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August 07, 2020

21 Tips to Choose the Best Coworking Space for Your Business

Here are 21 Tips for choosing the Best Coworking Space for your Business. Coworking space is the membership-based workplace where workers from different organizations share an office space. 

These tips will help you select the best coworking space for your business:

● Opportunity: Even if you are a small business, freelancer, or start-up, there is a chance to work in a fully-equipped office without huge investments. Also saves time and money.

● Economic advantages- It’s important to consider if the space includes common infrastructure to help you cut costs, such as equipment, utilities, receptionist, and refreshments.

● Flexibility: You can always rent space according to your needs, and in future can upgrade it without hassle

We have assembled the most important 21 points, for when you are looking for a coworking space, based on our experience after discussing with the members at this place. 

Venture X Lewisville - The Realm at Castle Hills

Remember, the coworking space is going to be your long term investment. Before rushing to choose just any random place, go through these points to help you decide which space is truly the best coworking space for your business. 

Table of Contents

 

1. Location

2. Budget 

3. Economical

4. Transportation

5. Future Proof

6. Amenities 

7. Safety

8. Infrastructure 

9. Adequate Space for the Team

10. Meeting Rooms

11. The noise in coworking space

12. New-age coworking space

13. Cafeteria and Food facility

14. Support

15. Feedback

16. Community Events

17. Right Kind of Work Environment 

18. Agreement period

19. Timings of Coworking Space

20. Gym and Play area

21. Other Benefits 

1. Location

This is the first criterion to consider when selecting your coworking space. When your office has a central location, it becomes a prestige point.  Well-equipped and fancy office space is always a plus. If your coworking space is in an already established business hub, it benefits your frequent visitors. For interviews and meetings with prospective clients or employees, it is important that the coworking space you choose is easily accessible.

Venture X - The Realm at Castle Hills Coworking space is in the rapid-growth area of Lewisville, as well as in contact with the nearby cities of Plano, Frisco & Carrollton. You will be less than five minutes from places of interest such as Nebraska Furniture Mart, Grandscape, Legacy Plano West, Toyota HQ, Liberty Mutual, FedEx, and JPMorgan. Not more than 15 minutes away you’ve got the Dallas Fort Worth Airport. You have the option of enjoying a coworking community with modern office space amenities in a prime location on State Highway 121. 

 Alternatively, if you can work remotely and there are no frequent visitors, you can choose a location nearby your home as well. 

2. Budget 

Yes, the benefits of Coworking space are many, but it’s also crucial that the space you choose matches your budget and financial needs.

If you are a start-up or have a relatively new business, you have to calculate the investments involved. To choose the right coworking space, this is a critical factor. Try to maintain the expenses less, but make sure you have the necessary infrastructure and facilities in your coworking space that best fit your budget. Monthly rent for a coworking space should not become a burden later.

3. Economical

Yes, money is an important aspect when you make any decision. The price for a coworking space varies based on the number of team members. What may be affordable for a freelancer or a team with just a few members maybe a little more costly when you need space for a 10+ team.

So check out the plans your coworking space gives you. Are they okay with flexible payment? Fixed charges can be expensive sometimes when you do not have a team of everyday working members. Can they charge you depending upon the number of visits and hours you spend at the coworking space? These are the kind of questions you need to ask as you’re choosing your coworking space.

From private offices to shared desks to virtual office plans to corporate event space, Venture X has it all. Check out theMEMBERSHIP PRICING

4. Transportation

Coworking is a preferred workplace and you can see in below image how the coworking space importance is increasing day by day:

Hence when you consider finding a coworking space for you, transport is an important point.

Was the long commute time to your office was the main reason you had to leave your last job? Then choose a place that is easy to commute and has lesser traffic jams on the way. Select a place that is convenient for you and your colleagues. 

5. Future Proof

When you are set in a place that is doing well and you have a plan to expand your team, your office space must be able to occupy all of those people. When you choose your coworking space, check whether the extra space would be available to you, how much time it will take, and the maximum you can expand.

It’s also important to check if you can cut down space if the employee size decreases. You have to ask yourself: where do I see myself five years down the line? This way, you can identify whether the coworking space is going to be your best option long term.

6. Amenities 

Write down what all amenities you expect from the workspace. Coworking space should have the necessary facilities, furniture, meeting rooms, printers, and internet access for you and your business to succeed. It’s important that you know your priorities first. Check the requirements you have for the reception services, cafeteria, and other entertainment facilities. You need to maintain the balance between the amenities and rent prices.

