Now, this one is surely a new comparison in the Year 2019 when Technology and Tech Startups are the new industry and data is the new oil as they say.
Co-working spaces are either full buildings, full floors or a few floors and they are planned in the manner to suit the millennials and the new gen business with 24 x 7 on tap operations. You can come to the office when you want and go out when you want. All you need is an access card to the office and you are into work.
It has a lot of upside for singles, small teams, and startups, but it has its little disturbances and a casual approach.
Individual offices are cost-effective more controlled, office culture, policies, etc. can be very well defined and its been the conventional way of working throughout the world.
Years back the Business Centre concept evolved and its no majorly different than today’s co-sharing atmosphere.
A Brief Comparison
- Glued to it, can change the only end of the lease or terminate the agreement and then look for another place.
- Maintain the place, pay electricity bills, internet bills.
- Hire Peons and Maids to clean and open or close offices.
- Micro Manage everything from the cleanliness to the AC servicing.
- If your office is small and you need to take more space then you need to move out fully and find another and vice versa if you looking to have a smaller team in the larger office then also you are stuck.
- Cost per seat per year is relatively lesser.
- Enter into a lease with the owners.
- Get legal agreements done and pay incidentals.
- Pay a security deposit.
- Hassle Free, Zero Maintenance & Just sit and work.
- All micro tea, coffee, cleanliness is taken care of across floors.
- No need to hire additional support staff.
- No Micromanaging
- Pay for 1 seat, cluster of spaces.
- Move in and Move out as and when required depending on your contract.
- Less Security Deposit.
- No entering into Lease.
- Business Expense and Tax write off.
- Smaller Security Deposit and no Legal paperwork.
- Monthly or pay as per use billing on office equipment used etc.