Things to Keep in Mind While Selecting a Co-working Space
Co-working spaces have rapidly grown from their humble origins-mostly catering to freelance professionals and start-ups businesses-to attracting the biggest enterprises today
One of the biggest challenges faced by entrepreneurs and business heads today is choosing the right office space for their business. Adding to their woes is the admin- and employee-related issues that must be provisioned for while selecting the space. However, thanks to the advent of co-working spaces, this process has become much, much easier.
Co-working spaces have rapidly grown from their humble origins—mostly catering to freelance professionals and start-ups businesses—to attracting the biggest enterprises today. According to a CBRE report earlier this year, co-working space leases grew 277 per cent to nearly 3 million sq. ft in Q1 2019. The demand was largely driven by millennials and further fuelled by a rise in commercial rentals. As the number continues to increase, how can professionals decide on a workspace that fits their needs? How do you identify the right co-working space for you? With so many options, it may seem like a daunting task but let’s simplify it by looking at some key factors
While choosing a co-working space, always consider the location. It should be convenient for employees, clients, and stakeholders. This will not only save you from long travel and exhaustion, but it will also give you more time to put into building your business. Choose a space that aligns with your work schedule and which is open when you need it to be.
Choose a co-working partner that provides you a space to enrich yourself not just professionally but also on a personal level. Many co-working spaces offer career assistance, networking opportunities, learning and development activities, unwind, employee engagement activities, events and much more besides the conventional advantages such as lower costs, hassle-free infrastructure, and flexibility.
Before finalizing a co-working partner, understand the pricing model. Check if there any additional costs to use certain amenities like internet, printing, meeting rooms, etc. Opt for a coworking space that offers transparent pricing and multiple benefits.
Check for value-added services
There are a few players that offer more than just a space to work. These brands have tie-ups with service providers that help in streamlining business operations, aid productivity and assist with employee programs. These tie-ups are of all kinds ranging from HR services, travel and employee accommodation to legal help, cloud computing credits and much more. What’s interesting is that most of these values adds are free. For example, some enterprise teams travel to different locations for meetings, etc., as a key part of their routine, these organizations can subscribe to a travel partner at discounted rates. Similarly, if an enterprise team is looking for an insurance plan for its employees, this can be facilitated by the co-working space.
Future growth and expansion
Provision for growth and expansion of your business as well. You may start as a four-member team and with time, progress to a larger team. Do keep that into account while leasing a co-working space. Opt for a co-working space that offers the flexibility to change membership plans basis your business needs.