Try a coworking space for size. Category sponsor, Office Freedom shares its top tips.

It’s a fact: not all new companies will scale up. Actually, according to Forbes, only 10 per cent will make it through the mire of startup pitfalls and flourish into a fully-fledged business.If you’re reading this, hopefully you are part of that minority. Here Office Freedom tells us where to begin the search.

There inevitably comes a point in a new business’ life when working from home is no longer a viable option. Your business is growing and more space is needed to accommodate new employees; equally, your client-base is expanding so a more formal meeting space is a must.

So where should you go next?

Moving on up, moving on out

These days, many startups and even sole traders begin their journeys in accelerators or incubators. These spaces are catalysts for business growth; they provide investment opportunities, mentoring and access to a network of talented individuals as well as a physical space in which to work.

Across the UK, 205 incubators and 163 accelerators support an estimated 3,450, and 3,660 new businesses a year respectively, according to research by Wired. But what happens once the ‘incubation period’ – usually anywhere between 3 – 12 months – is over? Or what if you’re a startup that already has the investment thing sorted?

Become a coworking member

Coworking spaces are perfect for startups.

Speaking with Office Freedom, The Click Hub explained how moving from a home office in Exeter to a coworking space in Central London helped their business grow and evolve rapidly. Anna Gibbon shares their story:

“In June 2016, we were a small Exeter-based digital marketing agency looking to expand to London. Our business had been steadily growing over the last few years but we knew that, in order to achieve our goals, London was the place to be and now was the time to be there. We began looking at coworking spaces, as opposed to more traditional offices, for several reasons.

Firstly, our London office would be a one-man band, to begin with. Even though the nature of our business means meeting and interacting with clients on a daily basis, something more cold and corporate has the potential to feel quite isolating.

We also needed somewhere that was flexible and cost-effective for one person, with a permanent desk, reception and meeting rooms. What’s more, co-working affords access to prime locations across the city and allows you to host clients or pitch to new businesses in modern, stylish and professional environments.

This kind of wow-factor can be invaluable when trying to win over new businesses. Finally, we knew most co-working facilities have larger office spaces available to rent within the same building, meaning little uprooting or disruption would be necessary as we continued to expand.”

The Click Hub’s workspace caters for various working styles - booths offer privacy and open plan areas encourage collaboration.

Many workspaces that fall under the ‘coworking’ category also contain private offices for SMEs and scaleups requiring a secure area, like this gorgeous space in Holborn.

More information.

The flexible nature of coworking means companies who need to take on more desk space can do so at very short notice.

Find an incubator for scaleups

Established incubators and accelerators now offer services across the entire innovation life-cycle. The focus isn’t just on startups, but helping businesses to sustain growth by offering leadership and entrepreneurship development programmes.

Plexal, a collaborative innovation centre located in London’s Olympic Park unites startups, scaleups, enterprises and academics.

The best flexible workspaces are technology-driven.

Coworking has earned its position as an attractive sub-sector within the commercial real estate market and has emerged as a distinct asset class for investors. Why? Because they are design-led, highly convenient and offer flexible tenancy agreements – great news for startups and scaleups who want to minimise risk.

And it’s no longer the domain of startups and SMEs. Larger organisations have caught the coworking bug and are making the switch, enticed by features such as large meeting rooms, client concierge services and access to a stream of new talent.

To find out more about how coworking could benefit your business, call Office Freedom on 0203 740 8984.

September 2018