5 Tips for Making Most Out of Your Coworking Space

Coworking Space is a trending phenomenon among start-ups and self-employed people. A home office may also sound tempting to many, but it is found that coworking spaces are proven to be more effective for productivity. The people who work from home may find it hard to separate their personal and professional life. Finding a coworking space is easy today. But what is more important is the need for making the most out of the coworking space. These tips will be helpful for teams as well as individuals to utilize a coworking space in the best ways possible.

Consider all options

Every coworking space will have its own culture. As you will be sharing your space with other individuals and companies, you need to know if you can adjust with them. Ensure a level of privacy for that you will require to get your work done while adjusting with other businesses. Even if the culture is too much fun, it can distract you from your goals. Engaging culture is a coworking space does not always mean perfect. Other things you need to consider are the amenities such as access to the conference room, suitable kitchen or break room, printing and faxing equipment, air conditioner, etc. You can learn about a coworking space by joining a daily or weekly membership plan for a short period.

Connect with others

As you will be working in a mixed environment, there may be many networking events conducted by the coworking space. This can include mixers, workshops, seminar events, holiday parties, and other events. These are great opportunities to connect with your coworkers and be a part of events that will help your business to grow in a healthy environment.

Know the management

Being in touch with management can bring several benefits to your work. Knowing the community manager will benefit you the most in two ways. One, the community manager can help you find in-house resources that can help grow your business. Second, the community manager can also connect you with any previous companies that can be of use to you.

Utilize the conference rooms

 Most of the coworking spaces will provide conference rooms or meeting halls. When many companies are working in your coworking space, the conference room can be occupied for most times. Make sure to book the conference room on time so that you can conduct your meetings without getting disturbed by anyone else.

Be helpful and respectful

Helping others may be a good choice for daily life, but in business, it is important to know when you can be of help to others. Being proactive helper or reactive helper are two different things. Being a proactive helper may complicate the things between you and others as they might not even need your help. In a coworking space, be a reactive helper and help only when you are being asked to. This will indicate that you are open to help and also respect other’s privacy.  

8 Great Ways to Save Your Business Money

For your business to succeed, you’ll need to find a way to balance the books. As business owners, we are often preoccupied with the notion of how to boost sales and increase revenue, but there is another way to increase the bottom line. By exploring a number of different ways to cut costs, we can improve the overall efficiency of how the business is run.

For small and medium-sized businesses (SMEs) in the UK, getting a great deal on commercial energy could potentially save you thousands of pounds every year. Sites such as Utility Saving Expert have made it easy to carry out a business electricity comparison. Simply enter a few details about your business and energy usage and you’ll be presented with a list of market-leading suppliers to choose from, these can be filtered by price. This is one of the most effective ways to save your company money. Although, there are many other practical steps to consider. We have outlined these below.

Arrange fewer meetings

According to Harvard Business Review, problems can arise when “meetings are scheduled to run without regard to their impact on both group and solo work time.” This allocated time can decrease productivity, especially if it isn’t of utmost importance. This doesn’t mean that you should cancel every meeting in the company calendar, just prioritise those that are important and don’t hold meetings that aren’t necessary.

Don’t rely too heavily on traditional marketing

Running ads on TV, billboards and print media can become prohibitively expensive for a large number of companies. Fortunately, modern digital marketing can cost a considerably lower amount and be even more effective through well-optimised campaigns. Setting up a social media account is free, there are a number of built-in marketing tools available for businesses to utilise. You can even allocate some of your advertising budget to paid ad campaigns. There are a whole host of customisation options to allow you to reach your target demographic on these platforms.

Have you considered remote working?

This option won’t be available to every business type, however, those that can take advantage of remote working will see a number of key benefits. To start with, more and more employees are considering remote working employment opportunities due to the improved work-life balance on offer. This will help them save both time and money by not having to commute. On the other side, businesses won’t require as much office space and this can also help them save money on rent, commercial energy, and various insurance policies. High-speed internet and a range of online collaborative tools have made this a reality for many companies across the world.

