The world of work is changing and thus arises the need for adopting new styles of work environments to suit your business the best. There are types of spaces available in the market today and before you plan to give your dream a pad to launch, you should be sure about what it has to offer. To help navigate your thoughts, we have put down three basic categories in which any space is likely to fall under.
Any space has primary reason for existing and understanding the core differences between each, you can probably make the best decision for you and your team.
Office Rental Facilities
This is primarily a landlord-tenant relationship. Organizations offering Office Rental facilities run on business models where a piece or several pieces of real estate are divided into smaller pieces. Services are added on and then the space is sub leased at a profit. They compete on location, price and services.
This works well for businesses that require the privacy and services of an office without necessarily wanting to lease an office of their own. This model is useful because it makes office space accessible to smaller businesses whose founders are not in a position to take on private spaces of their own.
Startup incubators run on a model where their success is defined by the growth of the companies they house. This environment constitutes of people with ambitions to build high growth companies.
Incubators are useful because they take talented new entrepreneurs and provide them guidance, education, resources, and connections to propel them forward as growing businesses. They compete to attract and develop talented and ambitious startup founders.
These are organizations that offer membership to a community of like-minded people in a common shared space. Uniquely, coworking spaces are often organized as a community first before a business entity is formed. They stick close to the core values of community, collaboration, openness, sustainability and accessibility.
These spaces work best for people who do not need private spaces or incubators but want access to a place and community. This could mean individuals or small teams whose work doesn’t require much more than a desk and an Internet connection. Coworking spaces appeal to minds which office rentals or incubators cannot cater to.
Each coworking space distinguishes itself by its own community. Each of these communities has a different culture, so finding the one that fits you the best is vital.
How to choose?
Each space has its own advantages and drawbacks and it is important to know what is most useful to you and your needs. For example if you are looking at an opportunity to bump into a potential investor, an office rental space would be ideal over an incubator or coworking space. On the other hand, if you are looking at becoming a part of a culture, Coworking will surely suit you.
Coworking can be called as a school of thought in which people do what they really care about than just merely being a business entity. It is often a liberating experience to share and communicate ideas with people who are as passionate about what they are doing as you are.