Choose the best coworking space in Indore. Why is it important?
Selecting the ideal coworking space in Indore is crucial for businesses of all sizes and industries, given the growing popularity of such spaces and the numerous advantages they offer. However, not all coworking spaces are the same, as each service provider prioritizes different aspects and benefits, influencing how well it aligns with your organization’s needs.
In this article, we aim to guide you through the process of choosing the perfect coworking space that suits your business requirements. For those unfamiliar with coworking spaces, don’t worry; we’ll begin by explaining the fundamentals and the various benefits they provide. Then, we’ll provide you with a step-by-step approach to help you find the right coworking space for your business.
To illustrate this, we will take Virtual Coworks as an example, showcasing how to select a suitable coworking space that aligns with your organizational goals and preferences.
Table of Contents
What is a Coworking Space?
Coworking spaces are unique office setups that provide you and your team with a formal working environment, managed by a coworking service provider of your choice. These spaces offer all the amenities typically found in a traditional office, such as work desks, canteens, parking, high-speed internet, printers, training and meeting rooms, and relaxation areas.
However, the key difference lies in the shared nature of these resources. Coworking spaces allow multiple organizations subscribed to the same service provider to share these facilities, fostering a sense of community, networking, and collaboration among professionals. This makes coworking spaces an ideal choice for businesses seeking flexible arrangements.
For example, if your team consists of only two individuals, you’ll pay for the two seats rather than renting an entire building. As your team grows, you can easily add more seats, providing scalability to your business operations.
By opting for a coworking space, you can avoid the upfront costs associated with purchasing or leasing a traditional office building. Instead, you can focus your resources on core business operations. Additionally, the networking opportunities offered by coworking spaces are invaluable, enabling you to connect with professionals from diverse backgrounds and industries.
Now that you understand the concept of coworking spaces and the benefits they offer, the next step is to choose the perfect coworking space for your specific business needs. This decision requires careful consideration of certain factors:
1. Cost per seat
2. Community and networking opportunities
3. Quality and ambiance of the building and surrounding area
4. The overall atmosphere of the space
5. Privacy considerations, etc.
Understanding these factors is essential for making an informed decision while comparing different coworking providers. Each of these elements can significantly impact your work experience, so it’s vital to prioritize what matters most to your business.
As you proceed with your search for the right workspace, be sure to delve into the details of these factors and consider some less common but important aspects as well. By doing so, you’ll be well-prepared to select the coworking space that best aligns with your business goals.
How to Choose the Ideal Coworking Space
Selecting the perfect coworking space in Indore can be akin to making crucial life decisions, such as choosing a career path or selecting a field of study. Just like these important choices, it requires thoughtful consideration, comparisons, and understanding your strengths.
Much like evaluating your strengths to decide on a career, when choosing a coworking space, you’ll need to assess various factors that set them apart from one another and match your specific needs. To help you make an informed decision, follow this step-by-step guide that will lead you to the ideal coworking space tailored to your requirements.
Virtual Coworks is one of the options you may consider in your quest for the perfect coworking space in Indore. Their offerings and amenities might align perfectly with what you’re seeking to enhance your work environment.
STEP 1: Calculating your Cost Per Seat / Monthly Budget
As previously stated, opting for a coworking space allows businesses to pay solely for the seats they utilize. To determine the most suitable coworking space for your needs, it becomes essential to calculate your current cost per seat and utilize this data to make an informed decision. Calculating your cost per seat is a straightforward process, and the following points outline the fundamental elements to consider when performing these calculations:
1. Sum up Rent, Tax, and Building Maintenance Costs: Begin by adding up all the expenses associated with your current office space, including rent, taxes, and building maintenance charges.
2. Factor in Monthly Expenditure: Take into account all the additional monthly expenses such as tea/coffee, internet, housekeeping, and any other relevant costs incurred.
3. Include Miscellaneous Expenditures: Don’t forget to account for any other miscellaneous expenditures that may be relevant to your workspace.
4. Calculate Total Cost and Divide by Employee Count: Once you have gathered all the expenses, calculate the total cost incurred by your business. Then, divide this total by the number of employees working in your office.
By following these steps, you will arrive at the current cost per seat. This figure serves as a foundational reference point for deciding how much you are willing to invest in a coworking space.
Should you decide to explore coworking options, Virtual Coworks offers a similar size and arrangement to facilitate your business requirements effectively. The concept of calculating your cost per seat remains applicable regardless of the coworking space you choose. Utilize this approach to gauge the affordability and appropriateness of different coworking offerings, ultimately allowing you to make an informed decision that aligns with your monthly budget and overall business goals.
STEP 2: Narrow Down on Location
Now comes the crucial stage of narrowing down the perfect location for your business, with a focus on Virtual Coworks. Understanding your business’s nature and industry is paramount. If proximity to customers is vital for your success, then selecting a location close to them becomes a clear priority.
