Advertising
Advertising

The Communal Office: Benefits of Sharing a Workspace

The Communal Office: Benefits of Sharing a Workspace

We live in an age in which jobs can be done – and companies can be run – from anywhere. Although 9-to-5 positions do still exist, many companies no longer require their workers to do their job from within the confines of a cubicle. In fact, some of the largest companies in the world allow many of their employees to work from home.

Still, for some of us, working from home is not all it’s cracked up to be. Founders of many startup companies – especially in the tech industry – rely on collaboration and face-to-face communication with their colleagues in order to get their business up and running. For these entrepreneurs, working from home creates too many barriers. But that doesn’t necessarily mean they agree with the idea that their employees should be chained to their desk for nine hours a day.

Their solution: Communal workspaces.

Shared offices combine the benefits of a traditional office setting, in terms of socialization and collaboration, with the freedom provided when working from home.

ShareYourOffice recently conducted a survey of entrepreneurs who utilize a shared workspace to discover more about how such a non-traditional setting benefits their companies, as well as their industries as a whole.

Advertising

A Meeting of the Minds

Perhaps the most beneficial characteristic of a shared workspace is the fact that so many hard-working, intelligent, and innovative people are brought together under the same roof. The amount of knowledge and creativity passed around these communal spaces optimizes everyone’s chances of reaching that “A-ha!” moment that leads to a breakthrough.

Communication

Though we’ve come a long way in terms of the capabilities of electronic communication, there simply is no replacement for good old-fashioned face-to-face interaction. Though many modern startups don’t mandate that their employees be present for exactly nine hours every day, there certainly are times in which meetings will be called during which the entire team needs to be present.

Having a physical space to hold these meetings in is important to the success of a company. Derric Haynie, co-founder of digital marketing agency Splash OPM, told ShareYourOffice, he “wanted to have a place to meet so that we wouldn’t have to do it…at a coffee shop.” Having a central headquarters of sorts makes it much easier to communicate without having to contend with potential disruptions in a public area.

Collaboration

As previously mentioned, since multiple companies are simultaneously working on a variety of projects within a shared space, the potential for collaboration is huge. Alex Sunnarborg, co-founder of Lawnmower, believes communal workplaces are “quite valuable for collaboration, idea generation, (and) business integrations.”

COO of Remark Waytao Shing takes it even a step further, explaining: “Communal work spaces are great to meet new people, exchange new ideas and bounce technical challenges around.” The members of the various startups within a single communal workspace are often more than happy to share innovative solutions and help each other overcome obstacles.

Advertising

Feedback

Shared workspaces are also a great place to get feedback on your work from people outside your company who are still familiar with your work. Soumyadip Rakshit of MysteryVibe, says, “Working in a good co-working space helps spread the word about what we are building and also get feedback during the process.”

While working within a shared workspace, startup teams may come into contact with others who are at different stages within their own company. Not only are these situations conducive to collaboration among companies, but they also optimize the potential for mentor-mentee relationships to form.

Getting Up and Out

One of the main differences between a typical office setting and a communal office is that, in a communal office, everyone present wants to be there. Since working from home or elsewhere is certainly an option, there’s no reason for a member of a team to be there if they’re not feeling up to it. When working in a communal office, you can be almost certain that you won’t run into those dreaded toxic employees who seemingly exist only to make other people miserable.

Breaks Up the Monotony

Many of us stuck in a typical 9-to-5 dream of being able to work from home every day of our lives.

But when we actually get our wish, we realize something we never thought of before: It can be boring. Founder of Odden Creative Darren Odden reported feeling “isolated” during his first entrepreneurial venture, which was strictly based online.

Advertising

Having a central hub allows you to get up and out of your PJs and get some much-needed face time with your colleagues. Odden says he found communal workspace NextSpace to be “the right mix of coffee shop and business.” While shared workspaces are definitely focused on productivity and work, they certainly provide team members with opportunities to socialize that they wouldn’t get from inside their homes.

A Sense of Camaraderie

Communal workspaces are full of individuals with similar goals, a similar work ethic, and similar mindsets.

Ryan Heneise, of MemberMan, discusses at length the benefits of working within such a community: “Aside from having a comfortable place to work, it’s nice to be around other entrepreneurs and people doing similar work. There’s a sort of camaraderie that develops as you get to know other people in the office.”

