We all at some point in time are faced with the decision of choosing an office space for ourselves and our teams. Should you get your own home office or should you go for a rental office? Are coworking spaces better than shared workspaces? Are you confused with the choices available and in choosing an office is best suited for your requirement?
We went through this decision a few months back. In the process we ended up creating GoFloaters service offering to bridge the gap that we saw in the market.
The result of that exercise culminates in this definitive checklist that we came up for office space. We hope you find it useful in making the right decision for yourselves.
1. Budget Fit
Budget fit is by far the most important criteria for startups and freelancers. As you are starting out, you don’t want a big expense on a monthly basis. The quick survey that we did helped us identify the pricing slabs for various types of spaces.
You would have to be prepared to spend on an average Rs 6000 – 7000 per month to run an home To build and run a home office for yourself. Obviously there are some upfront costs to build and set up a home office. A rental office would come at around Rs 5000 – 6000 per month plus taxes. Rental offices may not have great ambiance and they might not provide you with the flexibility that you may need. You will also have to shell out huge sums of money upfront as deposit and advance.
Shared Workspaces and Co-working spaces come in all shapes and sizes. Shared workspace at some of the big brand business centers may start at Rs 8000 per month + taxes. Coworking spaces on the other hand start at around Rs 5000 per month + taxes. Kindly note that while these are numbers from the survey that we did in Chennai, we believe that the rates would be slightly higher in other metro cities of India
GoFloaters spaces on the other hand start at Rs 3000 per month + taxes.
2. Proximity to home
If one of the reasons that you are a freelancer or a part of a startup to have the flexibility of work hours that your corporate job did not provide, then this should be one of the important factors for you. We metro residents are spending increasing number of hours on the road. One study says that daily commuter spend more than 3 hours traveling per day between office and home.
By all means your first preference should be for an office that is closer to home. This should help you narrow down the search to shared workspaces and coworking spaces and rental offices that are closer to home.
3. Flexibility of locations
This factor may not be for everyone
Do let us know if we missed out a factor that you think is critical for you to choose an office. If you liked our checklist that i it has helped you in choosing your office we would be happy to hear about that. A downloadable version of the checklist above is here.