7 benefits of coworking spaces for entrepreneurs

Written by The Brew – an official Calmer partner.


How did you come up with your business idea? Whether it took years of hard work and study to cultivate, or you woke up to a light-bulb moment one morning, it’s unlikely you moved straight into a coworking space the very next day.

However you experienced that first rush of excitement when setting up your business, there comes a moment when it makes sense to move from the kitchen table and into your own office space.

Finance may seemingly be the key driver on how soon your business progresses to an office – as will balancing your investment in a team of people – but often, the isolation and demotivation that comes with working from home can have more of an impact. Instead of seeing your business fail due to being frustrated working at home, or demotivated from the lack of interaction, it may be worth considering joining a coworking space.

This is where a coworking space doesn’t just become a necessity for growing teams, but it should be considered as a key opportunity in the overall business strategy that could be the key difference between an entrepreneur failing or thriving.

 

Benefits of coworking spaces

So, how will a coworking office improve an entrepreneurs chances of success?

1. Gain a business address

Consider the perception of a business address compared to a home address. Potential customers will often look at where a company is based to give them added confidence the business is secure and trustworthy. It can be quick and easy to develop a professional website these days, but having a business address potentially shows you are taking things seriously. These little things can make a huge difference.

Of course, you have the option of taking a Virtual Office to begin with, but try to choose one which also offers hotdesking, coworking and larger offices so you can grow in the same address.

2. Get access to cost-effective equipment

At home, you may have the space and broadband already in place but what other costs will there be to work from home? Office furniture, printers, extra gas and electric (especially in the winter months), tea and coffee. Equipment in particular could increase your initial costs. So choosing a coworking office which has everything included can actually be a very cost effective option for a business.

3. Inspire your creativity

Working from home can sometimes lack the level of creativity you need to run a business. Surrounded by empty coffee cups, clothes and that DIY you haven’t finished are all things you really don’t need to see when you’re trying to focus on what your business requirements are.

Base yourself in a coworking environment and you’ve escaped the household chores and you have businesses bouncing ideas off each other around you. Coworking décor too is often very different from a home environment or even a private office. Many are designed with a unique theme in mind that will help you think outside the box.

4. Motivate yourself

The level of motivation can be the difference between success and failure for any entrepreneur. As Colin Powell said, “A dream doesn’t become a reality through magic; it takes sweat, determination and hard work”. So it’s essential to find somewhere that can motivate you to work hard every day.

According to a study featured on Office Vibe, a coworking office environment helped 64% of entrepreneurs become more productive and 68% of entrepreneurs more focused. ‘Nuff said!

5. Find networking opportunities without pressure

If you’re not a fan of breakfast meetings, or heading to public networking events that tend to attract a bunch of strangers who are only there to sell their own products and services to you, coworking may be an easier way to network with the right people.

Coworking offices offer a better networking solution – shared offices will feature many different types of businesses. People are there to work, and not sell to you. This takes away the sales pitches and the pressure to close a sale. But the communal areas and the social events run by the community team offers a fantastic opportunity to get to know other coworkers who can provide useful tips, advice and even future business opportunities.

6. Feel part of a community

Being an entrepreneur can be isolating and it’s easy to get lost within your work - even if you have loving family or friends outside of work. A home office may make you feel lonely, and it’s easy to fall into the habit of simply ticking one task off after another.

A coworking office provides an opportunity to feel part of something bigger. Whether it’s meeting like-minded people, taking a yoga class together at lunch-time, joining a healthy eating scheme, or even doing a sponsored event together; being part of an office community is proven to help with wellbeing and productivity.

7. Enjoy a flexible contract

Staffing requirements can increase or decrease significantly as your business develops. It’s good to note that staffing need doesn’t always get bigger - so sometimes you need a larger space to begin with, especially if you have developers or designers for taking a product to market; and once that project finishes you maybe able to run with a smaller team, making your business more personnel-efficient. Traditional offices will tie you in to long contracts, and this could result in empty office space that you are still paying for, or not being able to increase your space because there are no options available. Shared offices however are naturally more flexible so you can usually add or remove desk space as and when your business requires it.

 

Summary

Getting your business off to a great start often takes place at home, but keeping up that momentum, community aspect, and many other benefits can be found when working from a coworking space.

Utilising a shared office space can provide many benefits that, when aligned together with a fantastic business proposition, can help you achieve your business objectives while nurturing your mental wellbeing, and getting the most out of life.

Testimonial from Louis Segal, Director of PRE Technologies:

“Choosing The Brew for our office needs has been an extraordinary decision. It has enabled us to get the flexibility we need as a growing business, with extra desk capacity when required; not to mention the great common areas and professional meeting rooms.

Kristina and the rest of the team are truly helpful with our every need, assisting with the daily aspects of office access and reception and accommodating the eventual less-usual need."

 

About The Brew by rent24

The Brew by rent24 provides coworking spaces and private offices in London for teams of 1-100 people. At The Brew boasts free meeting rooms, superfast internet, excellent community managers and a friendly atmosphere as standard.

We also offer social events, educational business seminars designed to enhance business growth and a curation of wellness workshops and content to support work/life balance and mentally healthy workplaces. 

We recently announced exciting expansion plans that are powered by global coworking provider, rent24. As a result, Brew members now have access to over 50 coworking spaces around the world, including Berlin, Amsterdam, Chicago, Moscow, New York and Tel Aviv. And that’s just for starters, as there’ll be more than 185 global locations worldwide by 2020. 

Check out www.thebrew.co.uk for more on our coworking offerings or stay up-to-date with the latest in small business news by following us on Twitter, Instagram or Facebook