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Business Trends Office Space

How Coworking is Helping the Startup Culture Thrive

Businesses have evolved across the board since the pandemic, which includes the startup culture. Read further on how coworking has helped them.

 

Coworking spaces are playing an important role in the post-pandemic workplace as the intermediary between home and a return to the office, and as an alternative for those who wish to embrace a work-from-anywhere model that might help them cut commute times, reduce employee density at the office, and strike a healthy balance for remote teams.

 

But coworking spaces are also an invaluable resource for smaller companies and startups looking to get out of their living room, and into a space where their team can physically collaborate.

 

While the pandemic has put a hamper on small businesses, they may be making a much-needed comeback in the post-covid era – and predictably, they need the right space to grow. While the fully remote model has proven its efficacy time and time again, especially in the era of social distancing and non-physical contact, it certainly isn’t without its drawbacks.

 

Not everyone can afford to work from home without sacrificing their productivity – and in many cases, their sanity. Coworking spaces present themselves as not just a middle ground, but as the superior option for companies lacking the financial security to seek their own long-term space – or startups with enough funding to secure a small main office, but not enough to grow their talent roster past its limited floor space.

 

We’re going to explore how startups can thrive through a coworking space – and how the collaborative nature of coworking can positively impact startup culture.

 

Financial Freedom

 

If the pandemic has left a lasting impression of any kind in workplace culture, it’s that the time for the ubiquitous nature of the common office space is all but gone.

 

Hundreds of thousands of office workers are lamenting a return to the old office space, and while there are certainly many people who missed it, there are just as many who wish to work from home or from anywhere else at least some of the time, and a few who prefer working entirely remotely.

 

While remote work is nothing new, it’s the upcoming hybrid models that might prove the most innovative, and the most agreeable. Startups have been desperate for ways to maximize the pace at which they’re growing and reinvest as much of their profits into production and expansion as possible.

 

By severely slashing the costs of setting up shop, coworking spaces continue to enable startups to develop and foster real in-person camaraderie without the upfront cost and monthly financing headaches of a fully-fledged long-term commercial real estate lease.

 

That financial freedom is invaluable in a post-pandemic economy that has left most people’s pockets ravaged, and prospects bleak. As funding becomes harder to come by, any space that allows a small company to get started and work without a hefty down payment can act as a massive boon.

 

The Ultimate Incubator

 

But the benefit to a coworking space doesn’t stop at “it’s just cheaper”. Coworking spaces are fundamentally different from traditional offices in that they yield the floor to several different teams and individuals, from small teams belonging to a larger company using the space as a temporary satellite office, to other startups, to freelancers and independent contractors.

 

What this ultimately translates into is an environment where the figurative professional gene pool is massively expanded, with representatives on every possible point of the gradient. Even at times of social distancing, this sparse contact can allow for unforeseen yet advantageous collaborations, impromptu brainstorming sessions, overheard conversations that turn into potential partnerships, and more.

 

Coworking spaces tend to be a melting pot of developers, programmers, writers, marketers, graphic artists, designers, and more. These spaces know that, and all the good ones use it to their advantage by intentionally fostering a positive and collaborative work culture where no one is encouraged to actively network or force connections, but everyone can feel free to socialize and interact as in a normal office.

 

Some coworking spaces host teambuilding events, and leverage the décor, ambience, and amenities to cater to specific crowds and complementary company cultures.

 

While the bare bones of any coworking space are the basic professional needs – lots of floor space, private meeting and conference rooms, a common area, high-speed internet, kitchen areas or drink and snack bars, functional and comfortable office furniture – it’s the additional amenities by which a coworking space sets itself apart, including artistic set pieces, a living and breathing (plant-based) office environment, nap rooms, video game rooms, outdoor areas or a spacious balcony, art and color choices, and more.

 

Coworking spaces save startups and small businesses from relying on coffee shops and impromptu office setups in the bedroom while trying to build a business in its early stages. Instead, these companies can collaborate in a professional setting for a fraction of the price of their own commercial real estate, forego the headaches of managing and setting up shop in a brand-new office space, and focus entirely on what matters the most: the business.

 

The Benefits of Utilizing Multiple Coworking Spaces

 

Coworking spaces are more than just a steppingstone for companies working their way up to the point where they’ve “made it” into mainstream success. Established enterprises and corporations leverage flex spaces and coworking spaces as financially sound alternatives to setting up a new office in a region they otherwise have no presence in, and startups can do the same, branching out across the country by setting up shop in multiple different coworking spaces.

 

The money saved on finding and managing your own space can go towards doubling or tripling your presence on the market, meaning you’re never limited by office space when trying to scale up your business. It’s still up to you to decide when the right time to scale is, though.

