As a founder of a startup, should you share an office space or lease the space on your own? Many companies are joining coworking groups. What was previously thought of as the domain of freelancers has quickly become a viable choice for businesses of all sizes.
It should come as no surprise that tech startups are increasingly turning to coworking in increasing numbers. But does that mean shared office space is the right choice for all startups? Here, we’ll explain the distinct pros and cons of shared office space. While you look for the ideal office space to scale your startup take 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 network this year. Before you decide to invest in a coworking office space, take into consideration these things:
The drawbacks of sharing office Space
1. Distractions
On any given day as a founder of a startup you are tasked with preparing an introductory presentation for investors in the near future, making sales calls, discussing the product road-maps with developers and much more. There’s no time to socialize , and no tolerance for distractions. Can you guarantee your fellow coworkers will be in the same frame of mind? Most likely not. Everybody has lighter days as well as more stressful days and you’re not able tell the cheerful crowd in the lounge to “keep it down,” any more than you could throw your desk neighbor’s cell cellphone against the wall.
Of course, it is possible to minimize noise distractions by renting a private office. But noise travels, and it’s likely that you’ll face a fair number of distractions when forced to interact with those behind the door. While walking to the bathroom, cooking an appetizer while in your kitchen, or getting a knock from a fellow colleague you had a conversation with last week it’s likely that you’ll run into conversations and people who seem more interesting than your to-do list. In the end, since coworking spaces feel less structured than traditional offices, drawing the line between working and socializing could become a struggle 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 the value of your idea. However, it doesn’t mean you need them watching you as you make important choices. In a society with open seating there’s always the chance of talking about people you’d prefer not to be around to hear! Though we’d never suggest that you be affluent, you may be reminded by yourself and your team members that you should reserve certain conversations for closed meeting rooms.
3. Lack of Customization
One of the coolest aspects of owning your own private leased office is branding it. The furniture, walls, along with the lights can all be personalized to suit your individual preferences. In terms of decor workspaces for shared spaces vary from trendy to “Office Max.”
Generally speaking, the more you’re willing to pay an amount, the more appealing environment you will get. However, even if a space appears well-decorated doesn’t mean it’s really yours. It can feel like living in a trendy hotel, while waiting for your home to be constructed. It’s easy to forget that the place isn’t really yours whenever you think of items you’d love to alter.
4. The Culture of the Workplace could change to match the culture of the Workspace
As with any startup growing it’s essential to create a unique company culture. This culture of the company is the core and essence of your company. In the shared offices in Finsbury Park environment your company’s values could be reshaped to fit the culture of the workplace. Before you invest in a shared office, consider the values and beliefs the space follows or is a part of. Are these values in line with the culture of your company? If not then it might be difficult to find common ground among your employees.
The Advantages of Shared Office Space
1. More Flexibility
The primary benefit of sharing office space is the flexibility that it gives in three distinct areas:
Flexible Plans Options: When you cowork it is not common to have year-long lease obligations. Hot seats, private desks, and private office memberships are available on a monthly basis.
Flexible Cost Plans: With no upfront fees, no deposits and a range of option plans coworking offers founders a valuable opportunity for keeping costs down.
Flexible Office Spaces: Want to increase your team count by five people overnight? You could probably move to a private workspace fairly quickly. Do you want to trade in your desk at home and get a hot sitting pass because you’re not in the office as often as you thought you would be? There’s no problem.
Unsure of how much money your company will receive within the next three months? The total flexibility of coworking can give you a great peace of mind, compared to the responsibilities of a standard lease.
2. Opportunities to meet with Startup Entrepreneurs and Founders
Building a startup can get lonely at times. No matter the phase of growth, there are always new things you need to know or do and then evaluate. Being around other entrepreneurs can help alleviate the stress when things get tough -especially if the people are also working in the tech space.
The best shared office spaces host plenty of events to socialize, network and learning from members. Be it in the form of happy hours as well as educational workshops or even guest speakers, putting yourself in a workplace that makes you want to get to know other entrepreneurs can bring benefits to your startup. Being around like-minded individuals can help grow your business.
3. Greater Access to Key Players and Partnerships
Another benefit of working in a tech coworking space? You’ll gain access to the most important people who can help your business expand.
Join a room together with other startups and you’ll be much more likely to attract the attention of angel investors and VCs looking for new opportunities. In addition you’ll also be able to hit up networking events after having a rest for the day.
In addition, these coworking facilities can also function as incubators and often join their members to corporate partnerships. Despite the reluctance many startups face when it comes to taking corporate investments, the best pair could actually be a match made in heaven. Large corporations are constantly looking how to reach the new markets that have relevance. With their thoughts 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 luxury of just showing up to work and starting your day. In the majority of cases, you have to buy furniture, get phone and internet connected and also arrange for employee parking.
There is not just a lot to set-up initially and then there’s plenty to keep in mind. If the wireless fails one day, you , or the staff you have will be wasting precious time attempting to fix it. The benefits of coworking? You don’t need to be doing all that work or employ someone else to do all of it. In fact, most administration and operations tasks will be handled (we’ll even clean up the garbage)!
The most popular coworking spaces offer services like:
High-Speed WiFi
Free Printing and Scanning
Drinks and refreshments are complimentary
Full Kitchenettes
Mail Distribution
Onsite Support
Privacy Nooks
Meeting Rooms
5. Educational Opportunities
Additionally sharing office spaces can provide a host of educational opportunities, including hands-on programming sessions, panel discussions and much more. These learning opportunities are invaluable and help startup founders tackle obstacles in the industry, obtain the latest funding round, create an effective press release and more.
To share or not to Share?
We all have fond memories of the first day we got out of our dorm rooms to our own houses. That feeling of elation that we’d finally be able to conduct our own lives. This isn’t just the case for new businesses “graduating” into privately-leased offices.
But, nothing is more liberating than worrying whether you’ll be able to cover your payroll within the next six months. As well as figuring out how to fix building issues when you have capital to raise as well as deals to conclude and marketing strategies to refine. So, it’s important to take your time and make sure you’re taking the right steps.
Most negative coworking experiences come due to one of two causes:
Providers who don’t invest in what matters most (privacy/productivity/networking).
Poor compatibility with other members.
Find a coworking space specifically made for startups in the tech industry, and you’re less likely disruptions you aren’t looking for!
