As a business owner, it’s important that you do everything that you can to ensure that your business operates as efficiently as possible.
For startup businesses, not only do you need to be hyper-productive and efficient as you try to establish yourself in the market but often you are operating with a limited budget. For startups and entrepreneurs, finding the balance between affordability and functionality can be a constant challenge.
With London’s office rental rates among some of the highest in the world, it can be very difficult for startups with limited funding to get a foothold in the market.
In recent years, coworking spaces in London have helped startups to solve this issue. More entrepreneurs, startups and even established businesses are taking advantage of what shared offices can provide to allow a business to be productive, efficient and be located right in the heart of the business community at a fraction of the cost of traditional office setup.
Let’s take a look at just a few ways that a coworking space in London can benefit your business and help you develop your business into a serious entity.
The Right Location
With limited funds, startups need to be careful where they spend their money. While cutting back on your expenses in certain areas can be highly beneficial, reducing your expenses in others can be detrimental to your business. Where you locate your business is one place that you can’t afford to limit your budget.
For startups, it is critical that you are close to the centre of the action so that you have access to the business community at large. While office space in prime locations in the city can be incredibly expensive, premium coworking providers are located in the most prestigious business centres in the city, allowing you to operate your business from a location that can offer your business more opportunities going forward.
Lower Overheads
Even if your startup has enough capital to afford the high rental rates in central London, there are other costs that should also be considered. You will need to fit your office out with furniture and all the usual technology that an office requires such as computers, copiers, fax machines and everything else you find in a typical office setup.
You also have to hire support staff like a secretary to take calls and greet your clients, a cleaning contractor to look after the space and maintenance people to handle any issues with the building. With a coworking space, all of these costs are eliminated and, instead, you have just one affordable ate to pay each month, which helps you to lower your costs.
Networking Opportunities
Coworking spaces are social environments with people from all sorts of professional backgrounds. They are great places to meet other like-minded people and expand your professional network with ease. Premium spaces usually have weekly meetups and other events where you can mingle with other occupants of the space.
This is a great chance to learn from others, share your own business experience and involve yourself in a positive business community that can help you to grow your business over time. Be friendly and engage with the community. You never know what kind of a collaboration a simple hello could lead to.
Increased Flexibility
If you are a startup in London, you don’t know what the future might hold for your business. It might take you some time to figure out the direction of your business and where you are going. With a traditional lease, you typically have to sign a lease of anything for one to five years or sometimes even more.
This locks you into a long-term contract that can be very difficult and expensive to break. A coworking space, on the other hand, offers you more flexibility for you to adapt to changes as your business evolves.
Get Your Startup Started On The Right Foot
Starting a business can be challenging and with so many different elements to manage, you need to do everything you can to get your business started on the right foot.
With a coworking space, your business can enjoy the perks of a central location without the high rental rates. What’s more, you have the opportunity to network with other professionals and grow your business into a true success quicker than you ever could with a traditional office space.
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— Will Corry (@slievemore) April 10, 2019