Have you ever wondered what drives the success of start-up businesses like Uber, Spotify, Wanderfly, Instagram, etc? A major attribute to the success of these and many other similar businesses is that they chose dedicated Coworking spaces or Shared Coworking spaces instead of investing in private offices. All these businesses started small and benefited significantly from a host of amenities provided by Coworking spaces and topping the list is the excellent opportunity to collaborate with like-minded individuals and businesses. Coworking saves significant costs, offers greater flexibility at work, and helps in the growth of the respective businesses. Around the globe, more than 40,000 Coworking spaces of varying sizes are operating successfully and this number is slated to grow at a healthy pace in the coming years.
Shared coworking spaces inspire collaboration, while dedicated coworking spaces empower concentration. Both are essential for growth and success in today’s dynamic work environment.
Overview of Shared and Dedicated Coworking Spaces
Shared Coworking spaces provide you with a designated desk to carry out your tasks and the membership plan you choose will dictate when you can access the desk, for how long, and also the amenities you can enjoy. This can be very convenient for people who need an office for short durations in a day, week, or month. You get a permanent address, phone number, call forwarding or a front office desk, secretarial services, pantry services, a gym, etc. Some of these amenities are attached to your membership while some others you will pay for. Shared Coworking spaces are very cost-effective, and give you a lot of flexibility and tons of networking opportunities.
However, you will enjoy limited privacy in shared Coworking spaces and may have to put up with some distractions and noise. Similarly, the space available to you may also be limited.
Dedicated Coworking Spaces
Dedicated Coworking space on the other hand gives you a workstation that is always available to you irrespective of whether you have logged in or not on a given day or time. According to the membership chosen by you all the amenities earmarked are also yours to use. More importantly, a dedicated Coworking space is left empty even when the paying member is absent. Typically, dedicated Coworking spaces are organized in a specified section instead of being interspersed among the collaborative area. This helps the member work in an environment free from distractions. A dedicated Coworking space gives you better security and privacy apart from additional resources and a professional image.
However, dedicated Coworking spaces are more expensive and the lease terms may be fixed. The networking opportunities available in this arrangement also will be limited.
How do you choose between dedicated Coworking spaces and Shared Coworking Spaces?
When you are choosing a shared Coworking space or Dedicated Coworking space for your business, the primary consideration should be your own business. We have already explained what you can expect from shared as well as dedicated Coworking spaces. Beyond those basics, here are the additional factors that you should consider while considering Coworking spaces for your business.
Coworking spaces are available at different locations across your city or town. Therefore, it is important that you choose a Coworking space that is convenient for everyday commutation for you and your employees, Apart from the commutation aspect, you should also consider potential visitors to your workspace, their needs, and profile. For instance, if you expect a constant flow of customers to discuss work with you, you should ensure that the space you choose has adequate facilities like meeting rooms, secretarial services, a coffee corner or pantry, and so forth.
Coworking spaces are far more than 4 walls and maybe, some furniture. Ideally, it should have a bunch of amenities like lockers, prater, Wi-Fi, security, cooling/heating, power backup cafeteria, etc. Obviously, these amenities will come with a price tag, but you can opt to pay for what you use.
The atmosphere and environment
The atmosphere and environment in the space you choose will have a significant impact on your employees and colleagues. Consider your overall needs from the space and see if you can tick all the boxes. Does the space look comfortable and professional, or is it crowded?
Networking and socializing are important in any workplace. But, at times, they can interfere with your actual work and therefore, choosing a Coworking space that has separate offices for different businesses can be very desirable. Yet, networking may be important for some businesses and to address that need, you may want a Coworking space that is focused on building community.
In a shared Coworking space or dedicated Coworking space, you are obviously working alongside many other people from different streams of business or work. What are your security concerns and is a locked door office available in the Coworking office you choose? Or, are you happy with the overall security arrangement available to the entire space?
This is very important since poor speed and frequent downtime can seriously impact your productivity and ability to meet desired turnarounds. Apart from checking with the Coworking space you choose, speak to other users also confirm that the information you gathered is reliable.
Your budget for the Coworking space should include the membership fee, the price of any equipment that you will bring along, and commutation expenses. The membership fee you pay will include IT support, air conditioning, power backup, maintenance, and furnishings saving plenty of time and money, particularly when you are just starting your business. Similarly, it is a good idea to check with the Coworking space if they also offer a trial period before signing up for a long term arrangement.
Seeing is believing
The best way to ensure that you are choosing a Coworking space that answers all your needs is to personally visit them and see things with your eyes. We offer a one day pass so that you can check out things, ask questions and collate the answers before you sign up.