If you are a startup founder do you need to share the office space with others or rent an office of your own? An increasing number of companies are joining coworking spaces. What was previously thought of as the domain of freelancers has rapidly become a viable alternative for businesses of all sizes.
It shouldn’t come as a surprise that tech companies are moving to coworking at a higher rate. But does that mean that shared office space is best for all startups? Here, we’ll discuss the pros and cons of shared office spaces. If you’re looking for the perfect office space to scale your startup take this article to help you make the right choice.
An estimated 338,000 people in the UK will join a coworking community this year. Before investing in shared offices in Finsbury Park, take into consideration these things:
The drawbacks of sharing office Space
1. Distractions
On any given day as a founder of a startup, you’re tasked with creating for a pitch to potential investors, making sales calls, negotiating product road-maps with developers and much more. There is no time to spend time with friends and have zero tolerance for distractions. Can you guarantee your fellow colleagues will be in the same mindset? It’s unlikely. Everybody has light days and more difficult days at work and you’re not able tell everyone at the bar to “keep it low,” any more than you can toss your desk-mate’s cell telephone against the wall.
You can certainly reduce noise disturbances by leasing an office that is private. But , as with all noise, it’s possible that you’ll be confronted with a fair number of distractions when you’re forced to communicate with those behind the door. While walking to the bathroom, preparing your lunch while in your kitchen, or even getting an unexpected knock from a coworker whom you’ve met recently You’re bound to bump into conversations and people who seem more interesting than your to-do list. In the end, since coworking spaces feel less structured than traditional workplaces that draw the line between work and socializing can be a challenge to you as well as your team.
2. Proximity to Competitors
A majority of startups encounter some kind of competition. This is a positive factor because it indicates that your idea is valuable. However, it does not mean that you should have them to be watching your back when you make crucial decisions. In an open-seat culture there’s always the possibility of speaking to people you don’t want to hear! While we’d never advocate being overly cautious, you may be reminded by yourself and your team members that you should reserve certain conversations for private conference rooms.
3. Uncustomized
One of the most exciting aspects of owning your own private rental office is that it can be branded. Furniture, walls, and even the lighting could be customized to match your individual preferences. In terms of decor, shared workspaces vary significantly from chic and modern to “Office Max.”
In general, the more you’re willing for and the higher your budget, the more attractive surroundings you’ll be able to enjoy. But just because a space is well-decorated doesn’t mean it’s really yours. It can feel like being in a luxurious hotel while you’re waiting for your home to be constructed. You’re constantly reminded that the place isn’t really yours whenever you think of items you’d love to change.
4. The Culture of the Workplace could change to match the Culture of the Workspace
In any startup that is growing, it’s important to cultivate a unique company culture. This culture of the company is the essence and the soul of your startup. In the shared office environment, your company’s culture might be reshaped to fit the culture of the workplace. Before you decide to invest in a shared office, consider the principles and beliefs the office space adheres to. Do these values match with the culture of your company? If not, it might be difficult to find common ground with the members.
The Advantages of Shared Office Space
1. More Flexibility
The primary benefit of shared office space is the flexibility that it offers in three distinct areas:
Flexible Plans: With coworking generally, there is no annual lease terms. Hot seat, private desk, and private office memberships are offered on a month-to month basis.
Flexible Cost Options: No charges for upfront costs, no deposit and a range of option plans coworking gives founders an opportunity to cut costs to a minimum.
Flexible Office Spaces: Are you able to increase the number of your employees by five over the course of a day? It’s possible to switch to a private office quickly. Are you looking to swap your private desk for a seat at the bar since you’re not around as often as your thought to be? It’s not a problem.
Not sure how much cash your business will need three months from now? The general flexibility offered by coworking can provide extraordinary peace of mind, as opposed to the responsibilities of a standard lease.
2. Opportunities to network with Startup Founding Founders
Building a startup can get lonely at times. Whatever the stage of development, there are always new things to discover about, try, and analyze. Surrounding yourself with other entrepreneurs can help alleviate the stress when things aren’t going wellespecially if those people work in the technology field.
The best co-working spaces host plenty of events to socialize, network and learning from your fellow members. Be it in forms of happy hour as well as educational workshops or events with guest speakers — putting your self in a place where you can’t help but be around other entrepreneurs will be a huge benefit for your startup. Being around like-minded individuals will allow your startup to grow.
3. Better Access for Key Players and Partnerships
Another benefit of working in a tech coworking space? You’ll gain access to crucial players that can aid in helping the growth of your company.
Find a place to meet together with other startups, and you’ll be more likely to get the interest of angel investors and VCs searching for new opportunities. In addition you’ll also be able to hit up networking events after getting ready for the day.
In addition, these coworking facilities can also be incubators and can often connect their members to corporate partnership. Despite the hesitation that many startups are experiencing when taking corporate loans, the perfect combination could be a match made in heaven. Large corporations are constantly looking at ways of tapping into the new markets that are relevant. With their thoughts and expertise in scaling, the sky’s the limit.
4. Amenities and Services
When you lease an apartment, you don’t always have the luxury of showing up to work and starting your day. In the majority of instances, you have to buy furniture, get your phone and internet connected and then arrange for employee parking.
Not only is there plenty to do to get it set up initially but there’s also quite a bit to maintain. If the wireless goes down one day, you , or your small staff could waste hours attempting to repair. The benefit of coworking? You don’t have to do all that work or find someone else to handle the work for you. In fact, all operations and administrative tasks can be done for you (we’ll even take out the garbage)!
Top coworking spaces provide things such as:
High-Speed WiFi
Free Printing and Scanning
Free Beverages
Full Kitchenettes
Mail Distribution
On-site Support
Privacy Nooks
Meeting Rooms
5. Educational Opportunities
Additionally these shared offices offer numerous educational opportunities, including hands-on programming sessions, panel discussions and much more. These invaluable learning opportunities can assist startup founders in overcoming business obstacles, find the latest funding round, create something that is perfect for a press release, and many more.
To Share or not to Share?
We all remember the first day we got out of our dorm rooms and into our own apartment. The feeling of joy that we’d finally be able to do things our way. The same is true when it comes to startups “graduating” into privately leased offices.
But, nothing is more freeing than wondering if you’re going to have enough money to pay your employees in six months’ time. As well as figuring out how to fix building issues when there’s capital to raise and deals to close and strategies for marketing to tweak. It’s crucial to move forward with caution.
Most negative coworking experiences come from one of two things:
Providers who don’t invest in what matters most (privacy/productivity/networking).
Not as compatible with other members.
Find a coworking space specifically intended for tech startups and you’re less likely the kind of disruption you aren’t looking for!