Startup owners must choose carefully when the time comes to select a co-working space. After all, if they make the wrong decision it could come back to financially haunt them before the end of their first year in business. Determining which co-working space is ideal for your business is never an easy process because there’s no one-size-fits-all solution, but there are nevertheless some helpful tips to keep in mind to ensure you don’t make a terrible decision.
What should startup owners be looking for in a co-working space, anyway? How can they ensure it’s productive, affordable, and safe? Here’s a review of how to choose a co-working space for your startup.
Learn about the 5 factors
There are 5 factors you should be keeping in mind when determining your co-working space. The first is the location of the building itself – is it near enough to all your workers that they find it a viable option? Is the local infrastructure good enough to ensure travel won’t be consistently delayed? What nearby amenities does it have that would make it a more enjoyable and rewarding place to work in the long-term? These questions should be asked about the physical location of the building before you move onto the second, related factor – community.
The second factor of the five you should consider is the community you’re entering. Besides their incredible affordability, co-working spots are frequently sought after because of the networking opportunities they deliver to your business. A careful analysis of co-working spaces by the Harvard Business Review discovered that people thrive in co-working arrangements in no small part because they feel connected to those working around them, even if they’re from different companies. The best locations for startups in London are thus those which come replete with happy, healthy communities of professionals you can join.
The next factor to consider is the actual environment yourself. Will your workers be distracted by beeping microwaves, noisy overhead fans, or nearby traffic? Somewhat related to this is the fourth factor, amenities, which will be the perks and privileges of choosing that specific space. Some workers can’t function without their morning coffee, while others may need built-in daycare access to become functioning members of the community.
Putting it all together
The final factor is one of the most important things to consider before you put it all together and make a choice. This is your budget, or how much you can afford each month, and it’s arguably the deciding factor when it comes to finalizing your office space decision. If you take some time to review the pros and cons of coworking, you’ll quickly discover that the savings are one of the most enticing elements of this arrangement.
At the end of the day, though, you’ll only save money if you invest in the right location and ensure your employees acclimate accordingly to it. Entrepreneurs and startup owners must be involved during every step of the process as they find a coworking office, as it’s the only way to ensure the office you’ve chosen is the ideal location for your budding commercial empire.