If you are a budding entrepreneur, a freelancer or a business owner, chances are that you are already aware of what a coworking space is, and the benefits it provides. But for the uninitiated, a coworking space may be defined as a shared office where multiple businesses, entrepreneurs and freelancers might work together despite not being employed by the same organisation.
Numerous benefits like increased networking, savings, pre-organised amenities, etc have led to co-working spaces showing a tremendous growth rate in the past few years, especially when compared to conventional offices. India has been witnessing about 50% increase in the size of its coworking market per year over the past two years. It is evident that co-working spaces are a boon to entrepreneur, small business owners, startups and freelancers. However, you must not simply select a coworking space without giving it ample though just because it is the in-thing.
Here are some of the things you must consider before choosing a co-working space:
Keep in mind the requirements of your company –The very first thing to consider before choosing a shared workspace is the requirements of the company. An evaluation of the needs of the company, its employees and operations are required before choosing a co-working space. The same kind of co-working spaces is not suitable for all kinds of business. It is important to do thorough research and be armed with the knowledge of your business requirements before selecting a co-working space.
Search for a coworking space in a prime location –The location of your co-working space is also an extremely important factor to consider before shifting. Ideally, your co-working space should have a good network of transport, which makes it easy to commute and accessible to both your employees as well as your clients. Further, you should make sure that the location of your shared workspace is in a place with medical facilities, restaurants and other entertainment centres around it. This will make visiting your workplace an even more attractive proposition for your clients.
Go for a trial –You must consider whether the coworking space you are zeroing in on has the facility of providing a trial period in which you can assess its suitability to your needs. Take a trial at this place for a few days or weeks. This will help you not only in ascertaining whether the coworking space is providing the promised amenities, but also showcase if the place is worth your investment or not.
Check out the other inhabitants of your potential coworking space –Before choosing a workspace it would be wise to consider the other inhabitants of your shared workspace. You can find a lot of networking opportunities while sharing workspaces with people of similar interests. In this age where networking opens the doors for future jobs, this is a huge advantage to have. Further, being around passionate, hard-working co-workers, no matter which organization they are employed by, will always have a positive effect on your own work ethic.
Examine the contract details carefully –An entrepreneur must develop the habit of examining the contract details of every negotiation he enters, and the contract before getting into a new coworking space is no exception. You must read the contract carefully, and possibly get it revised by a trustworthy associate before moving into your new office. Make sure that there are no hidden agendas and costs mentioned in fine print in the contract or any other points which might hamper your business in the future.
Consider your budget –The expenditure you are willing to incur on your office is an important thing to consider before choosing a co-working space. Shared offices will almost always be a cheaper investment than getting your own personal office, and the capital you save as a result of choosing a shared workspace can be utilized on other things which would help your business grow. A co-working space also provides power backup, electricity, air-conditioning, maintenance, furniture etc, resulting in savings during the crucial phase of setting up a business.
Look for a coworking space which provides the best amenities –Every individual has a different set of requirements which helps them to be at their optimum level of efficiency while working and amenities provided by the workplace can be a huge help for that. Other than basic amenities which would probably be provided in every co-working space like Wi-Fi, air conditioning, IT support, parking spaces etc, individuals might also require additional comforts such as coffee machines, a hygienic eating space/canteen or games for mid-work recreation. Therefore, you should take a close look at the kind of amenities you prefer and if they are available before deciding on a new co-working space.
Choose a coworking space with community events –You would earn a huge advantage if the coworking space you are in organizes regular community events. Such events help you to meet up and network with all the members of your coworking community, as well as introducing you to guest speakers and other successful investors in your field. Taking part in such events in your coworking space will give a lot of exposure to your business and career. Always select a coworking space arrangement which is flexible – The co-working space you choose for yourself should provide you with flexibility and options. Your work timings, plans of business expansion, seating modifications, etc are changing all the time. As such, it is important to select a workplace which will cater to the demands of your constantly evolving operations.
The choice of the right kind of workplace plays an important role in the success of your business and career, thus it would be foolhardy to select a coworking space without proper diligence. We hope the above-mentioned points help you make an informed decision and give your entrepreneurial journey the best possible start by selecting your coworking space wisely!
You can head over toWorkly coworking officesany time and decide on the coworking space which caters to all your needs, and give your entrepreneurial journey the best possible start!