A business center is defined by Google as a place that provides office facilities and services. Essentially, a business center is the same as a serviced office space, managed office space or executive office space.
A co-working space is a shared office space where individuals independently or collaboratively work together. The differentiating factors between a business center and a co-working space aren't many but there are definitely a few things that separate the two.
A business center is a ready to use office space. Depending on the size of your company, you can choose whether you would like to rent out an office space, multiple rooms or even floors in a building. Hence, one business center can occupy multiple organizations of different sizes. This also enables companies to look out for potential collaborations with major companies operating out of the same premises.
A startup in a business center can still use a professional address for its deals. One of the things to note about a business center is the fact that they are flexible with their leases. They don't require you to sign a contract for long lock in periods like traditional office spaces do. This also acts as an impetus to an organization willing to expand, big or small. One doesn't have to worry about their current office space contracts and can always look spaces in the same building.
A business center also has a number of facilities to provide you with like your basic administrative services are looked after by the management itself. The maintenance of the space is also sought out for by the business center staff. It also provides you with security and IT services.
While a startup might go for a space in a business center, it might not be able to pay for a specific meeting room or conference room on the same prices as the space. A business center has provisions for such organizations as well where you can rent a meeting room or a conference room for a day.
One of the other benefits a business center provides with is the location. A business center is often situated in a corporate setting and is at a location that is known for its corporate presence.
For a company to have an office in this same environment builds an image of the company which is quite helpful for startup. Working out of a business center can help bring you recognition and also place you on the map for investors.
While a co-working space also provides you with more or less the same facilities, it is still different from a business center. A co-working space is more open with respect to its environment. Co-working spaces are usually opted for by freelancers, self employed individuals, beginner entrepreneurs or by small startup companies.
A co-working space has more flexibility with regards to not only leases but also scalability. It is very easy to book a space in a co-working space. Especially, hot desking makes it all the more convenient. A hot desk is basically you booking a desk on the basis of the availability at the time of your requirement. And a co-working space offers so many options, if you decide to expand your team one morning, you can definitely manage to get an office desk for the entire team the same morning without a task at a co-working space.
The environment at a co-working space might not be the most professional. Co-working as a concept rooted due to the want and need of breaking the monotony and reducing the dullness of a cubicle work space. Hence, a co-working space might tend to be less formal however, the services they provide with are professional.
One of the major benefits of a co-working space is the focus it has on networking and community building. Networking is one of the first things that a co-working space looks into. A co-working space always wishes to bring people together and build a community of like-minded people that help each other grow.
A community manager at a co-working space ensure that people within a space know of each other and get along. This helps people to collaborate more and come up with ideas that they might not have been able to think about if they were working from a private office. A co-working space also takes more initiative to support and help its members grow. It organizes events that help people socialize, learn new skills and keep themselves motivated and inspired.
While there are subtle differences between a business center and a co-working space, when one has to make a decision about which one to choose to work out from, there are a few things one should keep in mind.
One should know the kind of amenities and services required for their business operations, the amount of space required and the approximate duration. Keeping a few things in mind, one must also align it with their budgets.
A co-working space is more collaborative but tends to give less privacy. So if you're someone who is more productive when working alone, a co-working space might not be your go-to option. A business center has a more uniform way of functioning and if you're someone who is looking for a free and creative space, then a business center might not be your best bet.
One of the major factors that is a deal breaker between the two kind of office spaces is the budgets one has. If you have a budget that allows you to spend on your work place, you can go for a business center. A business center is also ideal for a company that has group of people in its team or has various teams that require to work together. This might be difficult to achieve at a co-working space.
The differences between a business center and a co-working space is a grey area. It solely depends on what your priorities are, what is it that you need and wants and requirements at the moment are. IF you are just starting out, a co-working space would be a better fit for you but if you have been doing well for quite some time and are looking for a more stable and professional setting and also have extra funds to invest in your workstation, then you can explore your options at a business center.
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Your venue's primary business must be the renting of desks, meeting rooms, and private offices.