5 Things to Consider Before Renting a Coworking Space

If you are a start-up looking to save costs, renting a coworking space rather than a traditional office makes sense. In this video, we will discuss 5 crucial things that you must consider before renting a coworking space.
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If you are a start-up looking to save costs, renting a coworking space rather than a traditional office makes sense. In this video, we will discuss 5 crucial things that you must consider before renting a coworking space.
#1 How much is the rent of the coworking space? For coworking spaces, what determines your rent is how much space you need. It could be a serviced office with a private space for your company. It could be a shared desk, where you will be able to pay lower rent. Make sure you consider additional fees such as using conference rooms, photocopiers, secretarial support, or other services when comparing different coworking spaces.
#2 How long do you have to rent the coworking space? A key advantage of renting a coworking space is the flexibility of the rental period. With coworking spaces, terms are more flexible to cater to the needs of small-scale businesses. Extending or terminating your rental agreement is not a difficult process. All you need is a Tenancy Agreement Renewal or an Early Termination Notice in relation to Tenancy Lease (Breach of Contract) if the coworking space operator fails to comply with the stipulated terms and conditions. If you are not sure how to draft these documents, you can check out our customizable template in the description box below.
#3 What resources and services could the coworking space provide? Most coworking spaces offer administrative assistance such as a reception desk, cleaning services, and security staff. Utilities such as electricity, water, and gas are also generally included in the rent. Coworking spaces also usually include a host of different amenities and benefits, such as Coffee, tea refreshments, wi-fi printer, and scanner lockers, and air conditioning. Many coworking spaces also offer private rooms and conference centers of varying sizes. You should consider your business needs and figure out the kinds/number of rooms that you usually require, then see if your preferred coworking space offers them. Another special feature that traditional office spaces fail to provide is the opportunity to participate in or organize workshops and social activities. This offers a great opportunity for you to connect with other entrepreneurs and/or experts in the industry.
#4 What are the terms and conditions of renting the coworking space? Before placing your deposit, you must check out the terms and conditions of the co-working space. You should pay particular attention to penalties for breaking the lease and its consequences. Also, you should try to see if you can get a one or two-day free trial before committing to a coworking space. It is the best way for you to get a feel of working there.
#5 Who are the other tenants in the coworking space? In addition to the lower rent compared to an office, the connections you can make at a coworking space are invaluable. Entrepreneurs can meet like-minded partners and improve business performance by combining the perks of both companies