Coworking for Startups: Everything you Need to Know

Coworking for startups is a great way to get your business off the ground.

As a startup, having your own office space may be tough to come by. Coworking allows you to use shared office space and resources with other companies, which can help you save money while also providing networking possibilities.

In this breakdown, we will discuss what coworking is, and then explain the benefits of coworking for startup businesses. We will also provide tips on how a startup business can get the most out of a coworking space in London.

What is Coworking?

Coworking is a type of work arrangement in which employees of different companies share an office space. Coworking spaces typically provide desks, chairs, and other basic office furniture, as well as access to printers, scanners, and other common office equipment.

The coworking movement began in the early 2000s as a way for independent workers to find community and collaboration outside of traditional office settings. Coworking has since evolved to include not only freelancers and independent workers, but also employees of small businesses, startups and large enterprises which are seeking flexible workspaces for their employees.

There are now coworking spaces all over the world, with London being home to a number of coworking spaces specifically for startup businesses. As a business it will also be worthwhile knowing what makes up the cost of coworking spaces so you can see how your money is being utilised for the upkeep of your potential workspace.

There are also more resources available which provide a comprehensive breakdown on what coworking is if you require more information.

Hot Desks and Dedicated Desks

Coworking is generally split between to two types of workspaces, which are hot desks and dedicated desks.

The concept of a hot desk is that members can arrive at the coworking space and choose any available desk to work from. Hot desking is often seen as the more flexible option, as it allows members to move around the coworking space and find a spot that suits their needs on any given day. This is a unique way to try and rotate around the workspace as each coworker experiences different views, along with potentially new people to sit next to which is ideal for networking.

Dedicated desks are exactly what they sound like – a member is assigned their own specific desk within the coworking space. This option is often seen as more permanent, as it allows members to personalise their workspace and develop a sense of belonging within the coworking community. This option suits people who wish to create a more typical office feeling by having a consistent space.

Benefits of Coworking for Startups

There are a number of reasons why coworking can be beneficial for startup businesses. With the most popular reason being reduced costs and shorter/flexible lease periods, startup businesses can greatly benefit from having complete control over their ability to scale up or down as needed.

Some coworking spaces also offer month-to-month contracts, which is the most flexible option available. This can be beneficial for businesses that are unsure about how long they need the coworking space for, or if they may need to move locations in the future.

Increase Networking Opportunities

Networking opportunities are near limitless in coworking spaces. Professions such as I.T., finance, marketers, copywriters, lawyers, healthcare experts and many others being present in coworking spaces make it an ideal spaces to increase your connections.

Through this, you might even make new clients or business partners.

Credibility

Another benefit coworking can bring to startup businesses is an increased sense of credibility. In coworking spaces, members are typically working on their own businesses or projects. This can give the impression that your startup is larger than it actually is, as you will be surrounded by other business professionals working on their own ventures.

Some coworking spaces also allow you to use their address for your own business. For example, coworkers at Servcorp can register their business address from a selection of powerful locations such as One Mayfair Place, The Leadenhall Building, Dashwood House and Canary Wharf.

Renowned locations are more likely to bring your startup credibility and display a professional, successful image to your clients.

Flexible Work Environment

The coworking environment is flexible and can be adapted to suit the needs of your business. For example, if your business is growing and you need to add more desks, it’s easy to do so in a coworking space.

If you need to downsize or take a break from coworking altogether, it’s also easy to do so without having to go through the hassle of breaking a lease. When comparing a flexible workspace versus a traditional office, this is often the biggest differentiating factor.

Business security

Coworking spaces typically have security measures in place to protect your business. This can include things like keycard access, CCTV, and on-site security guards. Servcorp's coworking spaces also offer high levels of online security, by providing businesses with customisable Wi-Fi security.

By letting businesses have any type of Wi-Fi connection such as VPN, VLAN etc., coworkers can be confident that their data is secure.

Increased Productivity

If you have been working from home for an extended period of time, you will eventually encounter burnout syndrome. Working remotely as a permanent solution may become quite draining, and those who experience significant levels of burnout are 63 percent more likely to take sick days.

