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3 Questions to Ask When Choosing Between Co-Working Space Options

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Since moving into my new apartment, I’ve been reevaluating my co-working space options. Now, that I’ve been in my new apartment for about six weeks, I’m wondering whether I should stick with what I have or go shopping.

I originally started going to a co-working space about 18 months ago because I needed my own space separate from my family in order to get stuff done. The idea was I would eventually cancel it when I move out. In other words, it was a temporary fix to a temporary problem. This is the case for many people.

While moving, I decided to continue paying for a co-working space because I know myself. I’m an extrovert. After a few days of working from home I need to go outside. That being said, I’m not going as often as I expected to, so I’m looking into different co-working space options.

If you’re in a similar situation, or you’re looking for a more permanent home for your business, here are some questions to ask as you evaluate co-working space options.

How often are you going to use it?

Which plan you choose will depend on how often you actually plan on going to your co-working space. This is actually my current dilemma.

I’m paying for 5-day access but I’m hardly ever there. Another co-working space offers one day per month access but I’m not sure that makes sense either. If I end up going once a week I essentially pay the same amount of money I’m paying now.

Therefore, my next step becomes to ask my current space about other options they may have to accommodate my needs. The great thing about co-working space options is they understand people need flexibility and usually have some way of accommodating.

What are the contract terms?

When I first started going to a co-working space, I signed a year-long contract because I knew I’d need it for at least that long. The minimum was also six months. My part of the bargain has since long been met so I can get out of it without having to pay anything.

Other co-working space options are month-to-month. In fact, I recently visited a co-working space where all of their contracts, including private spaces, were on a month-to-month basis.

As such, a question you should ask yourself is how long you think you’re going to need the space.  If you know you’re going to need a space for at least six months, it may be more economical to sign a contract. If not, then you’ll need more flexibility.

Are there any other perks that matter to you?

When it comes to co-working space options, I’m not keen on bells and whistles. The way I see it I just need a place to park my laptop and work. That being said, some people do require some perks to improve their business.

Here are some of the perks a co-working space may offer:

  • Access to a member network.
  • Access to exclusive events.
  • Opportunities for networking and speaking.
  • Beer, coffee on tap.
  • Discounts to things like insurance.

Again, which perks are provided will depend on the space. Which perks you seek will also depend on the business.

Final Thoughts

Co-working spaces can provide great solutions for your business. When looking through co-working space options, make sure to consider these questions so you don’t waste money.

Millennial Finance Expert and Writer
Amanda Abella is a Millennial Finance Expert that helps people understand their finances and eliminate all bad debt. She wrote a book, Make Money Your Honey. It is a powerful guide on how to have a better relationship with work and money. You can actually start building an extremely profitable business around the things you’re passionate about.

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