A journey of an entrepreneur is definitely challenging. Finding the right space for work is one of them. For a small business, budget is the major concern as that may stop you from working in a fancy space. Therefore, coworking space is the right solution for a small business to give a leading start.
Though coworking space is a new style of working, it is growing its popularity in the market. Especially among entrepreneurs, coworking spaces are a solution to cut-off the rental expenses and utilize the money in other profit-generating operation. In fact, you need to know certain criteria to choose the best coworking space for ret.
1. Decide your budget
The budget is obviously important while performing any activities in business. Thus deciding the budget you want to spend in coworking space is definitely a premium factor before you start your hunt. Once you come up with a price range, you can narrow your option easily.
In the process of selecting the coworking space, you will find that your budget influences the type of package, style of space, and facilities. Most of the coworking space charges you monthly on the base of your usage. It is different from the traditional working space, where you pay quarterly, half-yearly, or annually.
Therefore, you need to decide how much you are ready to allocate monthly for your coworking space.
2. Select a suitable location
The location should be the second priority that you need to take into consideration before you decide on your working space. Choose the region, city, or area that is appropriate for your business to run smoothly. Indeed, you should be choosing the location which is under your budget and has easy access to local transportation so that your staff won't have transportation issues.
Moreover, a good coworking space should be in the market area or should not be far from the market area so that you can get necessary things in a reasonable time. Your staff might want to buy lunch or want to spend their lunchtime outside the workplace. Therefore you need to check out cafes, supermarkets nearby.
Furthermost, if you have a regular client visit, you may consider choosing the location which is convenient for them as well. Note down all the necessary local amenities you want close to your workplace and analyze accordingly.
3. Facilities that you need
Most of the coworking space offers a range of business amenities. The common amenities that they offer are high-speed internet, locker, security, meeting room, recreation area, and cafeteria, or pantry.
While searching for the right coworking space for your office, look whether space has these facilities or not. Moreover, you need to match the facilities you want with the facilities that the coworking space is providing. Ensure that your staff can work peacefully, occupied by all the required amenities.
But your budget comes into a play when choosing coworking space on the base of the facilities. If the coworking space that comes under your budget, then that's awesome, if you need to adjust your budget a bit then that should not be a big issue. But do compare before you choose it.
4. Research alternative options
Once you have an idea about the budget, location, and facilities that are suitable for your business, you need to start researching alternative options. You need to list out the factors to be compared and determine the right coworking space for your business.
Search for the alternative coworking spaces on Google. You may visit their websites and compare the price and facilities they are providing. You may also ask fellow entrepreneurs and business owners for the suggestions.
After doing proper research, you should note down the names of the coworking space you would work in.
5. Conduct further research on the selected ones
Once you list out the names of the coworking space you consider working in, you need to investigate each one. First, you can start by stalking them online, like on website and Facebook. Through an online platform, you can figure out detailed information about their working pattern, and their members' reviews.
You may also contact the members to find out more about the coworking space or you may also prefer contacting small business who works at the space. Arrange a meeting with the coworking space provider and show your desire to see the space they are offering. When you visit the coworking space, analyze the space on the base of the points that are mentioned in this article.
6. Check the lease term
When you decide to work on the coworking space, you have to sign an agreement with the coworking space provider. On signing the contract you need to check if the rent is reasonable if there is an additional charge involved like printing charge or cost for furniture purchases.
In fact, you also need to check how flexible the contract is and whether it is the right option for your company growth or not. You may consider looking for the notice that you have to give before you move out. If you are not sure how long you will stay, you may sign every six months or yearly agreement.
Don't miss any point while you read the agreement. Read every point thoroughly, understand what the agreement is trying to say, and if you think everything is good then sign the agreement.
Is coworking space right for the small business?
For a small business, it can be difficult to decide whether to work traditionally or work in a coworking space. If you want total control in your workplace, then coworking may not suit you. This means, if you want to adjust the coworking space, decorate the wall with frames, or add some accessories on the space, you may not be allowed to do that. Some coworking space won't let you adjust with your own stuff. They may consider doing it if asked for and the request has to be valid.
Coworking space is best for those who want to work productively and creatively in a refreshing environment. Coworking space provider will accommodate everything that your business needs, allowing you to work smoothly. You don't have to stress on any other things than your work while working in coworking space.
Furthermost, you can save money for long-term office lease when you work in a coworking space. Coworking space is a great start for a small business to grow in the market.