment. In many cases, working remotely hinders productivity for many of the large-sized businesses. Also, the majority shared working spaces provide amenities that are critical to the success of a business that wants to have an office-like infrastructure in place but at the same time not shell out big bucks for a long-term commitment. These factors key in a rise in the demands for such workspaces among organizations.
Co-working promotes community, honesty, openness, collaboration, ease, and accessibility. Co-working spaces also have a full-time community manager or a facility operator for handling these interactions. Such benefits afford opportunities to businesses to leverage those values and scale their operations.
Shared working space gives a deep sense of belonging as one not only owns just a work station but an area privately belongs to them. It is a more sustainable model. People share the space yet enjoy a private atmosphere.
Summing It Up
The benefits of a shared working space are plentiful. It is a sustainable and a financially viable option in the longer run. Shared working spaces are highly recommended as the dedicated branch managers help in the effective management of office requirements through the complete set of services available in these spaces, enabling businesses to focus on their growth and expansion.