According to the data by Ergonomic Trends, the number of coworking spaces is forecasted to reach 49,500 by 2022. At present, coworking spaces are considered hubs for startups and freelancers, as they provide an equipped space without worrying about the costs of setting up an office. But there are various factors to be considered before signing up for a coworking space.
Today, we are going to discuss the 10 major things to know while moving your startup to a coworking space.
When you have decided to take your startup to a coworking space, budget is a primary factor to be considered. Your startup may be heavily funded, but keeping your expenditures to the minimum level always directly benefits your business. Always do market research whenever you are looking for a coworking space because it will help you to understand the present market rates and set up a budget according to your business demands.
The biggest problem with any coworking space is that they provide seats as per the availability. For example, you require seats for 10 members, but the coworking place has just 5 seats in one space and 5 seats in another. Since your team can’t work together, you would face coordination challenges. So, to avoid such issues, it’s better to go for customizable spaces. Novel Office designs your working space as per your requirement within a short period of time.
There are many coworking spaces providing just as many services in the market; you need to make a wise choice and pick one which will provide the required amenities within your budget for the business. A few major amenities required for every startup are power backup, conference and meeting rooms, housekeeping, IT support, a parking facility, etc. Make sure you make a list of required amenities that will help you to make a clear decision.
Always look for a location that is easily accessible by both employees and clients. This will help you and your team to avoid unnecessary wastage of time taken up by traveling. Keeping the location in mind will create a positive impact on the productivity of employees and the overall business. Visit the neighborhood of the coworking space beforehand to help you determine if the locality is suitable for your business or not.
5. Operational Hours
It would be a wise choice to go for the coworking spaces that are operational 24/7. This flexibility will provide you with the freedom to set up working hours for your team per any and all business needs as they arise.
6. IT Support
From an Internet connection to the security of data, the IT department plays a vital role while a startup is moving to a coworking space. Your business will require IT support on a regular basis; for example, if you have a training session or a meeting, you could require a projector, speakers, etc.
7. Networking Opportunities
It’s no surprise that coworking spaces are considered one of the best ways to meet new people. Check out the tenant brands of your prospective coworking space. This will help you to learn about present and future networking opportunities. Sometimes, surrounding yourself with other entrepreneurs will help you to get through the moments of self-doubt, and serve as a resource for ideas.
8. Incubation Support
Business incubation support is required for the early stages of startups. The core idea is to provide support by mentoring and getting the business ready for growth. There might be thousands of coworking spaces, but not every brand provides such services.
Business incubator memberships generally last for three to six months, although many focus on nurturing the business irrespective of time. So, before you sign up anywhere, make sure that you check for this possibility in your membership plan and schedule a call to discuss your particular business requirements.
Coworking is popular in the market for the idea of work and fun under the same roof. Plenty of coworking spaces have their own communities that focus on bringing existing tenants together in the form of regular events, etc.
Make sure you connect with the management and understand the services and prices clearly. Visit online review sites to get overviews of the space. If you find that the management in timely and supportive, you can just focus on the business part.
It’s better to take a trial before signing any space and experience it with a daily work schedule for a day or two if possible. This will allow you to learn about the challenges concerning space and services. Later, discuss these challenges with the management. Their solutions will help you learn if this coworking space is beneficial for your startup or not.
With an increasing number of coworking management software and tools rolling out, coworking spaces are developing more efficient and productive environments for businesses. Based on research, the above mentioned were a few major points that will hopefully help you take your startup to a suitable coworking space.
Novel Office is among the finest commercial office space providers based out of Bangalore, India; we have also extended our services to Dallas, Texas. We are the only office space provider with fully customizable layouts and coworking spaces. Our flexible contract terms have no lock-in period and don’t require huge capital deposits.
Please note that all Fabulous Freelancer posts might contain affiliate links.