The space in which you work can have a significant impact on your success when starting a business. It’s extremely important to compare alternative work environments to ensure the space you’re in is allowing you to reach optimum productivity and efficiency. For micro and start-up businesses, the two most common work places are either the home or a co-working space, typically linked to a business center.
In a start-up environment, cost management is paramount. And therefore the cost of a workspace may affect where you decide to work from. Working from home is a great way to save money on rent when your business is first starting out, as there is no additional rent which you need to pay for an office. On top of the rent payments, working from home means that there is zero travel expenses and no time taken to get to work, therefore you can be using that time and money elsewhere in growing the business.
Renting a desk at a co-working space is significantly lower than having an office space somewhere or a long-term lease, but if you want to be in a professional environment, a co-working business center is an affordable option.
So depending on what stage your business is, and on your capital, it may determine whether you work from home or a co-working space.
Working from home can provide opportunity by means of allowing you to get work done in a quiet space, however the possibility of opportunities arising may be somewhat limited to what can be achieved through the internet and phone. One of the benefits of being in a co-working environment is the networking that you can do. You can never have too many friends or connections when starting a business. Co-working spaces often have events and mentoring sessions which may be a great chance to meet someone you could learn from, get an idea, to partner with or who may be interested in investing.
Depending on your family situation working from home may be great. If everyone has left for work or gone out for the day, it may give you some quality hours at home alone where there is no one to distract you whilst you work. However the times when other people are around your home, can often make it extremely difficult to be productive. The home can sometimes provide a lot of other opportunities to get distracted such as cleaning, cooking, running errands or odd jobs which you may find yourself doing rather than actually sitting down doing work.
Alternatively co-working spaces create an environment to work. You are provided with a desk area, surrounded by other which are also in the environment to get work done. There are no odd jobs to be done like around the house, so the only priority is to work.
There are many things to consider when deciding on what environment you should work from, when starting your business. Working from home and in a co-working space are very distinct, therefore it is important to evaluate your personal tendencies and circumstances in order to determine what’s best for you.