Do you work for a start-up business? Or, are you looking to establish your very own small business? Before deciding on the location of your office space, entrepreneurs should consider the advantages and benefits of joining a space like WOW.
With the uncertainty of the climate, there are several variables that are available to aid your company growth in a communal environment. Whether you’re looking for a flexible and cost-effective arrangement, an opportunity to network or simply a fun and engaging work environment, shared workspaces could be the perfect solution.
If you’re not sure, or on the fence, consider these key points:
If you are starting a small business, or working to grow your existing one, keeping costs controlled will be essential. An all inclusive shared workspace is a sensible way of managing overheads by having rent, utilities and other bills fixed. In spaces like WOW small businesses can also qualify for an exemption to business rates relief – a huge saving on your monthly outgoings. The flexibility of the agreements, and small deposit requirements, is also beneficial for businesses that are expanding or downsizing, as it allows them to smoothly transition the space, based on their requirements whilst also avoiding signing a long term lease.
Shared workspaces are typically accessible 24/7. Members can choose which size space they want, customising it to suit their needs. Often equipped with communal spaces, they can choose to break up the day with a meeting in the more informal spaces, take calls and meet clients or visitors. This level of autonomy is extremely beneficial for startups as it allows employees to create a work/life balance that works for them! It also gives startups the ability to offer staff perks and benefits that may be out of reach if they were renting a traditional office space.
One of the most appealing aspects about shared workspaces is their capacity to create a community of passionate entrepreneurs. Working from home can be isolating, so having a network of talented individuals to bounce ideas off of, collaborate with, and learn from, is invaluable for startup success. This type of environment is beneficial for startups because it helps to foster innovation and creativity.
According to Small Business Labs 89% of surveyed said that they are happier since joining a coworking space. Most likely because shared workspaces provide an environment that supports and encourages collaboration between members. So, as a business owner, not only do you have the opportunity to increase productivity and motivation levels within your team, but you’ll also be able to tap into a community of like-minded individuals.
If you are interested in exploring a shared workspace for your business, speak to the WOW team today.