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Coworking enhances networking opportunities, reduces operational expenses, and boosts employee productivity.
These extensive benefits have made shared spaces the most sought-after choice for all types of ventures – small, medium, or large.
Reports claim, around 2.9 million square feet of area is leased for coworking between January to March 2021, which is four times more than the previous year.
If you are a business owner looking for co-working spaces, there are several factors to consider before opting for one. Considering a few crucial aspects before deciding on one will boost the chances of selecting a suitable workspace for your business.
In this post, The Address has enlisted the top seven things that you need to check before commencing the coworking journey.
A coworking space with top-notch infrastructure is crucial to maximizing your team’s work experience.
Earlier, entrepreneurs could get away with an office setup with poor amenities.
Today, working professionals, especially millennials, don’t appreciate poor working conditions.
Besides fair compensation, 35 percent of millennials desire to work in a space with state-of-the-art amenities. Else, it leads to burnout which affects their productivity.
Here is a list of must-have amenities for your workspace –
The quality of services you offer can make or break your team’s value proposition. So, choose a well-equipped workspace that will keep your team engaged and happy.
Work flexibility is among the top priorities for modern working professionals.
Recent survey results state that 83 percent of employees having flexible work options feel more loyal to their organisation.
Here’s how a coworking setup helps to achieve greater work flexibility.
What’s more?
Coworking setup allows them to talk to experienced peers, mentors, and coworkers. From brainstorming ideas to working on a project, they have the flexibility to use their time. There’s no micromanagement.
So, while transitioning from a traditional corporate office to coworking, ensure that the workstation has 24X7 access.
Further, restructure the working style and hours.
Allow your team to work when they feel the most productive. Offering greater flexibility will boost their productivity levels.
Instagram. Spotify. Uber.
What’s common between these companies?
Besides operating from coworking spaces, they have an excellent work environment.
If you check their track record, you’ll find that it’s their culture and values that helped them thrive.
So, can their success teach us anything?
Yes.
Regardless of size and resources, they uphold a good working environment. If you visit their websites, you can see that the workspace seems like an adult playground and not a typical office.
Finding the correct coworking space with a great environment is paramount to productivity, creativity, and professional fulfilment. So, visit the coworking space and try reaching the existing staff of neighbouring coworking companies. Even take your team to understand the vibes before making the final decision.
Networking is not going to lunch with the team or handing out business cards to contemporaries.
At its core, networking is all about nurturing meaningful professional relationships.
Coworking spaces can foster such relationships.
How?
Coworking allows your team to connect with contemporaries, mentors, investors, and experts.
In a way, it opens new horizons to share ideas and gain valuable insights from experienced professionals.
Such networking opportunities can help your business carve a reliable path to long-term success.
Finding a coworking space with a great community of professionals is not difficult.
Here’s what you need to ask yourself:
Go ahead if the coworking community matches your criteria.
How much should businesses spend on coworking spaces?
This question needs some analysis before reaching any conclusion.
There are hundreds of coworking spaces out there. Not every coworking space is right for every firm. It’s tough to decide which one is worth the investment.
Here are some factors that you should consider while choosing the coworking space –
In short, focus on what you need, decide your budget, and choose a coworking space that can help you gain the best ROI.
Your coworking space’s location can impact your business reputation.
A high-profile location with a prestigious neighbourhood can dictate foot traffic and boost your brand’s visibility.
For instance, if you are located in a prime location, it can attract better client footfall. Moreover, a classy coworking space with top-notch infrastructure can create a good impression on your clients.
How to choose the right location for your coworking space?
Here are a couple of things you need to consider.
If the location is suitable, see whether it’s within your budget.
Extend your budget by cutting down other expenses, especially if you’re an SMB owner. The right location can work wonders for your business in the long term.
Online customer reviews are vital.
If a company has good experience working in a coworking space, they are likely to give them a positive review. Else, they will share their unfortunate experience.
Online reviews – good or bad, can ease your decision-making process.
Before you make the final move, check their reviews on websites like Google and Facebook (Meta).
This tactic can take the doubts and anxiety out of making the wrong decision.
A great business starts with defining your long-term goals.
When you prioritize what’s essential for your team’s productivity and satisfaction, you can’t go wrong. The tips shared in this article will help you analyze and brainstorm about what steps you need to take for selecting the right workspace for your business.
Start with your team’s needs in mind, and you’ll be able to choose the best coworking space.
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