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Flexible and modern workspaces have become global favorites and are gaining popularity. Starting from newly funded start-ups to SME’s to MNC’s all have opted for the low maintenance real-estate option emerging as the co-working space paradigm. The consumers are harboring risks if they do not consider a few facts before settling on a co-working space. You need to retrospect and question if co-working is the right fit for your company? If you can afford the space along with the lease and rent? Or if working from home makes more sense now? Is your company rapidly growing for you to be able to rent a co-working space? Or is virtual office the way to go?
Look long and hard at these questions and if there is a positive connect to these questions, then co-working space is the solution to all your real-estate woes. Though the co-working industry is still evolving there are major players already offering killer deals at fairly competitive prices; there is no dearth of decent co-working spaces. But, choosing the correct co-working space to suit the requirements of your company can take some thinking and fast decision making.
So, without any more contemplation let us jump into the factors one must consider before choosing a co-working space:
1) Supplier’s financial viability
2) The wrong crowd
3) Umpteen distractions
4) Absence of scalability
5) Poor and unreliable IT and telecommunications
If the co-working company is more financially established, they are more likely to invest on latest trends, communication tools, technology and co-working gear. Often they are more likely to provide better amenities to the companies renting their space. Ensure that the co-working space has flexible business supporting options, find out how long have they been in the business, their presence and what services they provide to complement the co-working space. This will help you uncover how reliable and steady your co-working service provider is.
Success comes when the people of similar mindset collaborate and bounce ideas together. Look at your co-working space and think are their new age founders from more established origins who can share their diverse experience with you or are they in the same stage as you and make an informed decision. So, think very carefully and judge the crowd if possible while securing the co-working space.
Co-working spaces can be a breeding ground for such distractions. People are always scampering around and ideating. They are drinking coffee, brainstorming, and networking or plainly are just busy with recreational activities. This may in fact distract a lot of workers. The level of openness in a co-working space can sometimes be too much to deal with. Some individuals can thrive and work well under such blaring conditions. But, if you aren’t one of them then consult with the co-working space to ensure they have a privacy room that is inexpensive or free.
We may make a decision based on the cost-effectiveness of a co-working space. It may fit our budget overall. But, at that moment look at the longer run and think if this space can hold your company’s growth, if they offer virtual office as a service, are they expanding operations in different cities as you are, can they handle the technology needs in the future, can they help you in expansion. If these questions are answered then the co-working space chosen is the right one.
Before confirming on a co-working space always take a trail and examine if the IT infrastructure is excellent. The telephone lines, IT security, systems and internet must be looked at. The internet connection should be quick and be available at different times if need be. Always ensure how many businesses will you be sharing the internet with and can they create a phone number for your business in a matter of minutes. Always be conscious about the security of our private and confidential information of your company and ensure that the co-working space provides measures to keep the IT security in check. The lack of any of these services can hamper the productivity of the company and is not worth the hassle.