On the other hand, if your business isn’t tied to a specific locality, consider the well-being and comfort of your team members. Conducting a quick survey among your team to gauge their preferences can provide valuable insights. Additionally, it’s wise to make informed predictions about potential future hires and the areas they may be sourced from, even if it means being situated at a distance from your own residence. Remember, a content and motivated team can drive productivity and success, so ensuring their satisfaction with the chosen location is essential.
STEP 3: List Down Players and Compare them
Now that you’ve compiled a list of various coworking spaces available, it’s time to compare their different offerings. Assess the essential requirements for your business, as well as any additional benefits that, though not crucial, would be highly desirable.
The decision-making process involves considering several factors, and the importance you assign to each of these factors is highly subjective. It hinges on your unique business needs, your industry, and other relevant considerations. Nonetheless, we can provide you with a list of significant factors, both commonly considered and often overlooked, to assist you in selecting the most suitable coworking space.
Common Factors While Choosing the Right Coworking Space
Cost Per Seat
The money you pay is obviously the first thing that comes to your mind when selecting a coworking space. Compare it with your base cost per seat that you’d calculated during step 1.
Privacy in office is extremely crucial but it’s also subjective. While many freelancers and entrepreneurs might not need a separate cabin, other professionals would look for a more quieter and private space. Anyone looking for privacy can opt for enclosed cabins and or ask their service provider for other options to maintain their privacy.
Proximity From Public Transport
All your employees (and customers, for that matter) might not prefer travelling to the workspace in their personal vehicles. Proximity from public transport becomes essential. A freelancer might consider a coworking space closer to their residence but for a small team they might consider everyone’s convenience. Still, as this is a subjective factor you might want to consider the set up costs and weight in the advantages.
Premiumness of the Area
Having your business set up in a premium area can have big-time cost impact, but it could benefit you in others ways of connecting you to better business prospects. Before you consider this factor make sure you weigh in the advantages and the downsides based on your business’ need and the comfort of your team.
Premiumness of the building
The first impression that you create, regardless of whether it’s for employees, clients, investors is very important. Corporate buildings are recommended over building with retail shops.
Community and Networking Opportunities
Community has become a crucial factor while choosing the right coworking space. It is not just about working with a group of people in the same place but working with the right set of networks that will help you grow your business. Consider the quality of your prospect community and how it will help you access the right set of networks for future possibilities.
Ambience and Furniture Quality
Quality infrastructure, state-of-the-art furniture, and a stimulating ambience can go a long way in increasing the comfort of your team, and in extension, their productivity. It’s also extremely crucial to have a well designed office infrastructure to support your brand identity and presence among the clients that visit your space.
Most Overlooked Factors while Choosing the Right Coworking Space
Factors for Choosing the Right Coworking Space
When choosing the right coworking space, seemingly minor factors can turn out to be crucial turning points once you start working there. One of the essential considerations is compliance with all necessary regulatory requirements, including proper fire and safety systems to ensure tenant safety.
IT Infrastructure and Set Up
Another vital aspect is the IT infrastructure and setup. While most coworking spaces offer free internet, it’s essential to ensure that the bandwidth is sufficient, backup facilities are reliable, and a robust firewall is in place. Additionally, inquire if they provide secure servers for storing private data to safeguard against potential hacking or data loss.
Tech to Manage Space
Tech-enabled management tools are becoming increasingly common in coworking spaces, facilitating easier facility sharing without confusion. Confirm that the coworking space you choose has the necessary tools to ensure you can easily book meeting rooms when needed.
List of Clients
Examining the list of clients already associated with the coworking service provider can provide valuable insights. Look for esteemed corporates, potential clients, or a network of clients that may offer future business opportunities.
Future Expansion Plans
Considering the service provider’s future expansion plans can also be advantageous. Being aware of their presence in different cities can help align expectations when your team grows or you decide to expand.
Lease Term of the Property
Knowing the lease term of the property is crucial to avoid entering into a contract with a coworking space near the end of its lease. Ensure that your leasing timelines match to avoid any inconveniences.
Often overlooked but beneficial are allied services offered by the coworking space. Some providers may offer discounted services like legal, HR, product development, or digital marketing, provided by their partner companies.
Brand Value of the Coworking Space
While opting for a renowned coworking space may require some extra capital, the advantages of an eminent workspace outweigh the investment. Your business can benefit significantly from the brand value and the opportunities it brings.
STEP 4: Shortlist, Select, Plan and Finalize
Selecting the Ideal Coworking Space
Select the coworking space of your choice from the shortlisted workspaces, and once you have compared the amenities and services, finalize the terms of your plan.
Beware of Hidden Costs and Contract Details
Make sure to be on the lookout for certain costs and other features of the contract that you might be unaware of initially but could arise later. Things you should make sure to go through: