Working From Home
Many people decide that working from home is the best option for them. After all, whether you are a freelancer, a remote worker or a business owner you can work from home and pay no additional rent. You can enjoy the tax benefits of having a home office.
This is a viable option for individuals who live in remote locations that make it impossible to commute to an office or coworking space. Also, it's a good option for individual who need to be at home for other reasons than just working. For example, parents with young children might choose to work from home to help with child care and avoid the cost of hiring a caregiver.
Unfortunately, working from home is not always the best option for most people, as it can impact productivity and work satisfaction. Drawback include:
- Constant interruptions
- Limited opportunities to network
- Limited amenities
- No professional location to meet with clients/customers
Renting a Private Office
With a private office space, you minimize all the mentioned drawbacks that go along with working from home. You will find that having a dedicated location for business can be quite beneficial. At a private office you will have a professional space to meet with clients and can enjoy productive, distraction-free work days.
Working from an office not only gives you a reason to change out of your pajamas and leave the house, but you can also benefit from social interaction with your coworkers, which usually leads to higher job satisfaction and productivity.
On the other, there are some downsides to renting a private office, especially when running a small business or launching a startup. The costs of renting a full-size, private office can be prohibitive – and it can put a profitable business at risk. Another is that you will most likely have to commit to a space on a long-term basis. This can a problem for a growing business, as there might be a time when you have a larger team and will need to move to a more spacious office. If you have signed a yearly lease, the growth of your business and your hiring needs will be subjected to the size of your office space.
However, if you are ready to move your office out of your home, but do not want to spend an excessive amount of money renting a private office, joining a coworking space might be a good alternative for you.
Coworking Space: A Smart Solution
Coworking spaces offer the benefits and amenities of a full, private office at a lower cost, while giving you the opportunity to participate in a community of innovators and entrepreneurs and network with like-minded professionals in a numerous industries.
A coworking space provides a wide array of benefits over both traditional and home offices. For example, the cost of a coworking office is much lower than a traditional office, making it a viable option for startups and freelancers. Additionally, most spaces typically have flexible memberships, which means you can sign up on a month-to-month basis, or any schedule that works for you. This minimizes the amount of time you are locked in, allowing you to change your work arrangement as your business grows or changes.
Most important, when you choose a coworking membership over renting a private office, you will have the opportunity to expose your business to many professionals – and potential customers. By being part of a coworking community, you will not only grow your network, but you will have the chance to offer your services to a large pool of businesses. It is not unlikely for freelancers and small businesses to get gigs from companies and independent workers within their coworking space.
The Bottom Line
Working remotely can be a fantastic option for workers who want to be more independent and have autonomy over their work. However, transitioning from a traditional job to a remote position can be challenging and requires effort, dedication, and most of all, adaptability. The skills noted above will help you figure out if working remotely is the right career move for you.