Are you considering joining a coworking space for your team? We hear about the benefits of remote employees and entrepreneurs working from coworking spaces, may it be a WeWork or a boutique coworking space. We know it’s a smart decision if you are working solo and are looking to build relationships while maintaining the discipline of a workplace environment- but what if you have an entire team that requires four walls? Is it wise to join a space commonly known for accelerating entrepreneurs? How will this rental agreement impact your company culture?
As with most business decisions you make and will be making, you need to ask, “Does the relocation [of my small business] from my commercial lease to a coworking space make fiscal sense?”. Most likely, yes. Unless you found a unicorn of a deal, it is best to move your team (or keep your team) at a coworking space. In fact, depending on how you intend to run your company or branch, joining the right coworking space can be cost-effective.
1. Joining a coworking space lets you focus on what matters: your business. Paying for IT, maintenance, and office supplies should not be your responsibility when you are growing a company. You should be working on revenue predictions and investor updates instead of wifi network updates and coffee supplies. The combination of the time that goes into managing the office to keep it functioning and the binding of a long-term commercial lease makes coworking a better decision.
2. You can cut costs by not needing to hire certain employees. Included with your coworking space rent is essentially an office administrator. Who is greeting your visitors and offering them water while they are waiting for their meeting? Who is refilling the printer ink, managing scanner/copier leases, and keeping your office tidy? When you are part of a coworking space, the office responsibilities do not fall on you. The coworking staff manages every aspect, from presentation to amenities. You can put that annual ~$35,000 back into your pocket and use a fraction of it to cover your security deposit at the new coworking space. Many coworking spaces (and landlords in general) use RentCheck, an application that standardizes the move-in and move-out processes. Most rental agreements mention move-in and move-out inspections but few explain how they are actually conducted. RentCheck makes property inspections simple by providing a guided walkthrough for mobile devices.
3. An office administrator is not the only role you no longer need. Joining the right coworking space can buy you time when it comes to hiring someone responsible for the employees- think people operations and HR. Today, strong company culture and providing meaningful work are two of the top reasons a potential employee will accept a job offer. Besides time and money, it takes thoughtfulness and dedication to create and nurture a place where employees want to work. Can you afford a people operations manager? Do you have the funds to organize opportunities for relationship-building? More importantly, do you have the time?
When you join a strong, community activating coworking space, you can essentially outsource the management of company culture and meaningful work. The staff members at coworking spaces organize member events, such as happy hours, facilitate office hours, workshops, and networking events. This programming is provided for a reason, and it is for you to utilize as your own. Some coworking spaces have charitable partnerships and may host fundraisers. If you fully embrace the programming at your coworking space, people operations are included in your rent.
4. You will be in a learning environment. This is not only another employee benefit you can naturally outsource to the coworking space staff, but it is also an opportunity for your business to evolve. As a business owner, you know by now the importance of connections and relationships. Now, imagine having at least one hundred more connections overnight just by signing a rental agreement. Many coworking space employees’ encourage cross-pollination and the sharing of services. They can even help make those connections for you and be one of your biggest company and brand ambassadors. For example, the growing network of Launch Pad coworking spaces is also a form of public relations. They stay up to date with the movers and shakers at their locations and share news about their members on their own company platforms.
5. You can level up with minimal effort. As a small business, it’s important to stay scrappy. But that should not mean your professionalism has to suffer. Stop hopping on important Zoom calls from your couch (while in your pajamas and trashy daytime TV on mute in the background…too close to home?). Don’t hold exploration meetings with an espresso machine screeching in the background. Make a killer first impression with top of the line equipment, super fast wifi, modern ambiance, and private conference room space by choosing coworking.
So now, let’s answer the question from the beginning: Is it wise to join a space commonly known for accelerating entrepreneurs? Yes, because a coworking space can launch your small business too!