For many businesses, where you work is almost as important as the work you do. Whether you’re just starting out or looking to make a move, choosing a workspace is a big decision.

Different Types of Workspaces

There are many different types of workspaces, each with their own advantages and disadvantages. For the purposes of this blog post, we’ll be focusing on three types:

• Home offices
• Private offices
• Coworking spaces

We’ll review each type and discuss major pros and cons. By the end of this article, you should be better prepared to make a decision that’s right for your practice.

1. Home offices

Lots of people like working from home. This arrangement allows for more flexibility in working hours and dress code, and some studies suggest it enhances productivity. But working from home may have negative effects on your work-life balance, and depending on your home, it may not be a suitable workspace as a financial advisor/agent.

Working from home requires immense amounts of discipline, as the distractions are endless. If you decide to host clients in your home, it’s a good idea to have a dedicated office or meeting space that’s separate from your working office. You should make sure to always keep your home clean and tidy, and have an area for your clients to wait before their appointments.

2. Private office

A private office affords you, well, privacy that you may not get in other spaces. This setup is perfect for professionals with larger teams and allows you to dedicate different spaces for different purposes.

You may find it easier to separate business and your life outside of work if you have a private office. If you have support staff, a private office affords them their own space too – even if that just means your administrative assistant has a desk to work from.

3. Coworking spaces

In recent years, coworking spaces have exploded in popularity for small businesses and entrepreneurs. Coworking spaces offer both flexibility and structure and are a great option for entrepreneurs on a budget. WeWork and Regus are two popular coworking companies with locations all over the country.

Coworking spaces offer many amenities, including private office and meeting room options, reception areas, and hotdesking. They are often more affordable than private spaces, but more official feeling than a home office.

As a financial advisor or agent, client privacy should be one of your top priorities. If you are considering a coworking environment, you need to ensure that the proper steps are taken to keep your clients’ info safe and secure.

How to Make the Right Decision for Your Practice

The three above types of workspaces are all vastly different, and they each have distinct pros and cons. It may be a challenge to determine which is right for your practice.

First, consider your needs and budget. Do you have a large team or are you flying solo? Are you somewhere in between? If you have support staff, it may be beneficial to have your own space, but plenty of startups and small businesses enjoy the benefits of coworking. If you have room in your budget, it’s worth it to explore private office options, even if that means teaming up with another service-based vendor in your area.

You should also consider how you want your clients to feel when they meet with you – what kind of impression do you want to give? If you want your practice to feel casual and cozy a home office might work well for you. If you’ve got a more formal or corporate practice, you might opt for a private office. If you’re just starting out, a coworking space is a great middle ground.

It can also help to get insight from others. Talk to your friends, family, staff, and especially current clients. Get their input and integrate it with your vision of your ideal office space.

Try not to get so wrapped up in making the right decision that you don’t make any decision at all. Remember: You can always move to a different space later as you expand and grow your practice.

It’s important to note that there is no one right or wrong kind of workspace. There are only different options, and the best fit for your practice. Don’t feel bad about not being able to afford a top-floor open layout office right off the bat – growth takes time!