Co-working spaces are shared workspaces that are designed to help employees be productive, network better, and enjoy their work. The modern approach to work has led to a rise of freelancers, entrepreneurs, and remote workers.
Such individuals prefer to operate from easily accessible co-working spaces rather than commuting to their offices regularly.
Importance of finding a cheap co-working space
Affordability is a prime factor when selecting a workspace for yourself. Especially for start-ups and struggling entrepreneurs, the cost of running day-to-day operations can be draining. No one wants their co-working space to add to their financial stress.
A study by Jamal (2018) discussed how co-working spaces play a role in the local economy of mid-sized cities. Despite the increasing popularity of co-working spaces among small towns, most spaces don’t consider the importance of affordable pricing.
Fancy layouts with attractive amenities are everyone’s dream, but few options are suited to everyone’s budget. Let’s look at the essential factors, the absolute deal-breakers that you should consider when looking for a good co-working space that goes easy on your pockets.
Location
Avoid rush hour commutes, and save time and money by choosing a place near public transportation, restaurants, ATMS, and other amenities. If you are working with a team, look for a location that is convenient for most team members, so that you don’t have to spend much on travel reimbursements. While it is important to cut down on costs, make sure you don’t compromise on quality. Invest on a promising space that is ideal for client meetings, presentations, and team tasks.
Amenities
High-speed internet, printers, and power backup are so essential to the day-to-day functioning of a business, that they are often taken for granted. Pay attention to how well the workspace meets your daily needs, including water supply, maintenance, heating and cooling, and secure storage units. Cafeterias, coffee machines, kitchenettes, etc. are an added advantage. Neglecting these needs could cost you more money in the form of additional expenditure on these amenities.
Reliable internet
A seamless internet connection is the very foundation of a thriving remote work arrangement. Parsoya (2023) found that better internet service was linked to higher subjective well-being among employees during the pandemic, regardless of their age, earnings and work arrangements.
Ensure that the Wi-Fi services have a good track record of being reliable in the past. Be wary of online reviews complaining about frequent downtimes or slow connections. In a work culture that relies so heavily on long-distance communication, a poor internet connection can cost you more than you think in the long term.
Pricing structures
Co-working spaces may differ in terms of their pricing structure. Some charge by the hour, by the day, or have monthly membership plans. Depending on how long you intend to use the space, compare the pricing structures of different spaces to see which one fits your budget.
Be on the lookout for new and upcoming spaces that might give discounts or free trials for you to test out their services. Read the pricing plans carefully to avoid missing out on details about hidden fees, e.g., printing costs, meeting room reservations, etc.
Community engagement and networking
While this aspect doesn’t directly affect expenditure, informal conversations in the co-working space are a great opportunity to find talent, and collaborate with entrepreneurs. You might benefit from valuable insights into your industry, that are usually sought in expensive conferences and workshops.
Flexibility
If your work involves changing shifts, choose a space that is accessible 24/7. Ensure that your contract allows for changing work time arrangements. Such provisions allow employees to work during their most productive hours and move schedules as per their preferences.
As you work with different team sizes, a flexible workspace will accommodate your changing needs in terms of physical space without the constraints of long term leases.
Additionally, flexibility in co-working spaces encourages collaboration and networking. Professionals from diverse backgrounds and industries often work in these spaces, leading to spontaneous interactions and collaborations that can fuel creativity and idea generation. The ability to choose from various seating arrangements, private offices, or meeting rooms also ensures that individuals and teams can tailor their workspace to suit the task at hand, enhancing productivity and efficiency.
Work environment
Pan and colleagues (2023) found that shared working areas positioned near windows or in more open, connected and visible locations are significantly preferred and utilised for communication and working, and semi-enclosed space on the side with less visibility and higher privacy are preferred for focused working. Clearly, the physical workspace affects mood and motivation in more direct ways than we can imagine.
A good work environment in terms of overall ambience can greatly influence motivation levels and productivity. If you are investing a cheap space with basic amenities, simple comforts like cleanliness and low noise levels can go a long way in enhancing your working experience. A comfortable and quiet workspace is essential for concentration, while a vibrant atmosphere can boost creativity and motivation.
Security
A co-working space is easily accessible for individuals from multiple organisations and teams. There are always people whose actions you cannot account for. Basic security precautions like surveillance cameras, monitored entry systems and security staff are necessary to keep theft, loss and vandalism at bay. Your safety and the safety of your belongings should be a top priority when choosing a co-working space.
Moreover, a secure co-working space creates a sense of trust among its occupants, encouraging collaboration and networking. When individuals feel safe within their workspace, they are more likely to engage with others, share ideas, and establish meaningful professional connections. This collaborative atmosphere enhances productivity and creativity, driving the overall success of the co-working community.
Cancellation policies and hidden charges
Transparent and reasonable contract terms protect you from unexpected financial burdens. Carefully read the contract terms and cancellation policy before committing to a co-working space. Understand the terms of the agreement, including notice periods for cancellation and any penalties involved.
Being well-informed safeguards your rights and can prevent costly legal disputes in the future. You also won’t be caught off guard by hidden charges, automatic renewals, or other unexpected clauses that could impact your finances and work arrangements negatively.
Looking for a cheap co-working space, while meeting the short-term and long-term goals of your company, is no easy feat. It requires thorough research, and it might take some time before you settle on a decent option. This article enlists several aspects that you cannot compromise on, opportunities where you can save up, and ways in which you can expand your options while choosing a co-working space.
Picking a convenient location, checking for basic amenities, ensuring adequate security, and paying attention to pricing structure and terms of the contract are certain steps that you can take to ensure that your co-working space is worth the expense. Remember that a well-suited co-working space can significantly enhance your productivity, creativity, and overall work satisfaction, making it a valuable investment for your professional journey.
GIPHY App Key not set. Please check settings