To avoid muddling the link between work and personal life, coworking may be the perfect solution. Coworking spaces are designed to create a professional environment and inspire you to be productive.

In addition, coworking spaces typically provide a number of amenities and services that can help make your workday more productive. For example, some coworking spaces such as Servcorp offer a receptionist to answer all of your calls, have on-site secretarial support, an I.T. team to assist at any time and more.

These are considered high end amenities and not all coworking spaces offer them. When looking for a coworking space, be sure to research which services and amenities are included in your membership.

Getting The Most Out of a Startup Coworking Space

Now that we’ve gone over some of the key benefits coworking can bring to startups, let’s take a look at how you can make the most out of coworking as a startup business.

Here are a few things to keep in mind:

- Make use of networking opportunities

- Use coworking space amenities to your advantage

- Consider coworking space location

- Get involved in the coworking community

Make Use of Networking Opportunities

As a startup, it’s important to take advantage of every opportunity to network. In coworking spaces, there are often plenty of chances to network and build relationships with other professionals.

For example, coworking spaces typically host regular events such as happy hours, workshops, and meetups. These events are great opportunities to network with other coworking members and learn about their businesses.

In addition, many coworking spaces offer networking opportunities through membership directories. These platforms can help you connect with other coworking members and learn about their businesses.

Use Coworking Space Amenities to Your Advantage

As we mentioned earlier, coworking spaces offer a variety of amenities that can help you be more productive. To get the most out of your coworking space, make use of the amenities that are most relevant to your business.

For example, if you need to make a lot of phone calls for your business, take advantage of the coworking space’s receptionist services. Or, if you need to print a lot of documents, take advantage of the coworking space’s printing and copying services.

Consider Coworking Space Location

When choosing a coworking space, it’s important to consider the location. The location of your coworking space can impact a number of things, such as your commute, the cost of rent, and the types of businesses nearby.

For example, if you need to be in the city for meetings or networking events, it might make sense to choose a coworking space in the city.

Get Involved in the Coworking Community

Another great way to make the most out of coworking is to get involved in the coworking community. Many coworking spaces have vibrant communities with a variety of events and activities.

By getting involved in the coworking community, you can meet other professionals, learn about their businesses, and find new opportunities for your business. In addition, many coworking spaces offer discounts or freebies to members who get involved in the community.

Finding a Good Coworking Space in London

London is full of coworking spaces, so how do you choose the right one for your startup business?

Here are a few things to keep in mind when looking for a coworking space in London:

- Determine your budget

- Consider your business’s needs

- Research coworking space reviews

Determine Your Budget

The first step in finding a coworking space in London is to determine your budget. Coworking spaces can range from £20 per month to over £500 per month, so it’s important to know how much you’re willing to spend. In general, it's best to do some research on how much the average space in London costs.

It may seem like the logical step to settle for the cheapest option, but most of the time those coworking spaces only provide a desk and have very minimal opportunities for business growth. When deciding your budget it is important to recognise that the money spent towards a coworking space is the equivalent of an investment for your business.

Consider Your Business’s Needs

The next step is to consider your business’s needs.

Coworking spaces come in all shapes and sizes, so it’s important to find one that meets the specific needs of your business.

For example, if you need a lot of meeting space for client meetings, look for coworking spaces that offer private meeting rooms. Or, if you need access to certain types of office equipment, look for coworking spaces that offer those amenities.

Research Coworking Space Reviews

Once you’ve determined your budget and considered your business’s needs, it’s time to start researching coworking space reviews. A quick Google search will reveal a variety of coworking space directories and review sites.

These directories and review sites can be a great way to learn about different coworking spaces in London. In addition, many of these sites allow you to filter coworking spaces by price, location, and amenities.

When reading coworking space reviews, pay attention to both the positive and negative reviews. The positive reviews will give you an idea of what to expect from the coworking space, while the negative reviews will give you an idea of what to avoid.

In general, it's always important to visit the coworking space itself before making a decision. To book a tour of a Servcorp coworking space, have a browse of our locations and reach out.