With 30,000 square ft, the coworking space on the 3rd floor of The Realm at Castle Hills includes contemporary furnishings and many necessary amenities. You can take a virtual tour of this best coworking space on our website.

7. Safety

A responsible team and business always want to choose a safe, well-located area. It is also good to have a population of well-respected people in the area when you have to work late at night. In the area that is infamous for being dangerous or crime-ridden, it is likely that employees or clients will hesitate to visit. 

Does the coworking space take security measures for employees? Is the route connected to the office safe and secure? Please consider these aspects as you pick your space.

8. Infrastructure 

Check out whether the external appearance matches the internal. The primary office stationery should always be available. You should check the stamp makers, photocopy machines, stationery shops available nearby, and make sure there is someone in charge to take care of them or assist you if you need help. Check that there is a fast Wi-Fi speed, as well as for working printers and scanners.

You can check the conditions of ACs, fans, coolers, and other electronic materials in the office premises. 

Office furniture like tables, chairs, shelves must be intact. Furthermore, regular inspection, maintenance, and repair work of the office property is a must. Make sure the office space you select looks visually engaging and contemporary.

9. Adequate Space for the Team

The number of coworking members worldwide leaped from 1.74 million in 2015 to 3.1 million in 2019. With the average annual growth rate of 24.2%, the 2022 forecast stands at a whopping 5.1 million coworking members.

How many members do you have in a team? Are they all permanent employees? Are there any who come in shifts? You need to take these questions into account and then choose a space sufficient for the current number of team members. Ample working space for all team members is a crucial factor when it comes to selecting your business space. 

Venture X Lewisville - The Realm at Castle Hills can work with your growing business to find what suits your needs now and in the future.

10. Meeting Rooms

Do you often meet clients and have a lot of video calls? If yes, make sure space offers easy and affordable access to meeting rooms. It’s important that there is a sufficient amount of meeting rooms to avoid a queue. In some spaces, you get free meeting room hours each month with your paid membership. 

11. The noise in coworking space

Teams from different organizations may share the space, and it sometimes becomes noisy. It might be difficult for employees to work efficiently, and productivity may differ. The discussions, constant phone calls, and frequent visitors can be distractions for a team that needs a quiet environment. If this describes you and your team, then you need to choose your space accordingly. 

Likewise, if you know your team has discussions more often, then you need to ensure you won’t be a disturbance to others. This means you should check both ways as you choose your best fit.

12. New-age coworking space

Before selecting the place, you need to know: who exactly is using coworking spaces?

● Age and Profession Breakdown: The largest age group for co-workers is 25 to 29, followed closely by 30 to 34. 

● As expected, freelancers still make up a more significant part of coworking members at 41%. The number of coworking members from corporations is right on its tail; however, at 36%. 

● As for the members’ professions, members who are working in IT come in at 22%. This is followed by PR (14%) and writing (9%). 

As for the members’ professions, members who are working in IT come in at 22%. This is followed by PR (14%) and writing (9%). 

As the millennial generation is joining workplaces, they need spaces to be cool and contemporary. Make sure you have a feel-good factor in the office and that it’s what best suits your style. It needs to be employee-friendly and you might personally prefer a space that includes some of the latest design and interiors.

13. Cafeteria and Food facility

Coffee and food are essential when you’re running low on energy as you work. This is where the cafeteria plays a very special role. The availability of various food items on the counter, the sanitary measures the staff uses to maintain the cleanliness of the area, and the accessibility of resources (ex, a microwave) are all factors that should be taken into account as you’re selecting your ideal coworking space.

The presence of water filters, coffee and tea vending machines, mugs, cups, glasses, spoons, coffee, and tea sachets are just a few examples of the many items to consider when evaluating the quality of the food facilities in your prospective coworking spaces.

The availability of restaurants and food delivery systems close to space is also something to think about for a positive cafeteria experience. 

14. Support

Coworking spaces can meet a lot of the needs their members may have. Some of their services include Security, IT Related assistance, support for electronic and related issues, network support, and more! These are some fundamental business necessities that you may have regardless of what industry your company belong to. Also, make sure to check if you are shifting your office space, and perhaps your new coworking space can provide some assistance.