Buy used office equipment

Purchasing new is great, but your business could save a lot of money by buying office furniture, equipment and tools that are second hand. There are a number of dedicated companies that buy and re sell office furniture, often this is in ‘like new’ condition. For start-ups especially, buying used will help you better manage your cashflow.

Bulk buying

It’s easier to buy only what you need in the short term, however if you have been given the task of purchasing office supplies, consider buying them in bulk. There are a number of different office equipment suppliers to choose from, and they will be able to give you a sizeable discount for ordering a higher quantity of items. Think about what type of equipment and supplies you consume regularly and look out for special offers. This also applies to electronics and software licenses too.

Negotiate better terms

By negotiating with manufacturers, suppliers and other business types, you can often get a better deal. Start by listing what products and services your business uses, and see how the price of these compare elsewhere. Negotiating can be considered to be an art form, being honest, respectful and transparent will help you maintain strong relationships.

Automation through smart technology

Your business can save a lot of money by using smart technology such as lights that dim and turn off through automated sensors. Smart thermostats can adjust the room temperature and be programmed to activate 30 minutes before employees arrive at the office and be set to turn off once the working day has concluded.

Use software to track expenses

All businesses are required to keep track of their income and expenditure for accounting and tax purposes. This doesn’t have to be a strenuous task, as there are a number of free and paid software options to choose from. Many tech companies even offer dedicated apps to help you document company expenses even while you’re out and about. Look for apps that include features such as cloud syncing and sharing. This will allow you to access the data on any device, such as your desktop computer, laptop or smartphone. You can even set user permissions to allow selected employees to be granted access.

In summary, reducing business expenses is an important goal for any successful company. You don’t have to sacrifice output or quality of service to achieve this, as we have outlined several steps you can take to save money above.

Essential Equipment Requirement to Launch Your Coworking Space

When you create a coworking space, you need to consider a lot of factors including what kind of environment do you plan of creating, what kind of industry do you want to attract, how will you manage your own brand and many more. A comfortable coworking space will attract many startups and individual workers who are tired of working in distracting environments and want to take their business to a well equipped working space. Your coworking space should provide to all the needs of your clients. We will discuss some of the important equipment and amenities that a good coworking space should have.

Modular environment

You need to plan your layout in such a way that it can comprise of different workers without one being affected by the other. There should be enough space and privacy for everyone so that they can enjoy the full ownership of the space. While open space offers interaction, it also brings the stress of facing your coworkers all the time. In a modular space, you can enjoy your privacy with the walls that give you more comfort and prevent any distracting noise in your space.

Furniture

The basic necessity of a coworking space is good furniture which suffices for all. It does not need to be too expensive as long as it complements the rest of the space. Comfortable table heights and comfortable chairs, easy storage cabinets, and sofas for resting areas are some of the furniture that a good coworking space needs. Having plants in your space will offer a healthier environment.

Kitchen

A coworking space must have a kitchen or an eating area today. This is the place where the coworkers will come to relax, eat together, and build relationships. A well-maintained kitchen can be the heart of your community. An idle kitchen in a coworking space should have a coffee machine, microwave, refrigerator, utensils, dining, induction or stove, and proper ventilation. Offering free coffee in your space is the best way to keep your coworkers happy and productive.

Conference rooms

Another important segment of the coworking spaces is the conference rooms or meeting rooms. These rooms enable your workers to meet with each other and conduct meetings. This is where client presentations, staff meetings, and training will take place. A conference should have a whiteboard, TV, conference phone, charge points, AC, video-projectors, and all kinds of connectors for different devices.

 Relaxation area

In the end, there should a place for coworkers where that can take time away from their work and indulge in relaxing activities like games, music, interactions, etc. This is the place that coworkers can come to if they want to take a personal phone call without disturbing others. You can make this room like a hotel lounge or give it a more entertaining feel with indoor games and sufficient sofas to relax.