Shared office space in Shoreditch and all over London is booming; every startup and entrepreneur in the city seems to have their headquarters in a shared office. If you’ve never used shared office space before, or if you’re wondering if it’s right for your young business, you might be a little nervous about it. We’ll explain why you shouldn’t be.
Shared offices rarely provide just desks. It’s not about coming in with your laptop, sitting in a box for a few hours and leaving. The best shared office space in Shoreditch offers everything from equipt kitchens, chill out areas, standing desks, workshops, games tables and even on site bars. The new generation of entrepreneurs and businesses want their employees to be happy, enjoy a good work-life balance and to actually enjoy coming into work in the mornings.
It’s not just co-working Londoners who are changing their attitudes. New York-based startup WeWork Cos. was valued at $10 billion and China’s cities are now gearing up to prepare for rising demand in shared office space as large companies, the real estate industry and startups recognise the benefits it can offer.
Shared office space can be a great first step for a young company. It may not work for the entire lifespan of your company, but it could be a crucial stepping stone to making your new venture a success.
Here are 10 surprising reasons that shared office space in Shoreditch could be good for your startup
Renting shared office space in Shoreditch is on average a pretty significant 25% cheaper per-desk than renting a private office space. That’s a lot! If you have four people working for you, you’re paying an average of £1,364.40 pcm for renting shared office space in Shoreditch and £1,821.84 pcm for renting a private office! Also with shared office space, you don’t pay for desks you’re not using.
You get more done
Shared office space can make you more productive. Studies show that happy employees make your business more productive. It’s been estimated American businesses lose $300 billion a year because of unhappy staff. Being insulated from any form of stimulation doesn’t keep you focussed… it just makes you really bloody bored, miserable, and less likely to do good work.
It’s good for your health
Working in solitude isn’t good for your health. Various studies like this one from Brigham Young University in Utah show that lack of human interaction can be as bad for you as being an alcoholic or smoking 15 cigarettes a day. It’s worse for you than never exercising and twice as bad for you as being obese, according to the research.
Being in an environment which encourages social interaction will decrease feelings of loneliness or isolation. If you’re working at home because you’ve got a dog to look after – some shared offices in Shoreditch allow pets too.
It’s easier to make contacts
When you’re working in a shared office space you’ll be working alongside like minded startups and entrepreneurs. You’ll probably find that the relationships you build at the early stages of your startup career will be very useful to you as you grow as a business.
The startup world in London may be booming but as businesses come and go, this doesn’t mean you’ll all still be working on the same venture in a couple of years time. Making good friends and contacts in the arena will ensure you hear about new opportunities, and people will be quick to think of or recommend you.
You’ll get more help than you bargained for
Once you’ve settled in and started to get to know your fellow office dwellers, you’ll realise that everyone is dying to share more than their office space. I discovered so many helpful things when working in my first shared office. From amazing business tips I just picked up in general conversation, to equipment we couldn’t yet buy.
One film production company gave us their old camera (which was still way better than we could afford at the time) to film some of our tech seminars. I also picked up some great cooking tips from an Italian CEO I bonded with over some burned tomato sauce.
Utilities are paid for
When you’re renting a shared office, your utilities are included in the monthly rent. No separate Internet, water or electricity bill malarkey to deal with. Also, you never need to worry about buying loo role. This goes back to point 1.
You’ll get invited to talks and events
Shared office spaces in Shoreditch almost always host or organise great events. From “drinkabout” and networking events to panel discussions to yoga! You can attend seminars to expand your business know-how, network at social events, or just make the most of any holistic offerings and chill out on your breaks.
You’ll get a way cooler office in a great location
Shoreditch is one of the cultural and creative centres of London. There’s always something fun going on and it’s a great place to base your office. Not only is the location great, some of the offices are ridiculously awesome. This one even has a giant Scrabble board on the wall, complete with Scrabble tips!
You can still access private office space
You don’t need to worry about having somewhere to host your clients. A lot of shared office space in Shoreditch also has private rooms to book for meetings, interviews or presentations. No more sitting in busy, noisy coffee shops whilst your trying to concentrate on your potential client.
You get a decent kitchen
Some shared office space will go further than providing coffee cups, a sink and a fridge. It’s common for offices to provide tea bags, basic cooking ingredients, an oven, microwave, dishwasher, lots of surface area, utensils and crockery. Most of the shared kitchen space I’ve seen is easily better than the kitchen in my flat.
Apart from being able to eat healthily instead of relying on a sarnie from Pret (stop kidding yourselves, Pret is not healthy), it’s way cheaper to cook your own lunches.
With so many benefits it makes perfect sense to use shared offices. Although many startups reach a stage where they’ve grown so much that they need their own private space, when you’re starting out it can be immensely helpful to make the most of what it has to offer young businesses. You might get someone else using your favourite mug, but you never know, sharing could be the best career move you’ve ever made.