As a founder of a new startup, should you share your office space or lease an individual space? An increasing number of companies are joining coworking groups. What was once primarily seen as the domain of freelancers has now become an attractive alternative for companies of any size.
It should come as no surprise that tech-based startups are increasingly turning to coworking with increasing frequency. But does that mean that shared office space is the best option for all startups? In this article, we’ll outline the advantages and disadvantages of office spaces that are shared. While you look for the ideal office space to grow your business make use of this article to help you make the right choice.
What Are the Pros and Cons?
The estimated number of people in the UK will be joining a coworking group this year. Before you decide to invest in a coworking office, think about the following factors:
The Disadvantages of Shared Office Space
1. Distractions
Any day, as a founder of a startup you’re tasked with creating for a pitch for potential investors, initiating sales calls, discussing the product roadmaps with developers, and many more. You’re not allowed to spend time with friends and have zero tolerance for distractions. Do you know if your coworkers are in the same mindset? Perhaps not. Everybody has lighter days and longer working days, and you can’t tell everyone on the couch to “keep it up,” any more than you can put your office neighbor’s mobile telephone against the wall.
You can certainly cut down on noise by renting the office of your choice. But , as with all noise, you may still encounter a fair number of distractions when you’re required to communicate with other people who are behind the door. When you’re heading to the bathroom, making a snack in the kitchen, or receiving an invitation from a coworker you met last week, you’re likely to run across people and have conversations that appear more interesting than your to-do list. The bottom lineis that since coworking spaces feel less structured than traditional workplaces in that they blur the lines between work and socializing can be a challenge for you and your team.
2. Proximity to Competitors
The majority of startups face some degree of competition. This is often a good thing because it shows the value of your idea. However, that doesn’t mean you want them looking over your shoulder as you make important decisions. In a culture of open seating, there is always the possibility of speaking with people who you would rather not hear! Although we wouldn’t recommend being apprehensive, you may need to remind yourself and your team members to keep certain conversations for private meeting rooms.
3. Lack of Customization
One of the coolest aspects of having your own privately rental office is that it can be branded. The furniture, walls, as well as the light can be customized to represent your personal preferences. In terms of decor, shared workspaces vary significantly from chic and modern to “Office Max.”
In general, the higher you’re willing to pay and the higher your budget, the more attractive surroundings you’ll be able to enjoy. But the fact that a room is elegantly decorated doesn’t mean it’s yours. It could feel like you’re living in a nice hotel, while waiting for your house to get built. You’re constantly reminded that the home isn’t truly yours every time you have ideas of things you’d like to change.
4. Culture could evolve to match the Workplace Culture Workspace
For any growing startup is vital to develop an unique culture of the company. This company culture represents the heart and spirit of your startup. In the workplace environment of shared offices your company’s culture may transform to match the culture that is prevalent in the office. Before you decide to invest in a shared office be aware of the beliefs and values the space is based on or adheres to. Do these values align with your startup’s values? If not, it could be difficult to find common ground with your team members.
The Benefits of Shared Office Space
1. More Flexibility
The primary benefit of office spaces shared is the flexibility it provides in three different areas:
Flexible Plan Options: With coworking generally, there is no year-long lease obligations. Hot seat, private desk, as well as private offices are all offered on a month-to-month basis.
Flexible Cost Choices: With no upfront charges, no deposits and a wide range of plans for options coworking offers founders an opportunity to cut costs low.
Flexibility in Space: Are you able to increase the size of your team by five overnight? It’s likely that you can switch to a private office quickly. Want to ditch your personal desk in exchange to get a hot seat pass because you’re probably not at the same frequency as the thought would? No problem.
Not sure how much cash your company will be able to raise within the next three months? The flexibility offered by coworking can give you a great peace of mind, compared to the obligations of a traditional lease.
2. Opportunities to Network With Startup Entrepreneurs and Founders
The process of starting a business can be lonely at times. Whatever the stage of growth, there’s always new things to learn, do, and evaluate. The company of others who are entrepreneurs can alleviate the stress when things get rough — especially if those individuals work in the field of technology.
The best shared office spaces provide a wide range of activities for mingling, networking and learning from your fellow cohorts. Be it in forms of happy hour, educational workshops, or even guest speaker events, placing yourself in a space where you can’t help but be around other entrepreneurs will help your startup. Working alongside like-minded people will help your startup grow.
3. Better Access for Key Players and Partnerships
Another advantage of working in a coworking space for tech? You’ll gain access to important players that can help your business expand.
Gather in a space together with other startups and you’ll be much more likely to draw the attention of angel investors and VCs seeking new opportunities. Plus you’ll have the opportunity to hit up networking events after you’ve finished your day.
In addition, these coworking facilities are also incubators, and frequently connect their members to corporate partnership. Despite the reluctance many startups are experiencing when taking corporate investment, the ideal partnership could turn out to be an unbeatable match. Numerous large corporations are searching how to reach emerging markets that have relevance. With your ideas and their knowledge of scaling, the sky’s the limit.
4. Amenities and Services
When you lease a private space, you don’t always have the luxury of showing up and getting to work. In the majority of instances, you have to buy furniture, get your phone and internet connected and organize employee parking.
In addition to plenty to do to get it set up initially and then there’s quite a bit to maintain. If your wireless is down at any time, you or your staff members will spend precious time attempting to fix it. The benefits of coworking? It doesn’t require you to do all that work or employ someone else to do this for you. In reality, the majority of administrative and operational tasks are taken care of (we’ll even clean up the trash)!
Top coworking spaces offer things such as:
High-Speed WiFi
The printing and scanning are free.
Free Beverages
Full Kitchenettes
Mail Distribution
Onsite Support
Privacy Nooks
Meeting Rooms
5. Educational Opportunities
Additionally shared offices in Finsbury Park can provide a host of educational opportunities including hands-on programming, panels, workshops, and much more. These opportunities to learn can assist startup founders in overcoming obstacles in the industry, obtain more funding sources, create something that is perfect for a press release and so on.
To Share or Not to Share?
We all remember the first when we moved out of our dorm rooms and into our own houses. That feeling of elation that we’d finally be able to do things our way. It’s the same for new businesses “graduating” into privately-leased offices.
However, nothing is less relaxing than pondering whether you’ll be able to cover your payroll within six months. When you’re trying to solve building problems, you’re faced with capital needs to be raised, deals to close, and marketing strategies to fine-tune. Therefore, it’s essential to proceed with caution.
The majority of bad cowork experiences stem out of one of two reasons:
Providers who don’t invest in what matters most (privacy/productivity/networking).
Incompatible with other members.
Find a coworking space that is specifically intended for tech startups and you’re less likely the kind of disruption that you aren’t looking for!
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