As a founder of a startup Do you want to share an office or lease an individual space? More and more companies are joining coworking networks. What was once primarily seen as the domain of freelancers is now a viable alternative for businesses of any size.
It’s not a surprise that tech companies are moving to coworking with increasing frequency. But does that mean shared office space is best for each startup? We’ll explain the advantages and disadvantages of shared office space. When you are looking for the ideal space for your company to expand, use this article to guide your decision-making.
What Are the Pros and Cons of Shared Office Space?
The estimated number of people in the UK will join a coworking space this year. Before investing in a shared office, think about these factors:
The drawbacks of sharing office Space
1. Distractions
Any day, as a founder in a startup, you’re tasked with creating for a pitch to investors in the near future, making sales calls, negotiating product roadmaps with developers, and so on. You’re not allowed to relax and have no time for distractions. Are you able to guarantee that your colleagues will be in the same mood? Probably not. Everybody has lighter days and longer working days and you’re not able tell the jovial group sitting in your lounge room to “keep the tempo up,” any more than you could toss your desk-mate’s cell phone against the wall.
You can certainly reduce noise disturbances by leasing the office of your choice. However, the noise can travel, and it’s likely that you’ll face many distractions when you’re trying to connect with people behind the doors. When you’re heading to the bathroom, preparing a snack at the table, or catching the call of a coworker whom you’ve met recently You’re bound to bump across conversations with people that seem more interesting than your to-do list. The bottom line: Because coworking spaces are less organized than traditional workplaces that draw the line between work and socializing can become a struggle on your colleagues.
2. Proximity to competitors
Most startups experience some level of competition. This can be a good factor because it indicates that your ideas are valuable. But that does not mean that you’re looking over your shoulder while you make major decisions. In a society with open seating, there is always the possibility of speaking about people you’d prefer not to hear! Although we’d never recommend being overly cautious, you may be reminded by yourself and your team members to keep certain conversations in closed room meetings.
3. Uncustomized
One of the coolest aspects of having your own privately leased office is branding it. The walls, furniture, as well as the light can be personalized to suit your unique preferences. When it comes to decor, shared workspaces vary significantly from stylish from chic to “Office Max.”
The more you’re willing to pay to get a more pleasing space you’ll get. But just because a space is well-decorated doesn’t mean it’s really you. It’s not like being in a luxurious hotel, while waiting for your house to get constructed. It’s easy to forget that the property isn’t yours when you’re thinking about issues you’d prefer to change.
4. The Culture of the Workplace could change to match the Culture of the Workspace
For any company that is growing it’s essential to create an individual company culture. The company’s culture is the core and essence of your business. In the workplace environment of shared offices your company’s values could change to reflect the culture of the workplace. Before you invest in a shared office take a look at the values and beliefs the space is based on or adheres to. Are these values in line with the values of your startup? If not, it might be difficult to establish a common understanding with the members.
The advantages of shared offices in Finsbury Park
1. More Flexibility
The main benefit of sharing office space is the flexibility it offers in three distinct areas:
Flexible Plans Options: When you cowork generally, there is no annual lease terms. Hot seat, private desk, or private office subscriptions are all offered on a month-to month basis.
Flexible Cost Plans: There are no charges for upfront costs, no deposit and a range of options plans coworking can provide founders with the chance to keep costs down.
Flexible Office Spaces: Are you able to increase the number of your employees by five overnight? It’s likely that you can switch to a private workspace fairly quickly. Are you looking to swap your private office for a hot seating pass since you’re not around frequently as often as you thought you would? It’s not a problem.
Not sure how much cash your company will receive three months from now? The general flexibility offered by coworking can give you a great security, as compared with the commitment of a standard lease.
2. Opportunities to Network With Startup Founders
Building a startup can get kind of lonely sometimes. In any phase of growth, there’s always new things to study or do and then evaluate. Being around other entrepreneurs can help ease the strain when things aren’t going wellespecially if the people work in the technology field.
The best co-working spaces provide a wide range of activities to socialize, network and learning from other members. It could be in events like happy hour or educational workshops, or even guest speaker events, placing yourself in a workplace where you can’t help but meet other entrepreneurs could make the difference for your startup. Working alongside like-minded people will help your startup grow.
3. Greater Access To Key Players and Partnerships
Another benefit of working in a tech coworking space? The coworking space will give you access to crucial players that can aid in helping your business grow.
Congregate in one space together with other startups and you’ll be more likely to get the interest of angel investors and Venture capitalists who are looking for new opportunities. Additionally you’ll have the opportunity to join networking events after you’ve finished your day.
In addition, these coworking facilities can also function as incubators and can often join their members to corporate partnerships. Despite the reservations that startups face when it comes to taking corporate investments, the right combination could be an ideal match. Many large corporations are looking in ways to access new markets that have relevance. With their ideas and knowledge of scaling, you’ll be able to see the limit.
4. Amenities and Services
When you lease a private space it isn’t always the option of simply turning up to work and starting your day. In the majority of instances, you have to buy furniture, get your phone and internet connections, and arrange for parking for employees.
Not only is there plenty to do to get it set up initially, there is also quite a bit to maintain. If the network goes down one day, you , or the staff you have will be wasting valuable time troubleshooting. The benefits of coworking? There’s no need to worry about all of those things or pay someone else to do it for you. In fact, most admin and operation tasks get handled (we’ll even empty the garbage)!
The most popular coworking spaces offer services like:
High-Speed WiFi
FREE Printing, Scanning and printing
Free Beverages
Full Kitchenettes
Mail Distribution
Onsite Support
Privacy Nooks
Meeting Rooms
5. Educational Opportunities
Additionally the shared office spaces offer a host of educational opportunities that include hands-on programming, workshops, panel discussions, and many more. These invaluable learning opportunities can assist startup founders in overcoming business obstacles, find more funding sources, write the perfect press release, and so on.
To share or not to Share?
Everyone remembers the first time we moved out of our dorm rooms into our own apartment. The feeling of joy that we’d finally have the chance to live our lives the way we wanted. This isn’t just the case for new businesses “graduating” into privately leased offices.
But, nothing is more enjoyable than having to wonder whether you’ll have enough cash to cover payroll within the next six months. or attempting to resolve building issues when you have capital to raise and deals to close and marketing strategies to fine-tune. It’s crucial to proceed with caution.
The majority of bad cowork experiences stem from two sources:
Providers who don’t invest in what matters most (privacy/productivity/networking).
Not as compatible with other members.
Find a coworking area specifically created for startups that focus on technology, and you’re less likely the kind of disruption that you don’t want!
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