A workspace holds your websites, your team and your billing. Most customers need exactly one.
Name
Shown throughout the portal and to everyone you invite. If you run more than one workspace, make the names obviously different; "Acme" and "Acme 2" will cause somebody to scan the wrong site eventually.
Timezone
This is more important than it looks. Every date and time in the portal is shown in your workspace timezone, and scheduled scans run according to it. A scan set for 2am runs at 2am in the workspace timezone, not in the timezone of whoever set it up. If your team is spread across countries, agree on one and write it down.
Logo
Used on your reports where your plan supports your own branding. Upload the version that works on a light background, since that is where it appears.
Running more than one workspace
Worth it when you need genuine separation: separate billing, separate teams, or clients who should have no visibility of each other. Agencies commonly run one workspace per client for exactly this reason.
Not worth it for organising your own sites. Use one workspace and per-website access instead. Multiple workspaces mean switching between them constantly and no single view of your position.
Switching between workspaces
If you belong to more than one, you can switch from the workspace menu. Check which one you are in before starting a scan, particularly if you keep similar sites in each.
Exporting everything
Workspace owners can export the whole workspace, covering websites, scans, issues and team activity. See Exporting your data.