How can you manage finding spaces, hiring employees, and balancing your financial needs while trying to make your startup a success?
Success is not entirely defined by visuals, it is defined by creativity and vision. For your startup or small business, think about alternative spaces that will allow your company to grow. These alternatives will massively cut costs that you don’t need to spend.
Sharing an office space with another person is a great way to cut down on expenses for a small growing business. The shared space fosters a great home for your company to grow.
If sharing a small space is not right for you, opt for a room in an executive suite. Having services run by outside people takes a large weight off of your shoulders. You are also surrounded by other small business that you can network with.
If you want a space that fosters not only a great space for your company to grow, but a pace that fosters a great community, then a co-working space is the right fit for you. In a co-working space you are able to have a private office as well as be in a synergetic environment where everyone is looking to achieve the same goal as you: accelerating the growth of their business.
Joining a Coworking Space can be a great way to have a professional work space without all of the overhead costs. Instead of working from home, from a coffee shop or investing in your own brick and mortar office, try a KC Coworking Space first. Here are some things to look for when you’re shopping for a Coworking Space.
Location – consider a location that will be convenient. Keeping your commute short gives you more time to build your business.
Tour and Trial Day – the best way to see if a space is a fit for you is to try it out; most KC Coworking Alliance members offer a free trial day.
Resources – do you need specific resources to help grow your business? Maybe you need a shared kitchen space for your food-focused business or maybe you need to be around other tech startups. Ask about the other members of the space and determine how you might fit in that community. What type of resources, amenities and event programming does the space have that could support your business?
Space – What does the actual physical space offer? Is there a place to make a private phone call? Meeting rooms? Dedicated desks? 24/7 access? Is it close to coffee shops, restaurants, transportation?
Costs – How are the memberships broken down? Do you pay one price for all-inclusive membership? Are meeting rooms or events/programming extra?
Deciding on a coworking space is an important decision. With a little bit of research, you can find the perfect fit for you and your business.
Has your company been steadily growing over the years? Does it feel like you’re finally beginning to reach the summit? While you should definitely celebration your accomplishments – it was probably no easy task getting here – I want you to be careful. Your business plan may be built on a fatal flaw that will eventually choke your chances of reaching success.
A Word of Caution About Your Company’s Growth
As your friendly neighbor, I counsel you to practice caution. Here is the problem I just alluded to: you’re paying for stuff you probably don’t need. Just like so many other companies, you may have fallen into the trap of regularly spending money on assets you don’t regularly use. For instance, in your office, you may have walkways, coffee stations, printers, copiers, internet service, Wi-Fi, and firewalls. Perhaps you even have an office manager to run all of this. There are some 20 companies just like you at 111 Town Square. Each one of has a conference room, meeting spaces, and a number of other amenities that seem to make sense.
The cost for all of these office “requirements” can be staggering. If you have 40 people in your space, you are probably paying around $300 a person to manage this overhead. That’s $12,000 a month. $144,000 a year. We didn’t even add rent yet. That’s another $150,000, which puts your overhead at almost $300,000 for the year.
3 Ways We Have Improved the Traditional Workspace Framework
It doesn’t have to be this way. If you gave up these services and used Worksocial as your office space provider, you would end up sharing the annual overhead and paying for the space – only the space you need – and sharing the rest. You would not be in the space management business. Instead, you would be in the business of working on your business. To explain this better, take a look at the unique framework we have developed. This framework has led to exponential growth of our company.
1. Digitalization of Workspace
We shifted our culture from tunnel-vision thinking to rapid growth. This culture makes progress cumulative. Our spaces make sharing possible. In one case, a client of ours went from 2 to 4 to 8 to 16 to 32. Eventually, it was taken over for $1 billion.
2. Deceptive Nature of Coworking: This quiet time…the lul before the storm
As our members grew from 1 to 2 to 4 to 16, it became clear that our idea was disruptive. No one really wants to become a manager of spaces. And, yes, workspaces like this are popping up, but they are more toy than tool to their landlords. That’s why they end up losing clients who want to take advantage of disruptive growth. 16 is no small number, but it doesn’t tell the whole story, either. As we get to 32 or 64, the benefits of our unique approach will be clear. The building cost our tenants share will be spread out between 64 or 128 clients and your company will bear only its share.
3. Possibility of Coworking Spaces: Distruption
If you do the math, you will see that you have severely limited your company’s growth while generously contributing to your landlord’s coffers. By the time you fix this, you will have paid for the space hundreds of times over. This is a constant cycle. Ditch your lease and join us. Spread your overhead across other tenants. We can take over your lease. These first 3 things have radically changed our clients’ worlds. They have enabled them to grow 20X in a single year. That’s not all we do, either. We also:
Look for clients for them.
Engage in creating marketing campaigns.
Hire trainers and salespeople.
Hold lunch-and-learns and create networks.
The result is growth that goes from 1x to 128x in a very short period of time. After that, these companies see major leaps: 10,000x, then 20,000x, and then 40,000x.
3 Ways WorkSocial Is Changing How Work Is Done
Let me show you exactly how we intend to revolutionize the modern working environment. Frankly, it’s mind-blowing.
1. Demonetization of Services
Imagine the removal of money from the equation. Who needs to pay rent for servers when we can get one of our clients to offer it to you? Who needs a bookkeeper? We have one who can handle your books for you. Never pay for coffee. One of our members is a Nespresso salesperson, so we have free coffee for everyone. We have successfully demonetized infrastructure and put some $3.5 million back into the pockets of our clients. It’s happening in plain sight. We have created a free shadow economy. The guy who sells us coconut water told us he couldn’t any longer because his biggest client, the deli next door, got wind that there was a space that gave it away for free. Now people started to get interested. We had demonetized office services.
2. Dematerialization of the Office
Next, we hope to demonetize the office itself. Imagine never having to pay rent again. Poof! Now you see it and now you don’t. I am predicting that small space renters will never need to pay for anything other than the space they use. Consider all of the infrastructure that existed in the 1980s: the Walkman, the CD player, the camera, flashlight, the clock, video games, etc. These have all dematerialized into smartphones. So if you don’t see the writing on the wall, your neighbor at WorkSocial is telling you that the next lease you sign will bankrupt your company, because we will democratize the office space industry.
We are bearing all of the hard costs associated with office space. To put this in perspective, as we do this, the next time you need office space, you’ll get it for the same price with no upcharge. Office space is actually just part of the fun. We have alliances with hotels, insurance companies, and other single co-working spaces. Poof! Now, you have an office in every state for the same price. No more lease review costs. Just talk to your community manager. But wait, we have also started to digitize and connect our co-working spaces. In 2018, we will have an app that will connect all our affiliate co-working spaces. Then, we will expand the network from deceptive silence to disrupt the behemoths of co-working, only to further dematerialize and democratize. Exponential thinking is a blessing. Are you ready to scale at WorkSocial or would you rather continue to pay rent and help you landlord scale? Call us and join the movement. Join us and lets write a story of exponential growth