The most recent data from Statista reveals that there are about 6,219 co-working spaces in the US alone. This is not very surprising, given that coworking has become a big trend among many businesses all over the world, owing to the particular benefits that coworking spaces provide that traditional office leasing does not offer. Continue reading to learn about the advantages of renting a coworking space, as well as the factors to consider when choosing the right coworking space for your own business.
Benefits of renting a coworking space
Renting a coworking space has several advantages. These benefits include:
- Reduced overhead costs. Most, if not all, coworking spaces offer several various benefits including office equipment, cleaning services, and security. As a result, you eliminate these items from your expenses.
- Flexible leasing terms. Leasing a traditional office often requires renting out the space for a full year before you can modify or terminate the contract. Co-working spaces typically offer more flexible terms as they understand the needs of small business owners much better.
- Increased ROI. Over time, the amenities and benefits offered by a coworking space can lead to higher returns on investment for your company. It will also cost less for your business to rent a coworking space than to maintain traditional office space.
- Higher productivity. Your business can benefit from co-working spaces when you don’t need to focus on other chores, such as employing cleaning services or security employees. Because the expense of various processes—including opportunity cost—is shared among members and renters in the co-working space, you can concentrate solely on what can help your company grow.
Factors to consider when choosing a coworking space to rent
It’s tempting to move into the first co-working space you come across, but it’s wiser to take your time in choosing the perfect space that will best suit your business needs. When looking for a coworking space, keep the following in mind:
Your budget
Investing in the wrong things is one of the most common errors made by most business owners. It’s easy to get tempted by the idea of “large investments equal huge benefits”.
Your budget is the most crucial factor to consider when choosing a coworking place. Fortunately, today’s market has so many options that finding alternative solutions for various budgets is simple.
Besides your coworking space, you also need to spend on the following things, especially if your business is only starting:
- Website hosting
- Inventory expenses (if applicable)
- Employee salary
- Business permits and licenses
- How you plan to use the space
Determine why you want a coworking space and what features you’ll most likely require. Some small enterprises, for example, may require more storage space for items such as prototypes. Others may merely require a coworking space as a meeting and work area.
Other businesses renting
Knowing the coworking space’s current clients can help you decide which one to go with. After all, if a few companies in your field are renting space from this provider, you can presume that the amenities it offers can also benefit your company.
The ability to network with other small businesses and startups is one of the advantages of coworking. You might find a digital marketing agency right in your coworking space if you’re looking for one.
Level of privacy
Many coworking spaces also offer private rooms and offices that can accommodate both big groups and even small groups of two or three people.
It would also be better if the coworking space has private meeting rooms or conference facilities that you may be able to use either for free or for a fee. Look for coworking spaces with free call booths as well, which allow you to make private calls and hold private talks without fear of being overheard.
Ambiance
In coworking spaces, the ambiance is important for staying productive. You can’t disregard noise as part of the ambiance. Loud music playing through speakers or groups discussing in common areas may make some rooms noisier than others.
If you want to keep yourself awake while you and your colleagues work, consider a coworking location with plenty of natural light or good alternative light sources.
If the photos on the coworking space’s website aren’t enough to give you a good feel of the space, inquire about day pass alternatives. Many coworking spaces provide a free one-day pass to give you a taste of what it’s like to work there.
Amenities and benefits
Most coworking spaces provide a variety of amenities and services, such as printing and copying services, receptionist services, and free coffee and tea. Consider your needs and look for coworking spaces that can accommodate them.
To have a better understanding of your company’s specific demands, ask your coworkers about the amenities they’d like to see in a potential coworking location.
Location
Naturally, you should join a coworking space near your home or office. On the other hand, you may consider a coworking space that has several locations and offers members access to all their branches if you travel frequently or have remote team members.
Amount of space provided
Coworking spaces come in a variety of sizes—some only cater to freelancers, startups, and small businesses, while others can accommodate larger groups and offer rented office space with amenities. Book walking tours of the space that you’re considering renting to ensure that you choose the ideal coworking space for you and your company.
Renting terms
Some coworking spaces accept payments on a quarterly or yearly basis, while others only accept monthly payments. Some may also recommend leasing a space one month at a time, while others may require you to rent the space for at least three months or to sign up for a membership.
Examine the lease terms in each of the coworking spaces you are considering to see which ones best suit your comfort level and needs. Inquire about any additional fees that aren’t included in the rent, like fees for printing services or using conference rooms.
Hours of operation
Finally, you’ll want to know what hours your coworking space is open. Most coworking spaces now have 24/7 operating hours, but a few only provide 24/7 access to members who rent a dedicated office.
While the space may be open 24 hours a day, their tech or reception support may only be available during certain hours. If you work in a fast-paced industry where you need to get things done as soon as possible, look for a coworking space that allows you to access the space 24 hours a day and also provides service around the clock.
Choosing the Best Working Space in Texas
It may take some time to find the best coworking space to rent for your business, but it is an important investment for your company. After all, you definitely won’t want to spend on a location that you end up not enjoying. Consider the things listed above when looking for a coworking space in Texas to help you maximize your finances, stay productive, and expand your business.
At U Office Executive Suites, we offer flexible options, excellent services, and outstanding amenities for our members. Email us today at info@uofficesuites.com, or call us at (832) 932-5165 to know more about the services we offer.