By Tian DuBelko
We all know that change can be scary. That’s why moving your tech startup to a shared office space can be an intimidating task, especially if it’s your first time. Joining a shared office space is a big commitment, and it can be a stressful and overwhelming experience if you’re not prepared.
Choosing a shared workspace isn’t easy since there are many factors to consider.
Factors such as picking the right space, maintaining flexibility and managing your cash flow a year from now will all factor into your decision on where and what to go. That’s why we’ve gathered a list of key factors for you to consider before moving your tech startup to a shared office.
1. What’s our growth plan?
It seems silly to even bring this up, but you need to have clear business objectives and know how your company will make money. How will you get new customers and clients? What’s your website’s conversion rate? How about your marketing costs? Simply being in a shared workspace isn’t enough to make your business successful. You also need to have a business plan and a vision of how your business can grow.
2. Do we need ALL of that space?
Having a clear idea of how much space your startup needs will make it easier for you to start off in the right place. Typically, people will expect anywhere from 150 square feet to 250 square feet for their workspace, but you should sit down with your team and have that conversation before finalizing your membership. While you’re figuring out your space requirements and how many desks you need now, think about how your operation will look six months or a year from now. Try to choose a space where you can see your startup growing in.
3. What perks comes with the workspace?
Most shared workspaces will come with some basic utilities and amenities. You can expect and count on things like fast Internet and water, as well as amenities such as coffee and kitchen supplies. But do carefully read your lease agreement. There are a lot of options when it comes to different workspaces, and you don’t want to sign off on one before you know what that space comes with.
4. How is the location?
As they say in real estate, it’s all about location, location, location. Where your company is situated will affect how you conduct business and how potential investors and clients see you. Your space doesn’t need to be excessively stylish or fancy, but you should feel confident if a stakeholder walked through your doors. Also, a location close to public transit and business services is a more desirable location than a space in the middle of nowhere. Not only will you attract more top talent, it’ll also make it easier for you to network with potential partners.
5. Can we afford this space?
The best and most sought-after office spaces will be the most expensive. It’s simple economics. For most tech startups, the cost is a significant factor in their decision to move offices. The membership cost isn’t the only thing you need to factor in while making your decision. Salary needs, housing, transportation, and general cost of living need to be considered as well. Take some time to evaluate your total needs and costs. Then figure out if you can get what your business needs for the price you’re comfortable with.
Ready to Jump Right In?
Choosing the right shared tech workspace can jumpstart your tech business and accelerate your growth. In the right ecosystem, you’ll have an easier time hiring top talent, expanding your network, and even securing the next round of funding.
Think your Seattle tech company might be a good fit for ExtraSlice’s community of trendsetters and innovators? Visit our website to learn more about The Place for Tech or schedule a tour of our tech campus.
