With remote working becoming a more acceptable work style and businesses trying to cut costs, there seems to be a rise in shared offices. A shared office is a concept where multiple companies are housed in one space. Types of shared spaces include virtual office, serviced office, and co-working space. With these types of work places, how would one know which is right for his or her work style?
Below, we created a quick guide on what these shared spaces offer and what type of entrepreneurs they cater to.
What is it:
A virtual office serves as a business and communication base for entrepreneurs and professionals. It’s always located in a prime area so that businesses can use the address for registration, giving it a professional image at an affordable cost. It always has a receptionist to support its clients with everyday operations such as phone answering, inquiry handling, receiving and releasing mail, scan to email, etc. It also usually has meeting and training rooms that clients can use. Some offer hot desks, serviced offices, and permanent desks as well.
Virtual offices gives clients the flexibility of not having to work in the space everyday while maintaining a professional image and complying with government rules when opening a business. This also has become a popular option for those who want to expand operations outside their home country.
- Prime location that can be used for business registration.
- Mailing address.
- Receptionist services.
- Office facilities such as a WiFi, telephone line, fax machine, scanner, projector, printer, etc.
- Conference rooms.
- Mailbox or filing cabinets.
- May or may not have serviced offices.
- Mobile workers who work at home, are always traveling, or who prefer a more flexible work schedule.
- Businessmen looking to expand their business operations in other cities or countries.
- Freelancers or individuals who are always on the go but need a secure and professional base for all their communication needs.
- Entrepreneurs just starting their own businesses.
- Professionals who need extra help with day to day operations but don’t need to hire a full time staff just yet.
What is it:
A serviced office manages multiple private offices or even entire floors that they rent out to companies. These are usually fully furnished and equipped with necessary office facilities, which makes them “move-in” ready. In addition, they may also offer other facilities that can be paid on a per use basis such as conference rooms.
What’s great about serviced offices is that it provides an affordable venue to house businesses without worrying about various details such as electricity, furniture, office equipment, maintenance, and others.
A lot of virtual offices out there also offer serviced offices, giving entrepreneurs the option of a permanent base as their businesses grow.
- Fully furnished private offices.
- Conference rooms.
- Office equipment.
- Phone lines.
- Receiving area.
- Small and medium sized businesses that are growing and need a permanent base.
- Companies that are expanding in other cities or countries and need a place to house their team.
- Companies that need a temporary base while their main office is being renovated or moving locations.
What is it:
Coworking spaces provide an affordable and casual workspace for entrepreneurs, while creating a collaborative community within the office. It is here that individuals can share ideas, give tips on how to pitch to investors, or even start businesses together. Some coworking spaces also cater to specific industries such as tech or social enterprises.
Coworking spaces are also known to hold events and workshops. Entrepreneurs go to these for networking opportunities or to learn about the latest trends. Incubators and venture capitalists sometimes visit this shared space to check out the latest up and coming companies.
Set-up is usually a wide-open space where individuals from different companies share desks. However, some also provide other options such as individual desks and private offices.
- Casual work atmosphere.
- Various events and workshops.
- Opportunities to connect with mentors, investors, and other entrepreneurs.
- Unlimited coffee.
- A community of like-minded individuals.
- May or may not house incubators/accelerators.
- Those who want to go to a workplace everyday but want a more casual environment.
- Entrepreneurs who are starting their own businesses, specifically those in the start-up community.
- Individuals who would want to connect and collaborate with different types of people.
- Those who would want to attend various events and workshops.
There you have it! A general picture on the differences between these types of shared offices. We hope this helps you find the perfect office that suits your work needs.
MyOffice is a virtual office and coworking space located in the Philippines. Established in 2004, the company currently has three branches in the country’s financial districts Makati City and Bonifacio Global City. MyOffice offers various business solutions and work spaces that cater to the needs of start-ups, freelancers, and mobile entrepreneurs. Services include use of business address for permits, inquiry handling, call answering and transfer, PO box, meeting rooms, private offices, and many more.