If there is one thing we cannot stress enough, it is understanding the importance of co-working costs and what you should be looking for when you make the switch to a new workspace.
I’ve seen people brutally unhappy with their current co-working situation because they weren’t direct about what they wanted in a space. If you’re not honest with the owner of the co-working space about what types of facilities and perks you are looking for, you’re not being honest with yourself. Remember, you are the one making the investment – not them.
Below we have compiled a couple of the most important things to consider when you’re looking for a new co-working space or even trying out co-working for the first time. If you take the following suggestions into consideration, you can walk away from your next experience with the knowledge and understanding of what it takes to put yourself in a situation that benefits you.
The Most Important Expense is the Master Lease
This is a bit of advice that I will give to anyone who is looking to find a co-working space: you are the only one that can make the financials of your situation work.
At the end of the day, you are the one that has to pay for your workspace and only you know how your financials work. I know that you don’t necessarily want to be “that person” and haggle with the person running the show at the co-working space that you’re interested in, but ultimately you are going to be the deciding factor in any negotiations.
Co-working is meant to be a cost-efficient means of working, you shouldn’t be struggling and if you are, you did not work the lease in your favor.
- If you’re a poor negotiator, there is a strong chance that this can be a recipe for disaster. You need to remember that even if your space can be considered profitable because of outlying factors, at the end of the day you have to be able to break even and then take home some.
- If you’re a great negotiator, you should have nothing to worry about and you know that you can’t bite off more than you can chew. You already know that you should never be at the mercy of your landlord and if the rent is too high, don’t buy into it. A great negotiator will mitigate their risks!
Make the Most of Your Investment By Observing
If you want to get the most for your money, or the biggest bang for your buck, you need to be aware of your surroundings and carry out a bit of observation. As a member, you’re entitled to use the space that you’ve been allotted however you want, but you need to remember that there are a bunch of other people that have memberships as well.
In order to make the most of your investment, turn an eye to how the property is being utilized and during what times it has the most flow of traffic. If you are someone who works well at a certain time of the day, see how space is like during that time. Perhaps if you could switch your schedule around and find a time when it’s relatively empty, you’ll have as much of the space as you want to yourself.
- Stay on top of the workspace’s frequency and determine when its peak usage is so you know when you’ll be able to occupy the space you want. Just like the price negotiating being completely up to you, so is the way that you utilize this space.
- If you were initially okay with the price that you negotiated, and you have some room to spare in your budget, remember that private offices are always a possibility if your workspace is a little crowded.
Look For The Perks That Makes Being A Member So Special
Over the years, co-working spaces have begun to add more and more perks to their memberships as a way of establishing a long-standing and reliable relationship with clientele. As someone who is looking for space, or maybe isn’t happy with their current space and is thinking of a change, you need to realize that you are special and that these co-working spaces want your business.
Since it typically takes a new co-working space at least two years to become profitable, look for somewhere that has established its name and is ready to start offering those perks that make being a member so worth the price!
- Look for memberships that offer special incentives and deals with local businesses in the surrounding areas. Sometimes restaurants or cafes will offer a certain percent off each purchase because of a pay-it-forward referral system.
- Inquire about whether or not your co-working space or the one you’re looking at, has a customer service manager that is meant to provide the best possible experience for members. You want someone that is hospitable and will help solve any problems you may have.
- Make sure that the workspace has amenities that benefit you as a persona and you as a business professional. Sometimes you’ll be spending long hours there so it’s important to know that you’ll have a way of taking a break or enjoying an espresso at the in-house cafe for a pick-me-up.