Embarking on a journey to establish a private practice involves a critical decision—choosing the right office space. Therapists often grapple with the dilemma of co-working at Columbia Counseling Collective or renting an individual office. In this blog post, we'll conduct a detailed cost comparison to help therapists make an informed decision based on their unique financial considerations.
We used our Co-Founder Elizabeth's previous office expenses and compared them to her current office usage at Columbia Counseling Collective. Elizabeth previously rented an office on Main Street in Columbia, SC. She signed a 3 year lease for a 500 sqft space including a private lobby and one office. Elizabeth spent approximately $10,000 on simple renovations (door installation and paint), lobby furniture, and office furniture.
Co-Working at Columbia Counseling Collective:
Hours provided per week: 25
Monthly fee: $850
Renting an Individual Office:
Rent: $750
Internet: $100
Parking: $100
Office set up: $5,000 - $10,000 (one-time initial cost)
From a purely financial standpoint, co-working at Columbia Counseling Collective offers a consistent and cost-effective solution at $850 per month. On the other hand, renting an individual office incurs a significant one-time setup cost ranging from $5,000 to $10,000, making the initial month considerably more expensive.
Beyond the financial considerations, it's essential to highlight the added perks that come with a set-up office space, like those provided at Columbia Counseling Collective. Your office at CCC includes regular professional cleaning services, professionally installed WIFI, and printing. Additionally, CCC members are not burdened with the difficult task of moving furniture into a new office space. When weighing the costs, it's crucial to factor in these conveniences that can contribute to a more efficient and stress-free private practice.
Therapists should carefully evaluate their budget, preferences, and long-term goals when deciding between co-working and renting an individual office. While co-working provides affordability and a supportive community, an individual office offers a full time space at the expense of an upfront furniture setup cost. Ultimately, the decision rests on finding the balance that aligns with the therapist's unique needs for a successful private practice.