Heneise continues, “You may all be working for different companies on different projects, but you’re all walking down a similar path together.”

The teams working within a communal workspace have different goals, personalities, and talents, but they are tied together by one common factor: they all want to create something to improve the world around them.

Advertising

Keeping Expenses Down

All other factors aside, sharing a workspace has a major effect on a startup’s bottom line.

Any time a company can save money on expenses, it can be counted as a win – especially if you’re just getting your business off the ground. Haynie writes, “Larger companies don’t necessarily care about price, but when you’re bootstrapping a startup, you’re going to be more sensitive (to such costs).”

Alex Golimbievsky of JobPact echoes a similar sentiment: “As a burgeoning startup, cash is king. We want to have a conducive environment without paying another mortgage.”

Especially considering that team members of such startups might not necessarily utilize their workspace as much as traditional companies use their facilities, buying into a shared workspace in which employees can come and go as they please is much more cost-effective.

Conclusion

The Digital Age has brought about many changes in the way economies, and we as people, work. Access to computers and mobile devices has made it possible to do work from anywhere with an Internet connection. While the eight-hour workday is not yet a relic of the past, shared workplaces are making a case for the idea that it’s not how long you spend at work, but what you accomplish during your time spent working that matters.

Featured photo credit: Le Meridien Barcelona—Le Méridien Hub Seating – Communal Table / LeMeridien Hotels and Resorts via farm6.staticflickr.com

More by this author

Matt Duczeminski

A passionate writer who shares lifestlye tips on Lifehack

12 Self-Destructive Habits to Eliminate for a Positive Life 7 Public Speaking Techniques To Help Connect With Your Audience 20 Little Signs You’ve Found The One 8 Signs of a Man Who Will Never Ever Stop Loving You 8 Things To Remember When Dating Someone With A Guarded Heart

Trending in Entrepreneur

1 How to Succeed in Business: 10 Skills Every Entrepreneur Needs 2 How to Become an Entrepreneur (Advice from a Serial Entrepreneur) 3 30 Best Business Books for Entrepreneurs Who Want to Make an Impact 4 How to Learn Business as an Aspiring Entrepreneur 5 How to Start a Small Business That Thrives (From the Ground Up)

Read Next

Advertising
Advertising
Advertising

Last Updated on May 28, 2020

How to Succeed in Business: 10 Skills Every Entrepreneur Needs

How to Succeed in Business: 10 Skills Every Entrepreneur Needs

Learning how to succeed in business used to be a case of being really good at one skill or area and milking it for all its value. Today, we are fast becoming a “skills economy”[1], driving trends in employment and even the way we approach entrepreneurship.

To succeed in today’s business landscape, business owners and executives need to possess a mix of skills that enable them to stay ahead and adapt to change.

1. Digital Savviness

As the adage goes: “If you’re not online, you don’t exist.” Today’s entrepreneurs need to take to the internet to increase their presence and to remain relevant in an evolving business landscape.

Companies like Amazon, Netflix, Airbnb and more are a testament to the disruptive impact of technology and the new image of what it means to be a skilled, successful professional. Think about today’s Mark Zuckerberg versus a banker from the 90s.

Being able to quickly adapt to new technology, like cloud applications and collaborating remotely across the internet, is fast becoming the expected norm for executives.

For businesses, discoverability on the web is becoming a quick litmus test for credibility. Potential customers and investors bank on the first page of Google to make up half their minds about making further transactions with a business. GE Capital Retail Bank found that 81% of retail shoppers conduct online research before buying[2].

How to Develop This Skill

For a start, begin by hosting your website and reserving all of your brand’s handles across social media platforms. While hiring a web developer might sound like the next step, consider first hosting your company’s site on more user and budget-friendly options like Squarespace, Wix, or WordPress.

From here, you can start on some simple search engine optimization techniques that will increase your discoverability over time. Through keyword research, organic content creation, and external back-links, your site will, eventually, slowly but surely garner more traffic.

Note, however, that an increase in search traffic does not immediately imply an increase in revenue. But it’s a start for delving into customer conversion rates in the future.

2. Financial Forecasting

Let’s face it, many business owners feel that time could be better spent on developing and running the business instead of planning for it financially. However, a financial forecast serves as a roadmap for shaping any kind of business and is not just reserved for the likes of listed companies providing financial guidance to shareholders.

