Are you a startup owner? Do you want to have a workspace that increases your team’s productivity while optimizing costs? Avoiding common mistakes will help your business succeed.
Do you know who Kevin Systrom and Mike Krieger are? If not, you should catch up. In 2010, this duo started a small business that released a simple app. After two months the app had 10 million users, and after two years they sold it for a billion dollars.
They are right – this app is Instagram. Now, another question: what do Instagram, Uber, and Spotify have in common? They are giants now, but they started as small companies. And yes, you’re right again. They all started in coworking spaces.
What exactly is a coworking space? In a nutshell, it’s a modern type of office space where you can rent hot desks for a few hours as well as a private, individual office for several months or years. The idea is that everyone works in the same building – startups, businesses and freelancers. When you lease an office in a coworking space, you can access your private space and the common area to work or relax.
And what about the data?
Researchers show that people who work in coworking spaces give their level of thriving a six on a 7-point scale. That’s the highest score of any group studied.
84% of coworking members see their motivation and engagement increase, 69% have learned new skills, and 68% have developed existing skills – all thanks to coworking spaces (Garden City University College Research). The data also shows that coworking members are more likely than others to find their work valuable and meaningful.
What’s the price?
If you avoid the most common mistakes, renting a coworking or flexible office space can save you up to 60-70% on costs compared to traditional spaces (if your headcount is under 30).
For example, if you hire five employees, you will need about 50-70 sq m in traditional space (say 10 sq m/person). Such an office in an office building in Warsaw city center can cost you around 1,500 EUR just for rent. Then you have to add in the furniture, kitchen equipment, coffee, electricity, cleaning and security (access cards). If you want to hire an office manager or receptionist, you should also factor in their salary. Your total monthly costs can be up to 4,000 euros.
The office in a coworking space will cost you 230-350 EUR per month per workstation and all amenities, depending on the location. Thanks to the flexible lease agreement, you only pay for the space you use. And if you plan to add another job, your office can grow along with your business thanks to the “pay as you grow” model.
Leasing a coworking space is like an all-inclusive option – extras like coffee, printers, internet, cleaning and postal services are included in the rental price. You know upfront how much you’ll pay, and at the end of each month, you’ll only receive one bill.
When you lease a coworking space, you don’t pay for office equipment and furniture. You don’t bear the cost of hiring an office manager or receptionist. You don’t have to worry if utility prices go up – the space provider takes care of that. Plus, you don’t have to sign any additional contracts.
In a coworking office, you have access to a variety of spaces – lounge areas, canteen, large conference rooms and smaller meeting rooms. Remember not to overlook any crucial details that can lead to a nasty surprise – we’ll come back to this later.
Benefits for your employees
Take into account that coworking offices offer many incentives: Workshops, free health checks, yoga classes and themed events. This way you provide your employees with benefits, knowledge and entertainment – without hiring an HR manager and without additional costs.
Working with other businesses in the same building also gives you a great opportunity to grow, make acquaintances and network. Be careful, because you can make a bad choice here! But with a little flair, you and your team will have a great opportunity to interact with others. Seminars and workshops related to your industry are a great source of (free) know-how.
Coworking in the pandemic
In the unusual times we live in, serviced offices have another advantage: space providers take care of safety measures. You don’t have to worry about disinfecting or cleaning – the host does that for you. Plus, you can set up your office to be de-densified and maximize your team’s safety.
And when the pandemic is over, you’ll appreciate the fact that coworking offices are usually located in attractive and vibrant neighborhoods. You can have other great companies and startups as neighbors to learn from and share experiences with.
Companies return to the offices
Back to Instagram – today, both Facebook, which owns the app, and other tech giants like Microsoft and Google are redesigning their workspaces. They are creating a hybrid workspace and encouraging their employees to return to the Don’t hesitate – now is the best time to look for a suitable space that will unleash the full potential of your business.
And if you’re afraid of a complicated lease negotiation process and don’t want to fall into a trap when signing a contract, we have a list of the 10 most common mistakes. Get the free checklist and see what you should avoid – and you’ll not only choose the right office, but – with a little skill – save too!