15. Feedback

Very important! There are many coworking spaces with multiple locations across the globe. You might want to get the reviews on a website of a particular location. You always want to understand all the details about the location you are targeting to be your workspace. 

The number of coworking members worldwide leaped from 1.74 million in 2015 to 3.1 million in 2019. With the average annual growth rate of 24.2%, the 2022 forecast stands at a whopping 5.1 million coworking members.

By 2022, there will be over 5.1 million workers in coworking space.

o   Age and Profession Breakdown: The largest age group for co-workers is 25 to 29, followed closely by 30 to 34. 

o   Freelancers make up a more significant part of coworking members at 41%. The number of coworking members from corporations is right on its tail; however, at 36%. 

There are a number of locations of coworking spaces available across the world. and each location has a different setup. When you see a website, just go and check out the place. Get feedback from existing business owners. Gather the information; get the reviews from employees and freelancers. Talk to the members of various age groups, and then make your decision to finalize the place. 

16. Community Events

Community events make a coworking space stand out. Social gatherings can bring in some very influential people and investors. These can be your prospective clients. It also helps in networking, which in turn is useful for exposure of your business. Look out for space that hosts such event series. These events have a good presence on social media, which will help to showcase your workspace on Facebook, Twitter, LinkedIn, etc.

17. Right Kind of Work Environment 

When you choose a space, be sure which kind of environment you have interest in. Whether that includes a quiet, secluded workspace or a networking friendly coworking atmosphere, you have the flexibility to make a decision. What culture fits your business? What coworking space is most favorable to your business operations? Collect the experiences of people who have worked before to help you select the place. 

18. Agreement period

Some coworking spaces have monthly membership options, some have a year’s agreement. You need to decide which option is best for you. Have you finalized the space? Are you comfortable in doing long term partnership? These are questions you must ask and answer yourself before moving forward with your selection. For a long term membership, you might need to find out if you can get a discounted price. 

19. Timings of Coworking Space

The coworking space you choose to work at needs to have flexible timings. Many people do not have a fixed schedule for work. Some might have to work in the early mornings, some work late nights. It all depends on you and your personal flexibility. Some teams choose to work daily, some on a weekly or some monthly. Some change their working hours abruptly, so choose a space according to the convenience of your team.  

20. Gym and Play area

Few workers are staying at coworking their coworking space for long hours. Facilities containing physical activities like the gym, table tennis, carrom playing area, can be of great help for restorative purposes. Even the mediation room and relaxation room can elevate the mood of employees, thus increasing their productivity.

21. Other Benefits 

What additional benefits come from using a coworking space? 

- The provision of common areas like a lounge and terrace garden in addition to well-maintained toilets, a full-fledged kitchen, and in-house maintenance staff. 

Coworking is the new normal as it is the preferred workplace of today’s workforce. 

Due to the COVID 19 crisis, most of the workforce is working at home in response to this widespread threat of public safety. As the pandemic eventually starts to improve, people will gradually start to seek out offices. Companies will want to emphasize cost optimization and favor flexible workspaces. Even the more prominent organizations will want to avoid capital expenditures and instead look to coworking facilities to expand their business.

Venture X Lewisville - The Realm at Castle Hills strives to provide high quality, flexible, collaborative spaces to business professionals; this allows our members to grow their companies and exceed their business goals.

Our workspace solutions have facilities as excellent as those of large corporations. Whether you are the owner of a start-up company, or a freelancer or a large set up who wants to expand their business, or even just a person looking for a place to work outside of the confines of your house, you can find the coworking space that best suits your needs. 

Contact Us:

4400 State Hwy 121, Ste 300

Lewisville, TX 75056

469-615-2114

https://venturex.com/locations/texas/the-realm-at-castle-hills/

 

About Author Ese Aihie

Ese Aihie is the owner of Venture X Castle hills. She is a subject matter expert on the inner workings of the coworking industry. Ese is also the founder and CEO of Work Innovators: a company that delivers managed services in technology, workforce, and workspace solutions.

You can find her on LinkedIn at: 

https://www.linkedin.com/in/ese-a-a6182229/

About Editor Ama Aihie

Ama Aihie is a sales and marketing associate at Venture X Castle Hills. She is an avid reader with a passion for writing. Ama often writes pieces concerning real-world issues, and she’s an expert on writing anything from business or politics to fiction novels or personal experiences.

You can find her on LinkedIn at:

http://linkedin.com/in/ama-aihie-30b52b1b1