In Australia, many business owners, freelancers, entrepreneurs, and young professionals are finding shared offices to be more cost-effective than leasing their own private place.
Aside from the fact that the rent is lower, they don’t have to worry about bringing in furniture and office equipment and there’s no need to worry about maintenance, bills and utilities.
Shared offices also have amenities and spaces to cater to different activities and events.
Not all coworking spaces are the same – coworking becomes an umbrella term for a broad range of spaces and specialties.
Finding the ideal office space to suit your specific business needs requires knowing your business identity and doing your own diligent research.
1. Not knowing what they’re signing up for.
In signing up, you’ll be joining a community, in which there will naturally be noise. As a social environment, there will be networking events, community interactions, social events, and other things that could disrupt your work from time to time. Community activities are great for promoting work-life balance, but if you’re not participating it could be irritating.
Before signing up for a shared space, make sure you know what’s involved.
Enquire about regular activities and ask if you are required to attend these events. If you need to work in peace, ask if there’s a dedicated quiet space where you will not be disturbed by the noise.
2. Failing to consider the type and need of their company
Many coworking spaces are designed to cater to specific types of businesses. They have different vibes and culture so make sure that you find the right fit for your company.
Although choosing an office from anywhere in the city is possible, there’s a benefit to having people of the diverse industries around you so networking and brainstorming outside of your immediate industry can easily be done.
The best coworking spaces are diverse and have a wide range of organisations, such as Hub Australia.
3. Not choosing an office in the best location
Location is an important aspect of any successful business. If you want to be ‘seen’, you need to place yourself in a good location. The idea is to choose a shared space that fits your company and would be easily accessed by both you and your clients.
Can it be reached via public transport? Are there nearby places where you can go for a quick bite?
Lots of shared office spaces are popping up as demand grows. There are many places to choose from, so choose wisely. Make sure that your office is easy to find and can be accessed 24/7.
4. Failing to inquire about facilities and amenities
Is there a dedicated area for collaboration? Do you have access to meeting rooms? Where else can you entertain clients?
Knowing what you can access based on your contract is important so you can adjust accordingly and maximise what you pay.
5. Forgetting to ask about security and access
The best thing about shared offices is easy access to your workspace and other important facilities. But who else has access to these?
Since you can leave your files and computer in your office and come back to it the next day, how are you sure they’re safe?
Although theft is rare in a shared office, it’s important to know what security measures are in place and how the office conducts safety checks.
6. Being unaware of additional charges and hidden costs
Ideally, all the different facilities needed to conduct a business are available in a coworking space but it’s important to be aware of any additional charges that you might incur if you need extra rooms for your team or more internet bandwidth.
Is there an extra cost to use the meeting room? Will you be charged extra if you need to access your office at night? Those are the questions that you need to ask.
7. Failing to understand the lease terms
A one-year lease is common for shared offices but other communities offer shorter terms.
Read the fine print and make sure you understand all the policies especially the hidden fees, charges and penalties that you might need to pay should you choose to terminate the contract earlier.
The right office space will help you work alone or with your team more effectively. You could spur your business in the right direction by networking and collaborating with people with whom can share ideas or who inspire you to achieve more.