If you live in a popular urban market, you are likely aware of the steep cost of living; consider, for example, sold house prices in Toronto, which have increased by double-digit percentages in recent years.
In order to cut costs, those who freelance or run their own businesses in big cities may consider working from a home office rather than investing in pricey commercial real estate. However, working from a coworking space has become an increasingly popular option, and no wonder – overhead costs are much lower than traditional office space, and there are a number of other perks such as networking opportunities with other entrepreneurs.
A global coworking growth study from Co-workingResources shows that Toronto, home of tech and real estate company, Zoocasa, ranks third in terms of global growth of coworking spaces. This creates a new challenge for business owners as it can be difficult to tell what the best workspace option for your business truly is.
Here are some of the benefits and drawbacks of each so that you can decide whether you should work at home or in a coworking space.
While working at home is often viewed as a dream come true―as it means avoiding commute-related stress ―there are also a few drawbacks. For example, it can be quite easy to be distracted by tasks or other personal life issues, which may keep you from being as efficient as you could be elsewhere.
For some, a quick fix is learning to set boundaries to help avoid distractions – but this is easier said than done.
Another temptation that can affect your productivity at home is the close proximity of your workstation to your bed. While it may seem appealing to crawl back into bed at a slow point in the workday, it is often more beneficial to work through it.
A coworking space may provide that extra push to keep going, along with inspiration from those working around you. However, sharing a space with other people may mean that you’ll have to sacrifice some of the peace and quiet that you would normally get while working at home.
While working at home, depending on your profession, you may go the whole day without interacting with anyone. This may be the ideal set-up for some, but quite daunting and alienating for others.
In a coworking space, there are several different ways that you can interact with the people around you. Whether connecting with your work area neighbor or participating at the events that some coworking spaces offer, renters are presented with the unique opportunity to network with those around them. This can be highly beneficial as not only does it foster a sense of community, but it also allows for these entrepreneurs to form partnerships.
One draw of coworking spaces is that they typically offer chic office décor, saving you the need to purchase furniture and other equipment. However, this will lack the element of personalization that setting up your own home office would provide.
As well, renting a coworking space can be quite expensive depending on the type of plan that you subscribe to, especially if you are looking at some of the more permanent options.
One important factor that may impact the pricing of a coworking space is access. Although at home you do not have to worry about how accessible your office is, some coworking spaces have limited hours of operation, which can be an issue if these hours don’t fit your schedule. In those instances, it’s smart to look into options that are open 24/7, though they will likely come at a higher cost.
It can be quite difficult to decide which space truly fits the needs of your business. Don’t be afraid to explore your options before committing to either a home office or coworking space. No matter what option you choose you’ll find the perfect home for your business.
Zoocasa is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings at zoocasa.com or download our free iOS app.