The Right Price Matrix To Choose Coworking Space For Yourself

While there are multiple factors that go into determining the best coworking spaces that suit the needs of your business perfectly, the importance of price cannot go underrepresented. We believe that pricing plans play the most important role, and thus, often carry the most weightage in the decision for choosing the right coworking space for yourself.  
 

Usually, the cost of a space depends on multiple factors, including (but not limited to), the rental cost of the building, cost of furniture and fittings, operational and running costs of the building like electricity and other utilities, taxes, housekeeping, etc.  
 

The quality of services rendered is often reflected in the price you pay. However, to ensure that you're truly getting your money's worth make sure to assess your desired coworking spaces based on the following criteria.  

1. The "premium"ness of the building 

2. The "premium"ness of the area 

3. Quality and Cost of Furniture 

The Premiumness of the Building

The premiumness or the premium factor of a building often plays a major role in determining how the coworking plans are priced. There are multiple factors involved in deciding the "premium" factor of a building.

This includes tangible amenities and benefits like availability of car parking, quality of construction, if the building is A-grade, what kind of companies are housed in the building and if scalability is possible in the long term, etc, and intangibles like the reputation and the brand of the constructor, and whether or not the building is classified as residential or commercial in the eyes of law.  

The Premiumness of the Area 

The locale and the area in which the building is situated also plays an equally significant role in the pricing of coworking spaces.

Factors like proximity from local and public transportation, town planning, government policies, and the number of corporates and businesses situated in the locale along with social factors such as cafes, eateries and other places to distract oneself, can help you gauge the premiumness of the area.  

Quality and Cost of Furniture 

Coworking spaces directly weigh in the quality and the cost of the furniture when making the pricing decisions, and often have a major impact on the cost. If the furniture is rented, rather than outright purchased, users have slightly higher room for customization but would need to adjust with a slightly higher cost (since renting is usually costlier than purchasing furniture in the long run).

This is also one of the areas that most businesses tend to cost-efficient, often leading to less-than-ideal productivity and morale among the users. It is important to make sure that the furniture that comes along with the building is, at the very least, ergonomic and comfortable, and suits the needs of you and your employees.

The Right Price Matrix 

In order to help you choose what’s best for your business, we have come up with the right price matrix that will help you give a rating of these different factors. 

This matrix will help you decide the right place while selecting your office in a coworking space. All you have to do is give a rating of the three factors based on your best judgement, and refer to that combination of ratings in our matrix for our best recommendations.  

To Sumate

Doing so will help you come to a conclusion of choosing the right and the best fit for yourself. It’s very important to take certain factors in consideration before you zero on any place. Being aware of all the pros and cons not only helps in making the right decision but will help in the long term with zero hassles while you focus on the core of your business.