Largely, forecasting and planning your financial goals will give you a clearer idea of resources required and ways to measure success. It can also provide assurance to investors as a testament to the thorough research and planning you have done when included in business plans.

Advertising

However, inaccurate forecasts can lead to livid investors and mismanagement of expenses, which could potentially result in financial teething problems. When creating a detailed financial forecast, a rule of thumb is to always start with your expenses.

How to Develop This Skill

Generally, it is easier to calculate and predict your expenses compared to your revenue, so noting down your expenses is a starting point to benchmark how much you might need to generate in sales to turn a profit. It is a good habit to regularly update and evaluate how adjacent your operations are to what you have forecasted.

Building a precise set of growth forecasting will take time, but, remember, you are an investor in your own business. You must have confidence in the validity of your business concept.

3. Video Production Skills

The rise of visual mediums and the dopamine boosts it gives to users has long been researched and proven as providing an unfair advantage to businesses that leverage it[3].

If you’re a heavy user of social platforms like Facebook, LinkedIn, and even YouTube, you’ll know that it’s pretty hard to stop once you get started on a binge-watching session.

In fact, video marketing is seeing a non-stop rise in popularity and effectiveness when used in conjunction with social media to drive traffic and boost conversions[4]. According to research, by 2019, 80% of global Internet consumption will be video content[5]. With video marketing becoming more ubiquitous, businesses that fail to leverage the power of video are almost certain to lose out.

How to Develop This Skill

Some ways to get started with using videos for your business would be:

  • Creating a series of educational videos that cover useful information for your audiences
  • Live videos interacting with your community at large (these can be shot on your smart phone)
  • Using videos on landing pages to boost your customer conversions

4. Benchmarking Personal Goals to Business Performance

As far as you get into achieving endeavours on your business bucket list, it’s important to remember that being an entrepreneur is just one facet of your identity. Don’t forget why you started in the first place.

Ambition usually stems from some lifestyle goals you’ve always wanted for yourself and the people you might be providing for today or in the future. Working 24/7 is a surefire route to burnout and may manifest in an unhealthy interaction between partners and employees as well.

How to Develop This Skill

Money can’t be your only motivation, but look into the positives of how having more financial freedom and time can impact your life. In the short term, involving your interests in your businesses can make everyday tasks feel less like mundane errands. In the long run, your business may also bring you fruitful rewards, including personal fulfilment.

Set realistic income goals to manage expectations for your performance and your company’s revenue, especially during its earlier stages. See how projected growth can align with your personal goals and make adjustments accordingly to maintain a balance between growth and your personal values.

Advertising

5. Leveraging Healthy Competition

Some of the best athletes who have spent their careers neck-and-neck with each other have changed the standards in their respective sports. The notion of healthy competition applies to the business world more than it may seem on the surface.

Innovation has always been a key driver in free markets, which were intended to boost economies and provide customers with more choices. Just like the biggest sporting rivals that build on each others’ game, you can use your biggest competitors to hone your strategies.

How to Develop This Skill

Turn a competitive market landscape into an advantageous one by leveraging on long-established systems your business proposes an alternative to. Learn from the mistakes of predecessors once you discover their product or service loopholes.

For example, the Dollar Shave Club’s viral video[6] became a big hit because it hit the right buttons of consumers being tired of purchasing expensive but low quality shavers from incumbent retail giants. Going in second meant they could fill a gap competitors might not even have been aware of.

Apart from lifting off from what could have been your second-mover advantage, solidify your place with your business’ own first-mover advantage — whether you’re tapping into a new geographical region, unexplored market sector, or introducing a business model that proves more viable than others. There’s always room for improvement in business from mature markets to newly emerging ones.

6. Honing Pitches to Investors

Stand out in a broad mix of budding entrepreneurs by mastering the art and science behind a solid investor pitch that can determine the acceleration of growth for your business. Get comfortable talking about your ideas and receiving feedback or questions from peers, partners, and advisors before setting out to make a good impression on potential customers and eventually investors.

The phrase “If you can’t convince them, confuse them,” will certainly never get your business funded, especially in front of seasoned venture capitalists who have seen thousands of startup pitches. You should be able to deliver a quick elevator pitch that summarizes your unique proposition and its market viability for casual meet-ups[7] because you sometimes only have a few minutes to make a good impression and move on to another meeting.

