There are currently 35,000 flexible workspaces across the country. And the coworking lifestyle is no longer limited to freelancers and solopreneurs — corporate and enterprise customers now account for 25% of WeWork’s annual revenue.
Could renting a coworking space be the right choice for you? Here are five things to consider first.
[Read more: Benefits of Coworking Spaces]
The working environment
The first thing to consider is what you need from your working environment. Are you someone who can get a lot accomplished in the middle of a busy Starbucks, or do you need a lot of distraction-free time to perform your daily tasks?
You might assume that a coworking space comes with limited distractions, but this isn’t always the case. Some workspaces are overly crowded and come with a certain level of noise and distraction. This is especially true if there are people there collaborating on group projects.
And certain workspaces may not offer your preferred type of seating. It’s a good idea to spend some time visiting different coworking spaces to find the environment that’s best suited for your working style.
The location
The location of your coworking space can have a big impact on how much value you receive from using it. If you plan to meet with clients at your coworking space regularly, then it may be worthwhile to find one that’s located in a more prestigious area.
The right location will improve your appearance with your clients and can give your brand a boost. It will also help to find a coworking space that’s located with walking distance of restaurants and coffee shops.
You should also consider the parking situation around your coworking space. If parking is expensive or in short supply, this is going to affect how much value you receive from your coworking space.
The coworking lifestyle is no longer limited to freelancers and solopreneurs.
Your budget
Most coworking spaces come with a monthly membership fee. The location, number of amenities offered and other accommodations can significantly impact the price of your coworking space.
It’s important to find the right balance between your desired level of comfort and convenience and what your budget will allow. If your business is just starting out, then you may have to compromise on some of your desired amenities.
The coworking culture
Most people understand that when they start a new job, that workplace has a certain built-in culture. How well you fit in with that company culture will largely determine how much you enjoy working there.
The same is true of coworking spaces. For instance, a coworking space that is largely made up of freelancers will have a very different feel than a corporate coworking space.
One of the benefits of using a coworking space is getting to develop relationships with other people who use that same space, so you should think carefully about the culture of any coworking space you’re considering joining.
[Read more: How to Build a Coworking Business]
The commitment required
Finally, how much commitment does that coworking space require? Can you rent that space on a month-to-month basis? Most coworking spaces are very flexible, so it may even be possible to rent the space weekly.
You can also look for coworking spaces that offer a trial period. A trial period will let you get a feel for whether or not you like that workspace and can see yourself staying there long-term.
The number of available coworking spaces is expected to continue to grow at an annual rate of 6%, so don’t stress if you aren’t happy with the first couple of spaces you visit. If you have an open mind and keep looking, the odds are good that you’ll find the right option for your business.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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