Five factors to consider when choosing a coworking space
As the demand for coworking spaces continues to grow, so does the number of options for prospective members. This rapid growth can make it challenging to choose a space that fits your individual and business needs. If you have an interest in joining this booming trend, consider these five factors when choosing a coworking space to determine if it’s a good fit for you. Regardless of your industry or stage of business development, choosing the right coworking space can have a positive impact on your company.
What is a coworking space?
A coworking space, also called a collaborative workspace, is a shared office environment where entrepreneurs, startups, and remote workers can go to work, network, and collaborate. Depending on the type of location and membership type you choose, you may be able to work from traditional desk-style seating, hot desks, conference rooms, or private offices – depending on your business need.
01. Location
The first thing to consider when choosing a coworking space is location. Location can impact everything from your coworking experience to your company’s bottom line. For example, if you choose a coworking space in a major city, you might be able to network with more customers and partners than if you choose a space in a rural area.
Location can also impact costs and amenities, from commute times to parking availability. While you may want to choose a location that’s close to home, keep in mind that distance can affect how often you choose to visit the space. If you’re in a major city and have easy access to public transportation, you might visit your coworking space more often than someone who lives 20 miles away. Keep in mind that, regardless of which type of commuting you choose (walking, bus, carpooling, etc.), these activities take time away from core business operations.
02. Membership Types
Another factor to consider when choosing a coworking space is the membership type. You may have the option to select between a monthly fee-based or annual fee-based membership. While annual memberships may seem more cost-friendly at first, this may not be the best fit for your business if you are unsure how long you plan to be in the space. In addition to the type of membership you choose, be sure to understand the fine print. For example, is there an option for a prorated membership if you join during the middle of a month? What are the cancellation policies? How does this impact your cash flow?
03. Culture and Environment
While it’s important to find a space that meets your needs, you also want to ensure the culture and environment are a good fit for your business. Does the space cater to your industry or cater to a variety of industries? What is the member mix? What type of clientele do they typically host? Does it have a collaborative or individual work environment? What types of events are hosted in the space? Are they scheduled at times that are convenient for you?
04. Office Amenities and Services
Consider the office amenities and services offered by the coworking space. What type of conference rooms, event spaces, and networking events are offered? What amenities are available? Is there a kitchen or break room? Are they available at any time, or are they reserved for specific times? What type of internet service is provided? How can your company take advantage of any partnerships or special programs offered by the space?
05. Member Mix & Networking Events
If you choose a coworking space where you are the only one in your industry, you may find it challenging to network with peers and potential clients. When choosing a space, consider the member mix and the types of events that are hosted in the space. Are there events dedicated to industry-related topics? Are there events that bring together members from all industries? Are there opportunities to meet and engage with potential clients and partners? Are there events that bring members together to learn and engage in outside activities?
Bottom Line
Choosing a coworking space can have a positive impact on your company’s bottom line. When you select a coworking space, you have the opportunity to meet other entrepreneurs and professionals, which can lead to new customers, partnerships, and joint ventures. Plus, you don’t have to worry about real estate, utilities, and furniture, which can decrease your overhead and allow you to focus on building your business. When you choose the best coworking space for your business, you’ll experience the benefits of increased productivity, collaboration, and networking. You may also have access to a variety of amenities and services that can help your company excel.