 

Coworking spaces can help startups save money, afford to host your team in a single physical location, and smoothly enable a hybrid work model to keep yourself as mobile and flexible as needed in the early stages of the business, all the while taking advantage of exclusive amenities and lucrative opportunities.

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Business Trends

The Rise of Solopreneurship: Is it Right for You?

As business trends evolve, we’ve come to hear terms like solopreneurship. But what does it mean exactly and is it possibly a new career path for you? Find out below!

 

While the technical opportunities to become an entrepreneur have grown rapidly in the digital age, entrepreneurialism is arguably less attractive than it has ever been. The United States has been in a startup decline for the last few decades. Millennials are more risk-averse and less ambitious than Baby Boomers, after years of economic decline and crisis after crisis. They face much greater debt, bigger living costs, and lower wages. An aging population and slowed population growth also affect the supply and demand of entrepreneurialism.

 

Meanwhile, larger firms have grown at a much faster pace domestically and internationally, soaking up talent and taking ownership of young companies and potential startup ideas. Venture capitalists and investors are favoring mature and proven businesses more so than innovators, and the rapid growth in tech is crowding out competitors, rather than calling on a rising tide to lift all boats.

 

With a pandemic snapping at our heels, it’s understandable to be frightened of failure and the risks associated with taking the plunge towards a business of your own.

 

However, it’s also important not to be consumed entirely by this bleak outlook. Just because fewer people are starting businesses doesn’t mean it’s gotten any harder – it’s actually gotten easier.

 

The Internet remains the great enabler, and it doesn’t take much capital to start a brand-new business. This is especially true for solopreneurs, who are taking advantage of the way the Internet has enabled many to begin a venture of their own without the need for a team to produce and market their idea, product, or service.

 

Furthermore, while startup businesses have certainly become less common, “side gigs” and “hustle culture” definitely haven’t. Younger people in general are picking up more jobs and ventures, from flipping furniture to making jewelry on Etsy, as a source of extra income. But solopreneurship takes it to another level, taking the “hustle” and turning it into a one-person business.

 

What’s a Solopreneur? 

 

A solopreneur is an entrepreneur working independently as the sole human element in his or her venture. Solopreneurs may network with others, socialize with potential business partners for separate ventures, and seek funding, but they ostensibly create and are entirely responsible for every aspect of their business, assuming all the risk and all of the rewards without employing anyone else.

 

Solopreneurs differ from entrepreneurs in that they don’t hire others to work for them – but they will still work with them, outsourcing jobs they can’t do effectively on their own or commissioning work that requires extra hands. A solopreneur may eventually expand into an entrepreneurial venture, but solopreneurs start their business with the intention of being the only one involved.

 

It’s arguably easier to be a solopreneur, especially if you know what you’re good at and know how to market it. You’re limited entirely by your own work capacity and talent but can make up for it by forming the right alliances to score lucrative opportunities and develop and expand your customer base. But it’s still hard work. If you think you’re ready to be a solopreneur, read on.

 

 

It’s Not Just You vs. The World 

 

Being a solopreneur is lonely, even more lonely than it already is to be an entrepreneur. But that doesn’t mean the life of a solopreneur is one of total isolation. Solopreneurs crash and burn when working entirely alone, as do we all.

 

While it is a solopreneur’s goal to set up a business they can run on their own, businesses never exist within a vacuum. The success of a startup is entirely reliant on correctly identifying an existing or unseen demand. Businesses also exist in competition with one another, improving and innovating often based on those around them. And finally, many businesses exist only because of the cooperation between multiple ambitious minds working together on separate yet related problems.

 

One of the most important elements of “making it” as a solopreneur is recognizing how you can best work with those around you to survive, and eventually thrive. You come to see those around you as valuable contacts and friends and connect with customers on a personal level as well. Authenticity is the key to longevity in the startup world.

 

Networking and Coworking as a Solopreneur

 

Many solopreneurs work from home, especially given the ongoing public health crisis. But working from home for too long can be very isolating, not just in a mental sense, but also from a business perspective. You need to interact with others to get a better understanding of the local startup scene, and to identify potential partners and competitors.

 

Coworking spaces are a natural fit for solopreneurs, providing them with accessible and affordable space to be productive outside of your own home, free from domestic distractions, and in the middle of an environment filled with networking opportunities and professionals eager to exchange ideas or seek out work relationships.

 

Coworking spaces eliminate the need to worry about technical difficulties, unreliable internet service, needless distractions, and the crushing feeling of being stuck within the same four walls for weeks on end. And all without the costs and hassle of setting up an office of your own, and with the benefit of working within a melting pot of local talent, including independent contractors and other solopreneurs.

 

Is Solopreneurship Right for You?

