With the cost of commercial property rentals rising steadily, many entrepreneurs and small businesses are faced with the choice between shared office space and renting a house that has business rights. Both of these options have their pros and cons, but how do you choose between them? Let’s find out.
Shared office space – professional premises at a fraction of the price
Shared office premises have become very popular in recent years, with buildings like Woodstock Exchange and Pier Place on the Foreshore, drawing start-up companies and self-employed professionals with their premium facilities and professional feel.
For self-employed people and businesses that don’t require a lot of space, shared office spaces are the perfect middle ground between a home office and a more expensive commercial office suite.
The experience of working in an open-plan environment can get some taking used to if you’re used to working in your own private space, but there are advantages to being around other dynamic businesspeople.
Many shared office tenants have found their newest client or collaborator sitting just a few metres away from them, while common lounges and coffee nooks provide excellent networking opportunities. If you thrive on team work and meeting new business partners, a shared office space may be the perfect environment for you.
A home office – plenty of space when you need it
If the idea of working from home always appealed to you, a rented home with business rights may sound like the perfect solution – but not every business can function well in a residential setting.
The main advantage of a home office is the extra space that you’ll have available compared to the more compact setup in a shared space. If your business requires several rooms in order to function, you may find that this option suits your needs and your budget.
The main drawback of an office based in a residential area is the impression that it leaves on certain clients, as well as the lack of networking opportunities in the surrounding residential area.
Though you may pay the same rent or more than you would for shared office space, the prestige of an office building can provide credibility with clients – especially if they are more traditional or come from a corporate background.
Choosing between space and branding
Depending on your company’s space requirements and your brand image, you’ll need to choose the type of premises that is right for your business and clientele.
If you would like to learn more about the shared office spaces that are available in and around Cape Town, contact us today.