Do you need to rent a coworking space? Here are the benefits and what to consider with your search.
The concept of coworking spaces has gained a lot of popularity, especially in a post-pandemic world. A lot of businesses are shifting to coworking spaces instead of having their independent office spaces. This is especially true for freelancers, budding entrepreneurs, and smaller business owners. If you have been considering the idea for quite some time, this article is for you.
Today, we are going to discuss the top benefits of renting a coworking space and some tips on choosing the perfect space for yourself.
Rent a Coworking Space – The Benefits
The benefits of renting a coworking space include but are not limited to the following:
Lower Overhead Costs
One of the prime benefits of coworking space includes lower overhead costs. Generally, coworking spaces offer benefits such as cleaning services, security, parking, and office equipment. So, you don’t need to spend on these items as your overhead.
Flexible Rental Terms
Most of the traditional offices stipulate renting out a full year before you can alter/server a contract. This is not the case for coworking spaces as terms are more flexible and sensitive to cater to smaller businesses.
Higher ROI
With all the benefits and amenities, your business is bound to get a higher return on investment over time. You will be saving money on rent while still working from an efficient office space which translates into higher ROI.
Increased Productivity
With a coworking space, you don’t need to focus on several different tasks: overviewing cleaning, managing security, ensuring parking space, stalking up the vanity, etc. That takes away the focus from what matters the most: your business growth. With a coworking space, you can increase your productivity by focusing on the task at hand instead of indulging in random chores and commitments.
Networking Opportunities
When you are working from home or from an independent space, networking opportunities are few and far between. When you are surrounded by different businesses and people, there are plenty of business opportunities available. From collaboration to new connections and ideas, you are bound to benefit from networking opportunities that wouldn’t have been available to you otherwise.
Greater Flexibility
Most coworking spaces offer flexible agreements. Unlike conventional spaces that offer rigid long-term agreements, coworking spaces are generally quite flexible. If you are having a good experience in a space, you can continue your agreement. If not, you will always have the option to cancel your membership. Moreover, most coworking spaces offer flexible timings so you and your team can work at your convenience without binding to conventional office hours.
Points to Consider While Renting a Coworking Space
It can be very tempting to jump into the first coworking space you like. However, it isn’t always the best choice. It is important to consider the following pointers to ensure whether a coworking space is the right fit for you or not.
Budget
First and foremost, you have to determine your budget. How much you are willing to spend on office space. Big investments do not always translate into big returns. There is a huge variety of coworking spaces available in the market. I am sure you will find something to suit your budget.
Other Businesses
A lot of businesses ignore this aspect before renting a coworking space. If you are an IT company, you would most likely prefer working with people in the same domain and wouldn’t like plenty of fashion designers running around you. Different businesses have different environments and styles of working. Choosing a space where you can find familiar businesses always helps.
Level of Privacy
There are multiple coworking spaces that offer private rooms of different sizes. Some of these are fit for smaller teams of 2 to 5 people while others are fit for larger groups. Choose an office that meets your own privacy concerns. Some people might just be fine working in an open concept space while others want their private space. Similarly, you might want private meeting rooms or call booths. Sometimes, coworking spaces offer custom solutions as per their client’s needs. Make sure to take advantage of that.
Ambiance
We all know how important ambiance plays when it comes to productivity. Noise, color scheme, and lighting, all create the ambiance of an office space. Do not rely on online pictures and always visit the office space in person prior to making a commitment. By visiting the space, you will get a feel for the space and see whether you and your team can fit into the space perfectly.
Amenities
Different coworking spaces offer different amenities. From tea and coffee to printing and copier services, parking to receptionist services, you will get it all. Consider your needs and then choose a suitable space for yourself.
Location
Location is hands down one of the most important factors when choosing a coworking space. You need to ensure that it is convenient for you and your teammates. Make sure to it is accessible via public transport and people don’t gave to spend hours traveling to/from the office.
Space Provided
This one seems quite obvious, but you need to consider the space provided. Smaller businesses, entrepreneurs, and freelancers won’t need a very spacious office. On the other hand, medium-sized offices could benefit from a little more space and different sections. Hence, visit multiple spaces till you land on the right one.
Rental Terms
If it is your first time renting a coworking space, you surely don’t want to be bonded by long-term contracts. You might want something a little more flexible and then decide whether you wish to commit to a space for the long term or not. Make sure to choose someone with flexible leasing options.
Final Takeaway
Coworking space can be extremely fruitful for your business, provided that you choose the right space. We have tried to discuss all the important pointers in this post that will help you make an informed decision. If you still have any questions or confusion, feel free to reach out to our team. We would be more than happy to help you out.