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Co-working: everything you need to know

Posted by Oliver Corrigan on Sep 12, 2017 8:30:00 AM
Oliver Corrigan
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There’s been plenty of popular trends in our industry over the years, but very few have grown in popularity as rapidly as co-working. Did you know the first official co-working space was opened back in 2005 in America?

The rise of co-working has come as no surprise to us at Carrwood Park. With the success of our co-working space in Leeds, we’ve seen how much of a positive effect moving into co-working can have on a business. We’re proud to act as a home to a thriving business community, with a range of fast-growing companies and entrepreneurs.

With over one million co-workers worldwide, there’s every chance that co-working could become the new norm for professionals. We’ve put together a useful guide with everything you need to know about co-working.

 

What is co-working?

‘The use of an office or other working environment by people who are self-employed or working for different employers, typically so as to share equipment, ideas and knowledge.’ – Co-working

In other words, co-working spaces are working areas specifically designed to encourage collaboration and innovation. Because most of the people working in the space share similar goals and objectives, these spaces can provide the perfect environment for improving employee productivity, encouraging new ideas and even discovering new business leads.

These co-working spaces are often made up of more open working areas, with common features including comfortable furniture, a variety of free perks, and plenty of third space. Of course, this more relaxed environment tends to have a huge impact on your company, benefiting your overall business output.

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Who is co-working for?

Co-working is particularly popular among freelancers, work-at-home professionals, and entrepreneurs. But it’s also gaining popularity with SMEs – we’ve seen several small businesses with anywhere from two to ten team members move to co-working.

It is also becoming common practice for larger international brands to use co-working spaces for their creative departments, providing a stimulating environment out of the office to really get them thinking outside of the box.

There’s not really a ‘rule of thumb’ in terms of which industries are better suited to co-working, but it is most popular around the tech, creative and professional services industries. Here at Carrwood we’re proud to be home to a diverse range of sectors, with a mix of businesses and individuals who all thrive off each other.

 

What are the pros?

1. Access to free perks

Not only will you benefit from working alongside other professionals, but you’ll also receive some fantastic free perks as a tenant. At Carrwood Park, our co-working residents benefit from unlimited coffee (our delicious, locally-roasted exclusive Carrwood blend is a sure way to start your Monday morning!), daily cleaning, regular free business growth advice, on-site networking events and lots more. We pride ourselves in delivering more than just office space; with over a decade of experience in helping businesses grow, we’re perfectly positioned to provide regular advice and assistance with our residents.

2. Higher motivation

Watching another business’s achievements can be one of the best forms of motivation out there. And in an environment with other growing businesses, all on their own unique journey, you’re likely to witness some form of business success on a regular basis.

Working alongside like-minded professionals, it’s more than likely that you’ll have the opportunity to make meaningful business relationships too…

3. Improved flexibility

Moving to a co-working space can offer you a lot more flexibility. For one, having the option to work more flexible hours can bring an improved work life balance, which is only going to be positive for your business. Some business centres, for example at Carrwood Park, even offer 24-hour access to co-working residents, meaning you can literally work whenever you’re most productive.

You also have a lot more flexibility in your contract, as most co-working facilities have significantly shorter notice periods than leased offices and even serviced offices. In fact, depending on what membership you choose, you may even be able to cancel your membership with a few days’ notice.

4. Networking opportunities

Co-working spaces are hotspots for networking opportunities. You could have a chance meeting at the photocopier, with the person sat next to you, or even whilst making a brew. Because co-working spaces are popular among freelancers and sole traders, you’ll often find a variety of professionals with different skillsets in the same space. Build relationships with these people and you can access all kinds of knowledge and advice…

Some co-working spaces also offer regular networking events, which can be great for making new connections. For example, at Carrwood Park we regularly host events for the likes of BNI, Forward Ladies and Connect Yorkshire.

5. A more professional working environment

As we previously mentioned, co-working spaces can be the ideal alternative for people who work from home. You’ll still be able to work independently, but instead of being distracted by a noisy household (especially if you have kids) you can thrive in a professional working environment.

You can also use this environment to your advantage when meeting any potential clients or employees. A lot of co-working facilities also offer meeting rooms, meaning you’ll never need to ask someone to meet you in a crowded coffee shop again! In fact, here at Carrwood Park, we even offer discounted rates on our luxury meeting rooms with a co-working membership.

Arrange to view our professional co-working space

Things to consider

1. Potential for distractions

Whilst co-working spaces encourage collaboration, they can also create an environment with distractions. At the end of the day, this really depends on the personalities in your co-working space. It could help to have a taster day, or even a taster week, in your preferred co-working space to get a feel for the general atmosphere and some of the other people you may be working with.

2. Combatting team size

There tends to be a general assumption that co-working facilities are only for small businesses or sole traders. But as we mentioned earlier, there isn’t really a ‘rule of thumb’ for the type of businesses that are suitable for co-working. Even if you have a large team, co-working spaces can be a great solution to unexpected company growth. If your company grows too big for its current office space and you still have time left on your contract, co-working spaces could be used to accommodate certain departments.

3. Location

It’s also important to consider the location of your co-working space. Whilst it may be tempting to go straight for a popular city centre location, it could make a lot more sense to go for a more rural location. Of course, depending on what it is that you want from the co-working space, both options have their own benefits. Although you can’t beat a scenic lunchtime walk on the Carrwood Estate to get those creative juices flowing!

Did you know that we have over 1,200 trees at Carrwood Park? Plenty of space for a lunchtime walk...

Co-working has grown into a real alternative to working from home or renting office space. Whether you’re a freelancer, small business owner or entrepreneur, we would seriously recommend giving co-working a try. As we mentioned above, having a trial day could help you decide whether it’s the right thing for you.

At Carrwood Park we offer some of the most luxurious co-working spaces in Leeds, with free parking, access to high quality meeting rooms and the opportunity to be part of an eco-friendly business centre. Why not get in touch with a member of our team to find out more? Or you could drop in for a day to see whether co-working is for you…

Topics: self-employed, News, Co-working and Flexible Working, Start-Up, SME, business, leeds co-working space

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