How to Develop This Skill

Develop your investor pitch deck by highlighting your business’ strongest points, which will vary for every funding round. Create your deck with the investors’ interests in mind, balancing technical jargon and buzzwords.

You can also introduce your diverse team of experts, some proven traction, or the current state of the market to demonstrate profitability and the attractiveness of the opportunity to investors.

Ensure each slide flows into the other to develop a persuasive narrative, utilizing consistent and intelligent design principles to support your content.

7. Developing a Strong Brand Identity

In a world of saturated content and numerous emerging businesses that offer similar service lines, developing a unique brand identity will help you cut through the noise and stand out from your competition. From aesthetics to the body of clients you’re associated with, these contribute to how you’re perceived by prospects looking to buy.

Advertising

Evaluating your brand identity is linked to identifying your target customers, your business goals, a proposed promised land your solution achieves, and identifying values that are aligned to these components. Brand identity serves as a guide to maintaining consistency and creating an image you want your business to be associated with.

How to Develop This Skill

Efforts to strengthen your brand identity are closely tied to giving marketing strategies a direction. By knowing what makes your target customers tick, their values, ideals, and behavior, you will be able to elevate your business from simply being a service or product to be utilized into a projected brand customers and partners would be happy to identify with.

8. Automating to Your Advantage

The need for efficiency is often the general problem new businesses aim to resolve across all markets and industries. Assure that your proposed solution is more efficient than what’s readily available in the market to instill the need for it.

Efficiency is often achieved nowadays through digitalization and new technologies. While your product or service may not necessarily be the most innovative out there, you can apply the same automation concept across your business’ daily operations.

How to Develop This Skill

Shorten turnaround times and conversion rates by investing in small tools for automation where you deem fit. While it may come out of your pocket in the early stages, evaluate the holistic advantages and benefits of automating certain processes. At our office, we’ve tried using collaborative apps like Workplace by Facebook, Slack, Asana and a few other popular apps to reduce human error and friction.

9. Managing Millennials

Your team plays an integral part in whether your business will accelerate at breakneck speeds or be dragged down by dead weight. Hence, it is imperative to be selective and strategic when choosing your team.

In leaner small business teams, the addition of every new teammate can impact how your organization culture evolves.

Today, learning to manage millennials has become an increasingly sought after skill as well due to the increasing proportion of them in the workforce[8]. Some brand them as strawberries that are easily bruised and others loath their need for “meaning” and wearing t-shirts to work.

How to Develop This Skill

Naturally, there are many misconceptions surrounding millennials, and various businesses would do well to leverage their unique skills.

A couple of ways to manage a millennial team include:

Encourage a Flat Team Structure With Open Communication

Maintain clear professional lines between supervisors and subordinates but keep communication channels open to ensure no negativity festers.

Advertising

Offer Constructive Feedback

Baby boomers are well known for their straightforward approach to delivering feedback. Millennials, on the other hand, don’t always take feedback in a form that could be construed as deep criticism.

Being constructive with feedback ensures that we don’t coddle millennial workers but also tell them the things they need to hear.

10. Maintaining a Network of Connectivity

Instead of proposing a business that’s ambitiously and entirely disruptive to the supply or process chain in a respective industry, foster connections with other companies that cater to the same target customers as long as they provide a different service.

By creating partnerships, both you and other businesses thrive simultaneously through creative avenues for customers to utilize your products and services for a holistically improved user experience.

Sole market disruption isn’t always the best strategy to take. Not everybody has the opportunity, bandwidth, or financial capacity to dominate and monopolize a marketplace. See your potential for integration into other businesses and services as a good opportunity for co-collaborative marketing efforts with shared campaigns, split costs, and a strengthened customer database for everyone to tap into.

How to Develop This Skill

Regardless of the stage your business is in, never stop looking for ways to expand your network. Keep in contact with mentors you can look to for valuable industry advice that can help you avoid pitfalls and costly mistakes. Strengthen brand awareness by attending cross-industry events and casual meet-ups to open your business to reinvention and innovation.

As the African proverb goes:

“If you want to go fast, go alone. If you want to go far, go together.”

Collaborating will get you where you want to go quicker and gear you up for further growth.

More Tips on How to Succeed in Business

Featured photo credit: Tyler Franta via unsplash.com

Reference

Read Next