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Chinedu Ozulumba: 7 Things to Consider Before Paying For a Shared Workspace

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dreamstime_m_59934070The shared workspace concept is trending these days for several reasons. The quest to work freely and at any location has introduced this new working culture.  Investors have created affordable shared workspaces from basic to luxury features for short time rent for start-ups and small businesses. This culture is spreading fast and is being embraced by the youth population.

Before you get caught up in the trend, take time to consider why you’ll need to pay for one.

Business objectives
What’s your overall business objective?  What’s your niche? Would you take guests frequently? Will working from home be a good alternative? You’ll need to be clear about your objective for the short term and in the long run before you decide to rent an office space.

Understand your niche
For service based businesses, renting an office space works well because your client wants to engage and know who you are. A prospect may not take you seriously launching from home at least that’s not what your competitors are doing.

When you rely on PR and perception to initiate any sale, launching from home may not work so well. At least you’ll want to be visible and accessible by your potential and existing clients, partners and associates. Shared workspace is suitable for freelancers, small business and those that desire to work from anywhere but not from the home front.

Consider your budget
Review your investment objectives to know what you can afford. It’s no use paying for a workspace that’s not sustainable. Understand how you’ll make money; think through what it will cost to keep that space for a month, quarter and a year. Some facilities bill on an hourly, daily or monthly basis. Consider the number of days you’ll work there.

Shared workspace could also be cost effective for you compared to renting or buying an entire office complex where you’ll have to worry about utilities, facility maintenance, tenement and other state & local government fees.

Understand your person
Do you enjoy working with people or you’d prefer to work alone, your choice of a shared workspace depends on your persona. Now you have the power to choose an ambiance that works for you. Shared workspaces come in different grades and style, serving unique purposes. There a few types of workspaces –

Collaborative or co-working space – This is similar to the group work station where you have eight to ten people working on a desk partitioned for minimal privacy. Its also known as the general or open workspace
Single but shared – Similar to the collaborative but have a maximum of four persons per desk
Shared-Corner office –This option comes with extras, you’ll find executive chairs and desks, lamps, refrigerators, fireproof cabinets and the likes. Legal practitioners, engineers, surveyors and other high-end technocrats who don’t want to be bothered about maintaining a full office may prefer this option.

Your branding objectives
There’s a minimum you’ll need to start for certain businesses. Some businesses are required to have a corporate office by regulation. Your perception by clients, vendors and competitors gives you an edge in your niche.

It’s important to manage your brand properly to attain a healthy social stand that would eventually lead to a high business conversation rate.

Networking style and goal
Freelancers would love the co-working space because of its rich intellectual resource available to be shared. If you would require help from time to time from a fellow co-worker, the co-working space would be ideal.

Most people that started out on a project alone finish up with others. Shared workspace help sort challenging tasks faster. Co-working spaces encourage networking and initiation of new leads for your business.

Status of the facility
In view of the demands and competition from basic to luxury features, most workspace hubs have done well in providing state-of-the-art facilities equipped with functional amenities. This has made their facilities marketable and conducive for anyone looking to rent a space.

To ratify this, you can request for a tour through the facility to check out the basic features, you should expect features like comfy seats and desks, power sockets and extension, call desk, WI-FI, clean restrooms, functional lunch area, parking lot, generators.

For luxury, the facility managers may request you notify them on the extras you’ll want. You may prefer a corner office, executive seats, personal refrigerators and more.

Ensure the facility is away from bustling traffic and noise.

Where to find a shared workspace in your area. A quick Google search with keywords like shared work space, shared desk, co-working space, work station and your location would deliver results on available shared work spaces in your area.

Photo Credit: Monkey Business Images | Dreamstime.com

Chinedu Ozulumba is a portfolio risk manager and content writer. He’s the founder of Aspire by Force Blog; For Aspiring Entrepreneurs & Business Owners. He believes desired results are born out of creative thinking. Visit www.aspirebyforce.com for more resources.

21 Comments

  1. Babe

    November 11, 2016 at 3:36 pm

    Hmmm, nice insights

  2. ozulumba H.C

    November 11, 2016 at 3:39 pm

    Thanks. Very educative

  3. Chinedu Ozulumba

    November 11, 2016 at 4:09 pm

    Glad it was helpful Babe and Helen

  4. chic wen sabi

    November 11, 2016 at 5:36 pm

    I have worked as a facility manager in a complex where by one of the rented office space uses their office as a work station. I need to say that the entire facilities of the building should be considered apart from what your work space facility has. As for mine, the building has a common generator ie no individual generator and there was stipulated time to switch on and off. You need to know all this before paying for a work station space.

    • Chinedu Ozulumba

      November 11, 2016 at 7:30 pm

      You’re right chic wen sabi, such facilities works best when there are common amenities to serve the complex and it centralizes everything. Its not cool seeing smaller generators littered everywhere around the complex. It pays to take a tour round the facility and ask relevant question. Thanks for sharing your experience.

  5. Pearl Okoli

    November 11, 2016 at 8:06 pm

    Nice write up. I would like to find out if the people who already have work spaces there are friendly and I am particular about the workspace ambience.

  6. Josh

    November 11, 2016 at 8:10 pm

    Insightful!! I enjoyed this

  7. ijeoma

    November 11, 2016 at 8:15 pm

    This piece is an eye opener, very educative as well. Thanks

  8. Chinedu Ozulumba

    November 11, 2016 at 8:35 pm

    Thanks Josh and Ijeoma

  9. Ebele Edu-Aquila

    November 11, 2016 at 9:26 pm

    This is great. Kudos sir!

  10. Ebele Edu-Aquila

    November 11, 2016 at 9:26 pm

    This is great. Kudos sir

  11. PIUS EMELIFONWU

    November 11, 2016 at 11:26 pm

    A really compelling read. keep it coming.

  12. Ajibola

    November 12, 2016 at 12:33 pm

    Eye opening….. Great article, thanks.

  13. Ezinne Obele

    November 12, 2016 at 12:41 pm

    Deep!

  14. Luchy

    November 12, 2016 at 1:12 pm

    oh so educative, just about when I’m considering a workspace for my business. thanks

  15. Chinedu Ozulumba

    November 12, 2016 at 1:38 pm

    @Pearl, you may need to visit your preferred workspace facility to see if its what you like. A visit or two and a few questions to the facility manager(s) would tell if the facility would meet your objectives, Cheers

  16. Ese Ekpiwhre

    November 12, 2016 at 7:32 pm

    @ pearl. In addition to what the writer responded to you. From my experience, the ambience are really beautiful, neat, quite, friendly, you have the opportunity to share buisness ideas to your fellow colleagues. I most say is a welcome idea for start ups. Also, get in touch with the facility manager and ask questions.

    • Chinedu Ozulumba

      November 12, 2016 at 8:05 pm

      Thanks for sharing you experience @Ese, that should help @Pearl know the precise steps to take.

  17. Emmanuel Olaniyan

    November 14, 2016 at 6:19 pm

    This is thoughtful and educative, kudos Sir.

  18. Bayo

    November 15, 2016 at 9:29 am

    Nice one. Great insight.

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