Rent is among the highest monthly expenses in a business. Entrepreneurs will go for any alternative that reduces the rent cost. One of these options is coworking, which has become a viable option around the world.
What is coworking?
Coworking space is a workstation where many entrepreneurs and employees in different fields share resources. The spaces are fully furnished with desks, chairs, internet connections, telephones, and other equipment that businesses require. Coworking space involves short-term and flexible leases where entrepreneurs can pay for space on a monthly basis. However, the latest trend in coworking is hot desking where entrepreneurs and employees pop into the building and book their workstation.
Property owners that offer hot desks create locker rooms where tenants can store their work tools. When employees or business owners come into the shared space, they pick their tools from the locker and choose any of the available spaces.
Workers can book their space in advance in some set ups but in most cases, workers pick the available workstations. Most of the hot desks are in an open office set up. However, some spaces have private rooms where employees can work is a quiet environment.
What are benefits of coworking?
The main benefit of coworking is reduced costs of leasing office space. Leasing dedicated office space means signing a lease contract for at least three years. Entrepreneurs may not have the financial resources to make such a long-term commitment. The lease costs and recurrent monthly charges are just part of the cost of moving into a new office space. Business owners get an empty space when leasing a new office space for their business. They incur an additional cost of furnishing the space, which is expensive.
The lease costs and recurrent monthly charges are just part of the cost of moving into a new office space. Business owners get an empty space when leasing a new office space for their business. They incur an additional cost of furnishing the space, which is expensive.
Coworking spaces are not only cheaper in terms of rent rates but also come with the best office furnishings. Property owners invest in the best furniture and equipment in shared spaces to attract tenants. Most of the coworking spaces come with a furnished kitchen and conference rooms. Entrepreneurs can use these facilities to hold meetings with their clients and employees. In addition, some spaces have a shared receptionist. Which is advantageous as entrepreneurs save the cost of hiring a permanent receptionist to greet their visitors and take their calls.
Entrepreneurs can use these facilities to hold meetings with their clients and employees. In addition, some spaces have a shared receptionist. Which is advantageous as entrepreneurs save the cost of hiring a permanent receptionist to greet their visitors and take their calls.
The alternative to coworking space is working remotely from home. Many entrepreneurs have started and expanded their businesses from home until they could afford to pay for an office space. A home office is a good alternative but it denies entrepreneurs an opportunity to interact with other entrepreneurs.
Networking is important because it enables entrepreneurs and their employees to learn new skills and ideas from others in the same or different field.
Some property owners have coworking spaces with multiple locations in different cities. Some of them allow their tenants to pop into other locations in other cities and work. Such arrangements are beneficial to entrepreneurs whose business involves traveling from one city to another.
How to choose coworking space
The most important consideration when choosing coworking space is your business and employees’ needs. The shared space should enable your employees to maintain or even improve their productivity levels. If you hold physical meetings with your clients often, the ideal space should have conference facilities for such meetings. In addition, the shared space should be located in a place that your most profitable clients can access easily. The layout and amenities in the space should give a good impression of your business to your clients.
If you do not meet clients physically, which is possible when starting a business, you can choose the space that fits your budget. Check the leasing terms and go for the space that suits your needs and preferences.
The ideal coworking space should have all the equipment and facilities that you need to run your business. Another important consideration is the level of noise or disruptions in the space. Many entrepreneurs forego shared working spaces because of disruptions.
Choose office space whose layout allows employees to work with minimal disruptions. The conference rooms and shared equipment should be located a distance from the main working area. Consider the lighting, sanitation, and air conditioning as well.
The best strategy to finding the ideal coworking space in your area is to allocate enough times for the search. You can pop into several of them and test the environment before committing to a monthly payment plan.