Deskmag’s Global Coworking Survey published in November 2015, found that about half a million people worldwide are working in co-working spaces and more spaces are emerging in major cities around the world. According to the Global Coworking Map, there are currently 1558 co-working spaces in 104 countries, across 771 cities! And that number will keep increasing as demand goes up. With so many co-working spaces sprouting out, how do you know which one is the best for you and your business? We have identified the top 5 tips to help you find the most suitable co-working space!
1. What are your needs?
Do not confuse your needs from your wants. A coffee machine or a well-stocked pantry is nice to have but it’s not a necessity. Do you meet your clients regularly? Do you require plenty of room to hold your meetings? Or do you only need a conducive environment equipped with a desk, a chair, access to printer and stationery? The first step is to evaluate your business and your goals and then prioritize them accordingly. From there, you can then shortlist the features of some co-working spaces available in your area.
2. Which stage are you/your business at?
How big and how fast do you intend to grow your business? What is your current headcount? This is important because it determines the kind of structure you need to look at when selecting your co-working space.
Let’s face it. Budget is a major concern for all establishments. It is even more so if you are a new start-up. For a small and lean outfit, it is best to look out for co-working spaces which offers flexible leasing terms and does not bog you down by complicated measures. As a growing company, you need the flexibility and a conducive work environment. When scouting for the perfect place, take these into consideration.
What is the nature of your business? Are you in technology? Finance? Human Resources? Like the old adage we all know so well, “when you marry someone, you marry their family”. Likewise, when you join a co-working space, you naturally become a part of that community. Keep a look out on the type of businesses and professionals the space attracts. It’s best to go for a space where they have a main focus on the types of businesses they attract and retain. Imagine the networking opportunities you get to benefit from being in the same field as those sharing the same space as you! Making friends and seeing others work hard towards achieving their goals keeps you motivated and looking forward to going to work each day. When deciding if a community is a good fit for you, you may want to ask yourself these questions to further help determine your choice: Which line of work are people mostly from at this workspace? Does this space host regular events for members to network with each other? Will this space help drive and hone my ambitions?
You wouldn’t want to pick a space that is at a far-flung part of the city would you? You want it to be in a location accessible by most, where public transport is readily available and eateries just a stone’s throw away. While location right smack in the middle of the Central Business District may seem appealing but that would also imply in a hike in rental costs. There is no harm looking at the city fringe. You get to save more on rentals and on food costs as well! So widen your search and you might just land yourself with the best location!
We hope we have provided you with some insights to help make your search for the ideal co-working space easier! Good luck!