Starting your own business can be both exhilarating and daunting in equal measure but taking the plunge into the business world is something that more and more of us are doing in 2019. In fact, surveys suggest that in 2018, there were 2.2 million more businesses than in the year 2000, with a rapid decrease in the numbers of employees as a result of self-employment.
The reasons behind why coworking offices are such a success is something we’ve covered before, so today, we want to focus on why coworking offices are so good for startup businesses. We are going to take a look at what makes coworking offices so beneficial for businesses in their infancy, and how they can help combat those common hurdles of growing a business from the ground up.
Whether you have a passion for charity work or a penchant for the creative arts, starting your own business is tough. No matter what field you want to start in, there is no getting around the fact that along with the thrill of going it alone and the excitement that will come from bringing your ideas to life, you will also face a host of hurdles and not all of them will be easy to overcome.
Unfortunately, not all startups thrive and many of our own members have tried their hand at a few business ideas before finding something that has really worked for them. So, in part, we accept that there is a lot of trial and error. Sometimes, what seems like a great idea isn’t so great once you get down to the logistics.
So what are the most common challenges any startup can face in those early years? Let’s check out the list below.
Of course, the first and perhaps most debilitating aspect for any startup is money. Without it, the thoughts and ideas you have for your business may remain just that, but with it, your business can expand and grow, making your dreams a reality.
Finding People Who Share Your Vision
No man is an island, and a good business will rely on certain skills that are unlikely to all be found in one individual. But what happens if you hire the wrong person? Hiring the wrong person can see your business flop however not finding anyone to hire at all could be detrimental as you try to single-handedly juggle every aspect of the business by yourself.
If you are starting from scratch, then it is unlikely that you will have a team working with you, so the ability to prioritise your tasks and work to a tight schedule is vital. Working from home like many startups do in the early days, can not only decrease motivation but can impede your ability to keep to good time management due to time and space restraints.
Working from your garage is all well and good until it comes to hiring staff; where will they go? How professional will it look? Can you afford to rent a small office? These are just some of the issues that many startups face after the first few months of business.
Okay, that’s enough of the doom and gloom – let’s take a look at the benefits coworking offices can offer your startup and solutions to those common issues.
We understand why so many startups are born from the comfort of the home, but you wouldn’t want clients and future colleagues coming for meetings in your living room. Choosing to work from a coworking office means that you can be professional from the get-go, giving a sense of comfort and confidence to your clients.
Even if you only use a coworking space to host meetings, this will go a long way to showing potential clients and investors that you are serious about your business and you have what it takes to make it work.
Remember that most coworking offices offer different memberships so that you can utilise a professional workspace as and when you need to in the beginning.
We’ve spoken about the benefits of networking in coworking offices before, but if there was ever a group of people this was most relevant for, it would be those in startup businesses. At the beginning of your business, it is unlikely that you will have many people around you that you can bounce ideas off, and if you are completely new to the business world, you probably won’t have many contacts at all.
Working in a coworking office space not only puts you right in the heart of a business environment, but it also connects you with dozens of other industry specialists. The relationships you can build from working in a coworking office space are vital, and the more diverse the space, the better! Let’s face it, starting from scratch is never an easy feat, but having people around you who can inspire, advise and collaborate with you can really make all of the difference to your business’s success.
Eventually, if all is going to plan, you will want to hire some staff. Finding the right person to share your dreams and visions is perhaps one of the most challenging aspects for any startup as it can really make or break a business.
We’re not saying that you will be guaranteed to find your ideal business partner if you work in a coworking office space. But it will certainly improve your chances, being in an environment that is full of inspiring, motivated and skilled people who are there for the same reasons as you are – to make a success of themselves.
Marketing is a huge part of any startup, particularly in those early days when you are trying to get yourself noticed against the masses of competition. The great thing about coworking offices is that you are shoulder to shoulder with people just like you. They need to meet skilled individuals who are experts in their field, and they may just be looking for the very service you are offering. Being an active part of a coworking community can bring a host of rewards that not only benefit yourself but others too.
Anyone who has been part of a startup will know the struggle of trying to set up a call or meeting with a colleague. The nature of startups means that you are usually working remotely and have to rely on Skype and snatched minutes for a quick call. The benefit of making important professional relationships within the coworking environment means that you can communicate any amendments, news, or changes effectively and without a 3 week notice period!
One thing that is certainly true about running a startup is that no two days are the same. In the beginning, you will likely be here, there and everywhere setting up appointments, meetings with clients, meetings with colleagues…and the list goes on! The wonderful thing about working in a coworking space is that you can benefit from the flexible nature of the environment. Going to be around for a week, choose a membership that caters to this; away all month except next Wednesday? A one-day pass should be just the thing you will need to get work done. Find a coworking office space (like Areaworks!) that can cater to your requirements.
As we mentioned earlier, running a startup can cost a lot of money, the majority of which will be necessary for making it a success. The last thing any new business owner wants is a boat-load of outgoings when they haven’t even started getting customers yet. Coworking offices offer not only the flexibility but also the affordability that you just can’t get from renting out a small office.
Are you a startup looking for a place to start?
There are so many reasons why coworking offices in London are an ideal place to get your startup going! Amongst those we’ve talked about today are rafts of other perks that can help you on your way to success. So, what are you waiting for?
If you are based in London, why not book a tour to come and see one of our spaces? We would love to show you around! You might be reaping the benefits of one of our coworking offices sooner than you think!