If you’re the founder of a start-up, a coworking space can be the ideal environment to grow your business.
There are multiple benefits, whether you’re promoting a product or a service, including flexibility, reduced costs and networking opportunities, in an environment that’s a hotbed of creativity, innovation and productivity. When choosing office space for start ups, you’d be wise to look at what coworking has to offer.
Coworking increased demand
The demand for flexible office space in the UK increased by almost 25% in 2022, compared with the previous year, according to a new poll. Researchers at Office Genie surveyed start-up owners in 14 cities including London, Liverpool and Manchester. The demand in the capital was particularly high, showing an increase of 36% in one year.
The report concluded an increasing number of small businesses were looking at ways of combating higher costs due to the ongoing economic crisis.
Trying out new options for shared office space had led to a boom in demand for coworking space London-wide, as well as in other major cities across the UK.
Benefits of coworking space
A shared office environment provides a perfect combination of flexibility and community. Coworking spaces have become a highly sought after location for start-ups, SMEs, entrepreneurs, freelancers and sole traders to collaborate with other likeminded people.
With an affordable monthly membership, you can say goodbye to expensive office rentals and focus on the important business of growing your company.
Renting coworking space can be a game changer, as it provides entrepreneurs with the tools to manage a budget effectively. Not only can you work the hours you choose, accounting for booms and lulls in your business, but you can also increase or downsize office space quickly and easily when required.
If you’re tied into a corporate office on a long rental contract, it’s not easy to accommodate new employees at short notice for an urgent project, for example. When you’re a start-up employing temporary staff on a casual basis, a coworking space can be the answer to your prayers.
Start-ups usually face the challenges of having a limited budget and trying to minimise overheads, especially in the early days. As well as the cost of a long-term lease for traditional offices, you’ll also have to pay utilities bills and buy equipment and furniture.
Coworking presents a viable alternative, as your membership plan can be individually tailored to your requirements and budget. You’ll have access to workspaces fully equipped with amenities including high-speed internet, Wi-Fi, printing facilities, communal areas, kitchen and private meeting rooms.
Using shared resources will significantly cut your initial costs, leaving you with more money to focus on business development and growth. Choose the plan that best suits you, whether it’s for full time use, or a few days each week.
A major benefit of coworking space for start-ups is the unrivalled opportunity for networking. This environment brings together professional people from many diverse industries and backgrounds, with expertise in different fields. This creates a rich source of potential clients, collaborators and mentors.
Working in the same space as other likeminded people enables you to tap into a whole network of new contacts that you may otherwise spend months meeting and cultivating. Coworking spaces also organise workshops, networking events and seminars, providing even more opportunities for members to connect with other people.
Creativity and innovation
Studies show that a coworking space inspires creativity and innovation. The design of a workplace, such as its layout and architecture, can motivate workers.
The design elements are intended to interact with the social and cognitive functioning of the employees, according to the study, Coworking and Sustainable Business Model Innovation in Young Firms, which looked at 258 start-ups in coworking spaces.
This can help generate new ideas and inspire greater collaborative connections. Add the diverse community and vibrant atmosphere into the mix and you’ve created an environment that encourages out-of-the-box thinking.
The benefit of increased productivity for start-ups in coworking spaces is sometimes overlooked. However, it’s an important factor that can help your business to grow faster.
If you’ve previously worked from home, or from a coffee shop, you may have felt distracted by personal obligations. Household chores, kids, pets or social interactions can all take a chunk out of your working day. This can cause a dip in productivity, a lack of focus and consequently a drop in the quality of your work.
When you join a coworking space, you’re based in a dedicated, professional workspace designed to aid productivity. Working alongside other entrepreneurs can improve your mindset and remove the distractions that are holding you back. The availability of amenities including ergonomic furniture, high-speed internet and professional meeting rooms will also aid a productive work environment.
If you’re planning to give coworking in London a go, our office space benefits from glass walls, so you can enjoy privacy, without isolation. You will be able to work in an inspiring environment of office space with original exposed brickwork, marble columns and steel beams. Our kitchens are fully stocked and our breakout spaces on each floor are designed with your team in mind!
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