The age old saying that cash is king is as relevant today as ever – especially in a time where the financial pressures of running a business has become even more acute thanks to the Covid-19 pandemic.
So, when a big chunk of your company expenses goes towards paying for a coworking space, you probably want to know exactly what your rent covers before signing an agreement, so you can account for those extra expenses and potentially look at ways to cut down on unnecessary costs. To do that, we need to first take a look at the process of searching for a workspace.
It usually goes a little something like this: you come up with a checklist of must-haves (being in the right neighbourhood, having certain amenities, etc) and either go through an agent or search online to find a list of suitable spaces.
You then narrow it down to four or five spaces and set aside a day or two to view them. You show up to the coworking space, where someone with a big, bright smile takes you around to show you the various office spaces, the sleek reception area with three receptionists leisurely chatting over the phone, the communal state-of-the-art coffee machine etc.
The price seems completely reasonable too! You can’t help but get so excited at the prospect, until you realise the monthly fee doesn’t include Internet, or that there’s a separate cost to use the meeting rooms. Does this sound familiar?
These variable costs can quickly add up without you even realising and can end up amounting for a significant part of your business’ monthly expenses. Well, enough is enough! We’re lifting the veil on the five hidden costs you should be aware of when looking for a workspace:
Can we all agree that Internet access is a basic necessity?
Because what business doesn’t require constant online connectivity nowadays, and the coworking space definitely knows that too. It should already be included in any office plan with the option for bringing your own dedicated line for security reasons, but do be sure to check as you’ll probably need it from day one.
Not all coworking spaces are created equal. Some spaces might offer the use of a communal meeting room or phone booth for free, while others might charge you to use them. The cost will most likely differ from space to space so do be sure to check whether these facilities are free of charge, or expensed based on usage.
You should also check whether availability of communal meeting rooms are going to be an issue too. If your job requires frequent meetings but you’re having to resort to coffee shops thanks to the communal meeting room constantly being in use, you might decide that investing in your own dedicated meeting room would be worthwhile.
Again, this depends on how frequently your work requires you to print and scan documents. Most people might be surprised that the cost of printing and scanning documents can really add up so it’s something to be considered and discussed with the coworking space provider before signing a membership agreement.
You might not need a full-time receptionist to man the phone lines or handle mail but some modern coworking spaces might have a community manager that work to engage members and build the community. We can agree that they are a vital part of the coworking culture, in fact, the amazing networking or learning opportunities might be part of the reason you’re interested in this particular space too, but the fees should be built into the price rather than as an additional fee.
It can be easy to be blown away by the in-house pantry and the shiny espresso machine. After all, who doesn’t love packs of delectable snacks and a strong cup of freshly-brewed coffee first thing in the morning? But it can come at a price, so have a think about how necessary these perks are for you and your team.
Finding a coworking space shouldn’t be complicated. Now you have a better idea of certain expenses which might not be shared in the initial pricing, you can make sure to ask about them when visiting each one. And if you want a better way of finding a coworking space, why not try BOOQED!
We believe that your workspace should be affordable, flexible and most importantly, have a transparent pricing structure. That’s why our app makes it simple – simply select the desired location and amenities required to find a list of suitable coworking options with their price. No hidden fees, no long-term contract.
So, if you want an easier, more transparent coworking experience, reach out to the BOOQED team today!