When you start a business or practice, there is much to manage. You need to figure out how you will get clients, how much you will pay employees, and how to operate the business.
However, nothing will matter if you do not have a place to actually do the work. A coworking space is a great place to get started. Having a shared workspace allows your employees to work together, meet clients, and keep costs down.
In this article, we will discuss things you should keep in mind when searching for a shared coworking space for your startup.
What Is a Coworking Space?
Although it has a fancy name, a coworking space is similar to an office but with some differences. Most offices have a grid-like layout with cubicles throughout the space. While offices are ideal in some work environments, they limit collaboration. As a result, many startups prefer to use coworking spaces.
Coworking spaces have open layouts, giving employees the freedom to move around and collaborate with others. Furthermore, coworking spaces do not need to be for one company exclusively. Sometimes they can be areas rented by groups of freelancers with similar goals.
If you’re a space owner, here’s a guide to creating the perfect space that startups will love! Check out all the boxes in this article, and more.
Things To Consider Before Picking a Coworking Space
Before you choose a coworking space for your startup, there are several things to consider. Here we will look at some of the things we think are most important before you make a decision.
Price and Cost-Effectiveness
When you are looking to set your team up in a coworking space, you might want to pick the best one you can find. Unfortunately, it is not realistic for most startups to rent or purchase the best coworking space at first. You need to think of your finances, and sometimes that means making sacrifices.
Fortunately, coworking spaces are usually cheaper than personal office spaces, so you can still secure a good place for your startup to work. Consider the benefits of each location against their price. You need to determine how much money you are willing to spend and stay within that budget. Otherwise, your business will struggle to stay afloat in your first few months of operation.
Access to Amenities
When renting a coworking space, you need more than four walls and a roof. You’ll need access to basic amenities. Depending on the type of business you own, you might need deluxe amenities as well.
So, when you look at a coworking space, ensure you can easily equip it with Wi-Fi and that it is reliable for the entire building.
Consider What Your Practice Needs
Before you choose a coworking space, you need to consider the needs of your startup. Your needs for a coworking space will vary depending on the type of business you own.
Consider things like the number of employees you have, the supplies you need, and how often clients or customers will visit the space.
Moreover, when you tour a coworking space, think about how the layout would work for your practice. Where would you hold meetings, and where would everyone work? Could you set up designated meeting areas, or is the space too open?
Think About the Stage Your Startup Is In
Another thing to consider is the stage your startup is in. You should pick a coworking space that fits your needs, but also one that can grow as it becomes bigger and more profitable. So, are you starting your business, or have you been in operation for several months? Are you planning on making new hires, or are you happy with the size of your team?
If you are a lone freelancer, getting a coworking space will allow you to more easily bring in customers. It will also give you a greater sense of professionalism, which can increase productivity.
Alternatively, if you have a team, you should be able to work better with them in a coworking space. Communication no longer has to be via email or Slack, so you can move more quickly.
Take the Location Into Account
The location of your coworking space is something to consider. It matters for convenience reasons, as you do not want a long commute every morning. However, there are other factors to consider when picking a location.
Choose a location that is easy for customers and clients to access. Ideally, it will be in or near your downtown hub.
Also, try to find a space that is easily accessible to as many members of your team as possible. You might not be able to please everyone, but you can try to satisfy as many as possible.
Think About Your Furniture and Inventory Needs Beforehand
When you move into a new space, the open layout can be overwhelming. It is hard to tell what you can fit in an open area without knowing the measurements.
As a result, we recommend figuring out what your furniture and inventory needs are before you visit potential coworking spaces.
Measure the furniture you plan on moving in beforehand. Likewise, ensure that you understand how much space you need for your inventory and how you need to store it.
Doing so will allow you to determine if a space is big enough for everything you need. Measuring everything before renting the area is better than trying to make things fit after the fact.
Get a Coworking Space with Lots of Outlets
When you get a startup coworking space, your needs will differ depending on the type of business you own. However, some best practices should be followed by all companies.
Notably, you should only rent a coworking space with a lot of outlets. Everyone who works in the area will need access to several outlets
Employees will need access to an outlet for their computers, phone, and other devices like lamps and smartboards. Additionally, you need outlets for every communal device like kitchen tools, printers, and copying machines. If you do not have enough outlets, you will not be able to effectively use the space.
Will the Space Work for Networking Opportunities?
If you are planning on using a coworking space for your startup, you’ll need to expand your pool of potential customers. What better place to do that than at your shared workspace? Meeting other members of the industry at networking events is a great way to introduce yourself and your company.
If hosting events is something you foresee your company doing, look for a space large enough to do so. You can leverage the traffic of people at a coworking space to get the word out and grow your business more quickly.
The Length of the Agreement Period
Finally, it is crucial to consider the length of the agreement period. The agreement period is the length of time you agree to rent the space.
Some spaces rent monthly, whereas others allow you to sign year-long contracts. If you need a permanent space, you should use a coworking space with a long agreement period.
Running a business or managing your freelance career is a lot of work. There is much more that goes into it than having a regular job. However, if you do it right, it can be very profitable.
Many successful startups use shared coworking spaces to work more efficiently. However, you must consider several factors before you choose. Take your time and consider all your options, and you will find a fantastic startup coworking space.
Ready to turn your coworking space into a revenue-generating machine? Contact us to learn more!