When you discover that successful businesses such as the Timehop facebook app embarked their startup journeys in the bustling milieus of coworking setups, you know that the Co-working trend is on the rise!
If you are here, you have probably decided to switch from your traditional/home office to a productive, efficient Co-working space. However, you need to take care of a few aspects before making the move, missing which you may make a less-than-apt choice.
Since every investment of your business is precious, let us discuss some critical questions you need to answer before you invest in a coworking setup.
- Do they offer trial facility?:
Trial facility is a must-have for any coworking host. And the reasons can be many:
- You need to check how well they deliver on what they promise in terms of amenities and management.
- You need to see whether the workspace actually has the actual employee strength it claims to have.
- You also need to check whether your chosen working hours offer you community-building opportunities, which requires presence of co-workers who share your business interests during your work hours. Plus, every workspace has it’s own unique vibe. You must find the one that resonates with you!
- You may simply need to decide whether you are ready to make the switch. A trial is crucial for entrepreneurs who have just started out and are limited by budget. A trial will give you a clear picture of whether it is a good investment at a given time, or you need to grow more and develop a better stream of revenue to derive a better rate of interest on making the switch.
- What is the proximity of the workspace to my residence?
In case your current office is far from your residence, you must choose one that is nearer to be amazed by how much commuting time you will end up saving up. Less time wasted in doing non-constructive tasks offers more productive time. You should hence, eliminate all other options that are distant.
- What is the contract duration?
Yours might be a young business which is still figuring out a way to reach equilibrium. In cases similar to this, you must thoroughly study how much time you need to achieve a certain degree of growth. The feasibility of a workspace depends on how well its contractual offers match your requirements in terms of budget. This way, you will have a plan to progress as soon as possible to continue to enjoy the benefits of a coworking space.
- How much room do I need?
Both underestimation and overestimation of this figure can lead to unforeseen hassles and might as well drop your productivity lower than the current level.
You may need an extra meeting room on a certain day of the week, you may need to hire more employees soon and you may also need to incorporate some degree of infrastructural modification to suit the needs of your business.
Hence, all these figures must be wisely calculated before you make your choice of a coworking space.
- Does the workspace fit my budget?
Here, you may need to deliberate on two key aspects:
- Security deposit: Many coworking spaces may charge exorbitant rates of security deposit fees which may not be suitable for a young startup or just about any small business. You must decide accordingly.
- Rent Negotiability: Negotiation on price becomes critical when you need a professional workspace urgently. If the workspace allows a discount on the grounds of business infancy, it would benefit your cost-cutting goals immensely, which is an area you might have been struggling with for a while.
- What amenities and features do they offer?
Some basic amenities are non-negotiable. For example, you cannot compromise on cleanliness. So is the case when it comes to offering a solid internet connection.
Only you are the deciding authority on what you can compromise on owing to the infancy or limited size of your business. You may need to look a several aspects in this regard, such as:
- Food: Availability of food at office premises and proximity to other food-joints, which your employees may prefer to visit once too often.
- Internet: You need an optimum balance of speed and bandwidth. Have a thorough estimate of the amount of bandwidth you need, while deliberating on the increase in requirement that might arise in near future.
- Events: Corporate events are immensely critical to your business development for you need to network well for speedy growth. Events give you opportunities to meet new people frequently, promote your business by way of ‘word-of-mouth’ and reap the long-term benefits of collaborations.
- 24×7 availability: The praise for flexibility in work schedules is omnipresent in the corporate world, given the productivity dividends it brings along. You need it! Hence, this one feature is a must-have for any coworking host.
If you have seen a drop in your productivity off late, this time may be ripe for you to outsource your mundane tasks to a coworking space and dash for expediting the key business-growth tasks for maximum output. This, if done with apt and calculated deliberation, can be a game-changer for your business!
