There are many benefits to working in a coworking environment, as well as traditional office space in London. With its flourishing entrepreneurial culture and opportunities for networking, there’s no better place for businesses than the capital.
Many leading tech giants such as Google, Facebook, Amazon and Microsoft have a London location, and small companies take advantage of the city’s inspirational tech hub to foster innovation.
As a result of the sheer number of businesses operating in London, there are literally hundreds of networking events every month.
Meet potential investors and partners and stay in touch with the world to build a professional network by having a base in the capital. There’s such a great diversity of industries that you can meet professionals and entrepreneurs from all walks of life.
London is home to one of the world’s largest public transport networks – integrated trains, underground and bus systems span the city. The famous double-decker buses are a cheap way to travel, as is the London Underground, particularly for commuting around central London.
The train network is a fast way to travel across the city and beyond, while the Docklands Light Railway serves parts of London. Riverboat services along the Thames are a great way to beat the traffic.
Trams link some parts of south London, or if you prefer to keep fit, the public cycle hire scheme is an eco-friendly and healthy way to travel. The iconic black cabs and local minicabs provide another option. For overseas visitors, there are six main airports, all connected by public transport.
With more than 24,000 restaurants to choose from, you’ll be spoiled for choice. The perfect place for post-work socialising, whether you’re looking for a traditional British pub, or a wide range of international cuisines, there’s something to suit every taste.
There are also more than 3,500 bars to choose from, so you’ll never be short of something to do with friends, colleagues or clients.
London has more 40,000 shops and 26 street markets, so whether you’re looking for luxury department stores such as Harrods and Selfridges, unique designer outlets, independent retailers and anything in between, you’ve come to the right place.
Now we’ve touched on the benefits of working in London, how does coworking compare with traditional office space?
When signing up for traditional office space, normally you’ll need to commit to at least three years. With coworking, no long-term commitment is required. This makes it better for start-ups, who may be unsure whether they’ll need to expand or downsize over the course of three years, particularly in today’s uncertain economic climate.
In the case of traditional office space, the tenant will sign the landlord’s lease to agree occupation for a set period. The people who use coworking spaces are not strictly tenants, but more customers who sign a licence agreement granting them the right to use the space.
Furnishing a workspace
If you’ve rented a corporate office space, you’ll normally have to furnish it yourself. This means there will be higher upfront costs on top of the rent. You will also have to pay “dilapidation costs”, meaning you must return the space to its original condition when your lease ends.
A coworking space comes fully furnished, so your business won’t need to pay any upfront costs. You’ll also have access to shared tech and other equipment such as desks, printer, fast Wi-Fi connection, drinks machines and a communal kitchen.
During the process of moving in, there will be legal fees, agent’s fees and stamp duty to pay if you choose a traditional office. With coworking, there are no such fees.
Flexibility is where coworking really helps entrepreneurs and small businesses in particular. With a traditional office, you’ve committed to renting a specific amount of space for the full term of the least. There’s no flexibility, so if your business grows, or scales down, there’s little room for negotiation.
When occupying coworking space, as long as the extra room is available, you can always expand your business when needed, or move to a new area in the same building at short notice. During the term of your licence, you can be flexible about size when required.
Speed of moving in
Signing up for a traditional office can be a lengthy process, allowing for legal requirements, paperwork and fit outs. It can take three to six months on average before a new business can move in.
The process is much quicker when it comes to coworking space.
With coworking, services such as cleaning, reception and mail-handling are normally part of an all-inclusive monthly price. You will also have access to private meeting rooms when you need them.
Headspace Group’s flexible coworking and office spaces for the creative, media and technology sectors offer extra benefits such as event spaces where you can connect, converse and create.
The Studio at our coworking space in Farringdon is purpose designed for key events that you may need to host. Coworking in Farringdon means a welcoming reception area with a dedicated on-site team, who will greet your guests and help with any query you may have.
The best thing about coworking, aside from all the obvious benefits, is a more agreeable work/life balance.
Determine the schedule that will best fit your business and lifestyle, then, at the end of the day, you will have a distinct separation between work and home life. This creates healthy boundaries, keeping your business contacts separate from your family and friends.
It’s beneficial for our emotional health to set aside some time to do the things we enjoy. Whether it’s cooking a meal, meeting friends for a drink, or simply watching TV, it’s far healthier to have uninterrupted time to unwind.