The Key Things to Consider When Choosing a Coworking Space for Your Startup
If you have decided to utilize a coworking space for your startup — congratulations! It is a wise choice, given its amazing benefits. Among them are unprecedented flexibility, better networking, and possible mentorships. But there will be things you will need to take into account when it comes to choosing the right coworking space for your startup, as not all coworking spaces are made equal. Here are some of them:
Firstly, you’ll have to take your budget into account. Not all coworking spaces offer memberships at the same price, as some have better amenities than others, or some may charge more for a premium location. While it’s definitely worth it and is likely to be cheaper than renting out an office space, it could still reach several thousand dollars depending on your location, and the following other factors in this article. So, ask yourself right away, “How much can I realistically pay for a coworking space?” A 2019 survey by Statista found that the average price of a workspace in selected U.S. cities range from $700 to a little over $1,000 per month. Perhaps unsurprisingly, coworking spaces are priced higher in major cities, like California and New York. This price range will allow you to estimate just how much you’ll need, and will also help you determine a lot about the following factors.
The key with location is convenience — not only for yourself, but for your staff as well. Ideally, you’d want a coworking space that is accessible to all. To this end, Entrepreneur recommends taking a tour of various coworking spaces in your place of business. As you do, take note if the space can potentially be beneficial to your business. Is it in close proximity to potential partners? Is it nearby universities where fresh talent can be sourced? Consider, too, if there are establishments that would benefit your team, like fitness centers and places for after-work recreation. Finally, make sure that the location is safe and secure. Check if the neighborhood itself is safe, and if there are visitor policies (e.g. wearing visitor badges, signing visitor logbooks, etc.). Assess digital security as well, so you can protect your startup’s data from malicious hackers. Ask about the Wi-Fi security, and whether or not there’s an IT team that handles it.
You will need to ask yourself and your employees the amenities you all need and can’t compromise on, and if they are up to par. If your business often needs to print documents or your team can’t live without coffee, your goal is to look for a coworking space that can attend to such considerations. Indeed, Industrious notes that a good coworking space focuses on the details for you, so you and your team can focus on doing your best work. As such, you will have to carefully assess the different packages being offered by the coworking spaces in your shortlist. As you do your assessments, keep in mind that some coworking spaces might be making compromises on basic services, like offering food, beverage, and parking space, in exchange for a lower rate. These basic services should weigh heavily in your final decision, since they are, according to Financial Express, crucial to ensuring employee satisfaction and to enhancing your startup’s image.
The atmosphere of a coworking space is also an important consideration. After all, it is in this space where you and your staff will spend countless hours working. Regardless if it’s most important or not, it is on you to find a coworking space that feels like a second home in that it is cozy and conducive for work. That means a space with the necessary amenities (see Amenities section), adequate space, and minimal noise. Where possible, you’ll also want to find a place that gives you comfortable chairs, stable desks, and meeting rooms that serve to block out an adequate amount of noise. The design should also be considered. Corporate Wellness Magazine details that a well-designed working space is good for your employees’ health, and can even enhance their productivity. In this case, you’d want a coworking space that lets in natural light, has ergonomic workstations, plenty of collaboration space, and good air quality. If you provide your employees with this sort of space to work, they’ll be thanking you later.