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Is a Coworking Space Right for Your Small Business?

January 5, 2020

Congratulations! You have succeeded in starting a small business, and all signs indicate sustained growth into the future. However, it is also evident that you are quickly outgrowing your couch, home office or the local coffee shop as your center of operations. Moving into an office space seems inevitable, and even though it is a hard decision, it is in the best interest of the business and your growing team.

You can choose to get a traditional lease, which typically takes months and is exorbitantly expensive – requiring you to fill mountains of paperwork, buy furniture and sort out your amenities. This might not be feasible for a person starting a small business. Alternatively, you can decide to explore the option of a Coworking space. This is a rented space in a shared office with people and businesses from various fields and industries, typically in a similar stage of growth. This option allows you to have an office space that is turnkey ready and tailored to your needs while not being tied down to an expensive long-term lease. It also allows your team to feel more comfortable in what is typically a relaxed, inspired, collaborative and productive environment with other like-minded professionals.

Problems that Coworking Spaces Solve

  • Coworking can help address the following challenges
  • Wastage of unused or rarely used space and thereby saving money
  • A diverse community of like-minded professionals to bounce ideas off of and take feedback. It is also a potent, easy-to-reach market for products and services.
  • Scalability of the office space as the team grows
  • Minimize upfront costs associated with setting up an office
  • Overheads and related costs of office maintenance
  • Provide an alternative to home offices typically associated with procrastination

What to Consider When Choosing a Space

As you set out to look for shared office space for rent in Toronto, it is important to start by thinking about your business objectives as well as how you work. You can achieve this by asking yourself the following questions.

  • Will you be meeting with clients or partners?
  • Are you keen on setting up regional offices for your brand or testing markets for corporate expansion?
  • When are you most productive?

Coworking spaces typically focus on loud, fun and collaborative areas, so if you need a calm and quiet environment, you are best suited in Coworking spaces that offer private offices. Additionally, if your business is meeting-heavy, you will need access to meeting rooms or conference rooms. In essence, you are in the driver’s seat, and you determine if the space works for you based on your needs as a business.

Important Attributes for a Successful Coworking Space

Location

When choosing an office space, it is important to remember that the office space should serve the business and your team as a whole. Ideally, when starting a small business, your office should be in the ecosystem of the target market or in a target location where demand is high, and supply is low. It should also be in an area that facilitates the lives of your team, such as easy access to public transportation.

Community

An ideal office space for rent encourages and facilitates collaboration and a sense of community. This is important to building an online and offline network and is particularly important when starting a small business.

Conference rooms and meeting rooms

Although not every business is meeting-heavy, having on-demand access to meeting rooms and conference rooms is a crucial convenience to members. It allows small businesses to make a positive impression on business contacts and clients when they host them for meetings, thus boosting their brand and image.

Facilities

People flourish in a positive and productive work environment. Access to recreation areas in the Coworking spaces lifts morale and creates a relaxed ambience where people can enjoy work.

Plans and Pricing

Coworking spaces will typically have multiple packages with varying membership fees to meet the various needs of each business. These include monthly, weekly and even hourly plans depending on need. Be sure to consult with your provider to understand their offerings and to make sure that all your needs are met. Some providers will even customize packages to suit your specific needs.

Get the Best Shared Office Space in Toronto

Coworking spaces offer a diverse environment that presents opportunities to network, save money, make friends, learn and collaborate with others as well as to maintain focus on your core business in a conducive and productive space. The possibilities are endless. Contact Officescape Markham today to start the process of elevating your business to the next level. We have properly furnished office space on demand to meet all your needs.

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