Considering renting a co-working space and not sure what to look for? This article will help you identify the key factors to take into consideration in finding the perfect space for your business.
Since their inception, co-working spaces have come a long way. Less than a decade ago, co-working hubs were much the same; fast forward to today, with thousands of options around the world and new spaces opening up every week, the industry has experienced tremendous growth. With steeper competition, spaces are now striving to deliver better user experiences.
Here are some of the key to look for when considering a co-working space to rent.
Obviously, location is one of the main factors to consider for an ideal co-working space for your business. Not only is location important in terms of proximity to amenities, but an upmarket business address is sure to add to your brand’s image and impress prospective clients too.
Location will ultimately be an individual choice. You will need to consider your daily commute and what amenities are most desirable. Access to a nearby park may appeal to you, or you may be happy to sacrifice a lunchtime stroll in nature for proximity to better eateries.
2) Access for clients
Furthermore, you should consider the proximity to your clients if you anticipate clients visiting frequently. Also, determine the accessibility you can expect for your clients. Some co-working space packages may limit or exclude your clients from dropping in.
3) Other businesses in the space
Arguably, the biggest draw card of any co-working space will be the people sharing the hub. Each space is comprised of entrepreneurs from all walks of life who collective form a community.
The community spirit is one of the biggest benefits of sharing a workspace. The right people can help you draw creative inspiration and motivate you to reach your business goals.
Find out the types of businesses are working in the space and ask yourself if you feel your business is a good fit for them; and, are those businesses a good fit for you.
4) Networking & Events
A fantastic way to leverage the community spirit of shared workspaces is via networking and events. This provides the opportunity to build relationships, brainstorm, and potentially unearth opportunities.
Find out how often the opportunity for events and networking arises as each space will vary. You may be able to attend an event in advance to get a feel of the vibe and quality of scheduled events before deciding if a particular space is a good fit for you.
5) Open plan vs private office
There are pros and cons for both open and private office spaces within a co-working space environment. When considering what the right option is for your business, think about how you and your team functions best. Will fostering free communication and collaboration be likely to help or hinder projects.
Specific industries, such as graphic design and software development, have been known to benefit from open office spaces. However, other professions may thrive in a more private setting.
There is no one size fits all here; everyone has a unique rhythm and dances to the beat of a drum differently. Whether you decide on an open or private co-working space is a distinction that requires an individualised approach.
Find out what is included in each membership. Inclusions can vary significantly from space to space and package to package.
All spaces will include basics like internet access and toilets. However, some may include things such as meeting rooms, phone booths, onsite staff, coffee, tea, even beer.
Beer alone could be a winner, if you don’t mind a refreshing lager at the end of the day; not so much if you’re a teetotaller. It is crucial to fully understand what you are paying for, and what could end up being additional expenditures.
7) Is the space aligned with your business
The last thing you need to consider is whether or not the space is a good match for your business. Co-working spaces can invoke images of millennials hanging around playing pool or ping-pong. For young start-ups, this may be the perfect environment.
However, more professional spaces do exist that may be better aligned with the image of other companies.
Co-working spaces are a growing trend that offer practical, flexible, and cost-effective solutions for many organisations.
But, choosing the right space is paramount to getting the most benefit out of this arrangement – and, ultimately, to your company’s success.