In today’s fast-paced business landscape, the demand for co-working spaces has risen sharply.
Coupled with the distinct advantages of flexibility, reduced overhead costs, increased return on investment (ROI), and heightened productivity, co-working spaces offer the amenities and functionality of a traditional office but within a communal space. They can be broadly categorised into three types: dedicated desks, hot desks, and private offices.
Co-working spaces are indeed an alluring deal. However, despite the growing demand for shared workspaces, some individuals encounter varied challenges.
Rather than hastily selecting the first available co-working space, it is advisable to invest considerable time in finding the one that perfectly aligns with your needs. To help you navigate this, we’ve compiled a list of the top 5 critical factors to evaluate before committing to a co-working space. Read along.
Keep an eye on your budget
It’s easy to be enticed by the notion that “significant investments yield substantial returns,” but the first and foremost factor that demands your attention is your budget.
Most co-working spaces come with comprehensive pricing that covers essential amenities such as furniture and internet access. However, beyond these fundamental charges, don’t overlook the initial security deposit, which can sometimes burn a hole in your pocket.
That said, there are co-working spaces available that offer daily and monthly passes at highly affordable rates, accommodating various budget constraints.
In addition to your coworking space expenses, there are other financial considerations to anticipate during your first year in business:
- Website hosting
- Employees’ salaries
- Inventory expenses (if applicable)
- Outsourcing budget for freelancers
Location
After fixing the budget, the location stands as a paramount factor when choosing a coworking space.
For many, the allure of coworking spaces lies in their ability to escape the grind of rush hour commutes. However, if collaboration is integral to your work, then the proximity of your team and accessibility for clients become pivotal considerations. When scouting for shared office space, prioritise a location within a 5-kilometer radius of your residence.
Look for a location that boasts convenience in terms of accessibility, with proximity to various transportation options or perhaps nestled in a healthy locality. Also, don’t forget to weigh the location against the cost.
Key location factors to evaluate:
- Transportation accessibility
- Safety during night travel
- Proximity to the city center
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Consider the available amenities
Amenities are undeniably one of the most prominent and critical aspects to evaluate when choosing a coworking space.
Co-working spaces often bear comparison with corporate offices in terms of the high-end amenities provided by them. From high-speed internet, coffee and tea services, conference rooms, copiers and printing facilities, to recreational areas, they offer varied amenities.
To gain a comprehensive understanding of your business’s unique requirements, engage in discussions with your team members. And then seek coworking spaces that can accommodate them.
Here are some fundamental amenities to consider when renting a coworking space:
- Internet connectivity
- Desktop/laptop availability
- Stationery and printing services
- Power backup
- Storage facilities
- Pantry/cafeteria
- Security
Privacy concerns
The level of privacy offered by a coworking space is a crucial factor to assess in your decision-making process.
Many coworking spaces provide private rooms and offices of various sizes, catering even to small teams comprising two or three individuals. To address your specific needs, explore the availability of conference centres and private meeting rooms within the space and whether they are offered free of charge or for an additional fee.
Furthermore, consider coworking spaces equipped with soundproof call booths. These booths facilitate private calls and confidential conversations, ensuring that your discussions remain discreet.
Refrain from committing to a multi-year lease
The unpredictability of business performance makes it essential to remain flexible. Your business may not progress as expected or may exceed your initial projections. In either scenario, a lengthy lease can become a hindrance.
Plus if your business needs to scale rapidly or faces challenges, a multi-year lease can impose unnecessary financial burdens. Therefore, it’s imperative to be fully aware of these considerations before committing to an extended lease agreement. Flexibility in your workspace arrangements can be a valuable asset as your business evolves.
