Coworking, shared, and private offices, which is best for you?
Take a look at all possibilities. Remember that signing a lease is locking you in at that rate for that period of time, depending on how lenient the lease is and what is in their terms and conditions. At AllOffice.Space we have options from monthly programs and no contracts as well as multi year committed leases, the choice is yours and you can choose which suits your business best.
Remember to always read the fine print because some landlords or agencies might hide information in there that you are unaware of. Furthermore, the majority of commercial real estate brokers mandate a 3-5 or even 10 year lease term when guaranteeing office space. This is one of the areas where we at AllOffice.Space differ as there are no such long term requirements.
If you are a startup company that cannot guarantee you will even be in business at that time, this could end up costing you lots of money down the road. It’s not the most ideal requirement for a new business or a business that is on the rocks. We have been stressing in the past couple articles how important it is to be organized and to think ahead of every possible option.
Be creative with your office space needs and by identifying solutions ahead of time, you will be able to invest the money you will save into your business instead of into the office space you are renting. You can always ask for additions, or changes to clauses in your lease agreement, if it can't be done (or they wont) then they'll let you know.
People who use co-working space see their work as significant, and they tend to be more punctual when surrounded by other working professionals. When speaking about a co-working office space indifference to a traditional private office, workers tend to be more comfortable in their space and with what they are doing.
They report not feeling as pressured and as targeted because of the other businesses and ventures sharing the same space. Your work identity might be stronger when you are working in a co-working space. Depending on who you are sharing office space for rent in Toronto with, this is a good way to network and connect with peers around you. You can all help each other out in different areas if that works for you. It’s social sustainability and job sustainability.
Our co-working spaces are accessible 24/7, therefore you will have more job control. But there are also day coworking options available too. These are typically ideal for remote workers who don't tend to stray outside of the 9-5 office hours such as English Teachers.
This will not put pressure on your employees to get all their work done by a certain time before the office closes. They can now stay later or come in early the next day to finish up!
It can pay off big to let your employees complete their work when they are most efficient!
Your employees will feel like they are apart of a community. There is more culture and life and the work vibes will change periodically. Renting a co-working space definitely has its advantages but it too has a few disadvantages for people as well.
Some people may find it hard to focus and grow in a space that is surrounded with other businesses and people who are not entirely focused on the same project and tasks as they are. Maybe their production will lose out on business because there is a lot going on in this space. You really need to know how you and your team operate best in order to design and cultivate the bet environment for everyone
The Top Five Benefits of Co-Working Space:
Better Business Structure
In terms of networking through co-working, when you rent out a private office you don’t get the support from peers around you. You have a barrier between people who could potentially help your business.
Co-working puts you in a place with people of different mindsets, but those mindsets could come together and create something new and exciting. If you can find a co-working office space to rent in Toronto that is in a similar field to your business, you might be in luck. It could be a huge benefit to your business.
Co-working gives your business and employees more flexibility, which was briefly talked about earlier in the article. You can give your employees the option to start earlier and leave sooner or vice versa.
Since most places are open 24/7 you have all the flexibility you need. Emotional support plays a role in which, if you ever have self-doubt you can know that you have people around you who might have experienced the same problems before. You can reach out to people and get advice once you feel comfortable.
How Do You Think Co-Working Could Be More Effective?
The office space you create is energy that people can feel as soon as they walk into the office. They create a mindset from interacting with associated workers. According to a study on ‘Office Vibe’ a co-working office environment made 64% of entrepreneurs more productive, 68%of entrepreneurs more focused and close to 90% more confident.
Here a Harvard Business Review article further explaines why most people survive in a coworking environment, but in fact thrive!
You will feed off the energy from the office and see all the entrepreneurs working hard and becoming successful, which will make you in return do the same. This ties in with the structure of your business. You can see other people are working and being successful and you will feel like doing the same.
Instead of working at home where you could become easily distracted, you have a more efficient business structure when you are away from distractions. Not only will you keep a good business structure but also you will separate business and pleasure from one another.
When you do go home you should shut off your mind from business and when you get to work you should be focused on what goals you want to achieve by the end of the day!
Keep an eye out for our upcoming article on ‘What The Landlord Needs To Know.’ It’s informative and useful information for those of you in Business or wants to be in business in the future! ☺