How To Select The Right Coworking Space

For Your Startup/SME?

Life of a startup owner is never a cakewalk, as Scott Belsky (Founder of Behance) says:

“It is not about ideas, it is about making ideas happen.”

Therefore, as a startup owner, your plate is always full of tasks like hiring, payroll, team management or even finding the right place to work out of.Furthermore, the ripples of your decision last not only to you but also extends to your business and those associated with it.Speaking of which, one important decision is to select a workspace for your startup since that is one of the deciding factors for your business’ success.

In a recent survey, 64% of coworkers claimed that coworking spaces are their important source of work and business referrals.

The space you work out of has an impact on your and your teams’ productivity, growth and professional achievements. Therefore, in this blog, we are going to discuss some of the crucial aspects to consider when looking for a coworking space for your startup.

Because with the infinite options available, it can get overwhelming to select the one that’s ideal for your business type. You will understand how each factor plays a critical role, what you need to know when looking for a coworking space for your startup, and how to find the best one. So let us examine some factors you should consider while looking for a coworking space for your startup.

1. Reflect On Your Needs:

Even before you start looking for spaces, you need to underline the reason that made you look for a coworking space in the first place.This could be as simple as seeking a faster internet connection, finding a quieter or work-conducive environment, or working with your co-founder under one roof. Other reasons could be to accommodate your team, conduct company or community events, and utilizing the meeting rooms for prospect/client meetings (Source:MYHQ)

Furthermore, needs could also stem from the number of employees you have and their expectations from your company also. An aesthetically pleasing coworking space is always a boon for employees and helps in attracting and retaining talent.

Furthermore, statistics revealed by Officevibe.com shows:

70% of coworkers admit that they feel healthier working from a coworking space than a traditional office setting.

You can have a remote team, or have hired someone to work with you and hence the needs for coworking would change.In the first case, you will need to communicate over the internet, therefore you’ll need a quieter space, a conference or meeting room to speak. While in the latter situation, you will need a bigger space that can accommodate your team. Also, consider that the team size usually goes up and down in the startups and the chances of quick growth are more, hence, you would want to look for coworking spaces that provide flexibility in the subscription.

The idea here is: to clearly identify your expectations, making the search easier and simpler. The end result will be a coworking space of your choice that you will enjoy working in for a longer time period.

2. Coworking Space Location:

Once you have decided your needs, next comes the step to consider the location of coworking space for your startup.Here are 7 reasons space’s location is paramount to your startup:

You’ll save time to commute to and from your house
It should be convenient for your teammates to reach the location every day
The place should have easy access to places to eat, transport and parking space
Cost of the coworking will be based on its location
Having universities within reach to make hiring fresh talent effortless
Should be a location that makes convenient for people (investors, partners, prospects/clients) to pay a visit
Having facilities and conveniences nearby is a big advantage

Location acts as a deciding factor for your startup’s success in many ways. The space should be such that your employees thrive, taking their personal and company’s success to the next level.

This ensures that your employees feel like they are a part of the culture, feel belonged and comfortable in putting forward their view-points. Therefore, searching for the right location is the key. Now let us see what more are the factors to consider.

3. Consider Paying a Visit:

By now, you would have done all the research on the internet, asked some of your friends and/or colleagues and now have shortlisted some of the coworking space that seem right to all the above criteria?Next, you need to go out and see the space.Pay a visit, walk around the area, analyze if the seating structure is correct for the team size you have and if the puzzle pieces seem to fall into the place. This way, you’ll also get to understand the feel of the coworking space, atmosphere, and ambiance. You will know whether or not the space is suitable for your needs and most importantly, does it align with your company’s culture?

Here’s how the coworking space affects your company culture:

Working under the same roof as other entrepreneurs and startup owners gives you motivation and keeps you going
Events at coworking spaces open gates to opportunities
Socializing is possible for every member of your team, unlike traditional office spaces

What you can preferably do is take a subscription of a day or two, and work in the space, utilizing the available amenities, walking around the space and even interacting with the coworkers.Evaluate in real-time: what a day in coworking space is like and if that particular space will be fulfilling to your and your company’s growth.Don’t forget – coworking spaces are a long term commitment, they will not only become your second home but also help your business flourish, so it is wise to take your time figuring out the best one for your business.

Coworking space, atmosphere, and ambiance. You will know whether or not the space is suitable for your needs and most importantly, does it align with your company’s culture?

4. Know What the Future Holds:

So you have made quite a few decisions till now, haven’t you?

But wait, one thing you definitely want to consider is foreseeing – will the coworking space comply with your growing business needs?

Every startup owner looks for ways to expand their business, their team, clientele and more. Therefore, you want to consider if the coworking you are looking at, can accommodate your expanding needs. From the cash flow perspective, coworking spaces for entrepreneurs are considered ideal.

Furthermore, 82% of coworkers say that joining coworking spaces has enhanced their professional network.Alongside, you will also need more assistance like a mentor network, and administration support, that is provided through our startup accelerator program, LaunchPad.Through this program, entrepreneurs can focus on accelerating their business while we assist them with other amenities.

5. Amenities:

With the already stringent budget in many startups, you do not want to end up fretting over too many day-to-day expenses.Therefore, the coworking space should be able to provide some basic amenities like printing, office supplies, and coffee. Coworking spaces are boon for tech startups primarily because they provide hardware on rent which otherwise purchasing would have been costly.With this, you also need to consider whether the budget is too much or limiting, based on the stage your startup is at. If you have a team of 10-30, your needs will differ from the one who is just starting out and has a team of fewer than 10 people.

Wrapping Up

So with all these factors to consider, you are all set to pick your ideal workspace and accelerate your business growth!At Pannal, you can walk in and try out memberships, walk around see the culture and make your decision.

If you have any queries, contact our sales team anytime and they will assist you!

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