 

Just like being an entrepreneur, solopreneurship offers you the opportunity to be your own boss. And given the technical opportunities around us today, it’s easier than ever to get started.

 

Competition is stiff, there are no guarantees, you’ll be working hard for most of the day every day, and it’s something you have to be in for the long haul if you expect to make any money back. You may have to borrow money to get started, you may go into debt if your idea fails, and many entrepreneurs talk about the emotional hardships that come with being at the helm of your own business venture.

 

But ultimately, it’s worth it when you do succeed. You get to be proud of every step you’re taking in the name of something you believe in and are 100% responsible for.

 

Categories
Office Space

SETUP YOUR NEW SMALL BUSINESS FOR SUCCESS IN 2018

Startups are usually small businesses that are initially created and run by a small team of people with an idea to satisfy a specific need within the market. Startups usually have limited resources and due to this, they prefer having office space that is more economical. Although other workspace options such as working from home or in a coffee shop might work well for freelancers or the occasional “work from home” day, but for startups, these environments are not the best option.

An ideal workspace for startups is conducive to imagination, creativity, growth, and space to interact with one another as they hustle and learn to fulfill their clients’ needs. A startup also cannot usually manage to have resources such as on-site IT support staff, but when you work in a co-working space, such expenses and resources are shared, making it very convenient and cost-effective.

UPSCALE AMENITIES & RESOURCES

In Los Angeles, one of the key supporting features for a startup to thrive is to be based in a very good co-working space to get the support and resources they need to grow and serve their clients better. There are a number of co-working spaces in Los Angeles which are suitable for startups. The Collection ensures it is the best workspace in Los Angeles because of various factors such as their on-site IT support staff, creative architectural work-space design, and constant fiber connection to the Internet.

Another element of the workspace that can be shared among various startups includes the conference and meeting rooms, which are conducive to holding professional meetings with various investors and clients of your startup. The shared office space in Los Angeles is also ideal because it is designed to give off a lot of natural light that provides individuals with the motivation and creativity to keep production high.

CAFE, BAR & LOUNGE AREAS

The shared office floor also includes a lounge and cafe/bar that can help you unwind, relax, and take a quick break in between all the hard work. The design of this floor encourages collaboration and interaction amongst the tenants to create a relaxed, yet social environment.

VISIT OUR BEAUTIFUL BUILDING

Visit us at The Collection in Downtown Los Angeles and see for yourself how our co-working spaces provide an innovative and collaborative environment along with all the necessary resources to get your startup off the ground and moving towards shining success.

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Office Space

10 REASONS THE COLLECTION IS PERFECT FOR YOUR STARTUP

Startups are newly-formed companies that aim to fulfill the needs of a specific audience by coming up with a viable product or service. A startup needs a nice, comfortable, and conducive workspace to ensure that they are able to grow and scale their business to become bigger, more profitable, and better serve the needs of their clients. There are numerous co-working spaces in Los Angeles, but ranking among the best and most modern shared work-spaces is at The Collection.

1. LOCATED IN THE SOUL OF DOWNTOWN LOS ANGELES

The Collection is a creative office building which offers traditional long term lease options, as well as a full floor of shared office spaces with flexible monthly term options. It is an ideal place to host your startup because it is located in the soul of Downtown Los Angeles, a hustle and bustle environment that your company can thrive off of. The location allows for a startup to integrate itself within other businesses as they grow, build awareness, and improve the operations of the growing company.

2. CREATIVE OFFICE SPACE

The architectural design of The Collection is intended to inspire creativity and startups can leverage the space to come up with new and innovative ideas to successfully target a specific audience. The natural light of the space provides a bright and open atmosphere which is very conducive to productivity and inspiration.

3. EXCLUSIVE PRIVATE OFFICES

With 12 exclusive private offices and expansive lounge and café/bar area, the shared office floor was designed to create a high end experience.

Monthly members with a private office will have their company’s name and dedicated suite number on their private office’s glass door, and will be featured in the ground floor lobby directory, making them indistinguishable from The Collection’s full-time tenants.

4. EXPANSIVE LOUNGE

There is an expansive lounge on the shared office floor that is utilized by everyone in the building. The building has a collection of creative and professional tenants in various industries, including, Architectural and Design, Digital Arts, Graphic Design, Real Estate, Film and Apparel. This creative mixture of industries has developed into a unique synergy, resulting in numerous networking events, inspiring gatherings, and successful collaboration among the tenants and members.

5. MEMBERSHIP OPTIONS

The startup space allows you to choose a tailor-made membership that includes virtual office, daily, monthly, and yearly package options.

6. CONFERENCE ROOMS

There are various meeting and conference rooms at The Collection that are perfect for meetings and team collaboration.

7. VIRTUAL OFFICES

The Collection offers virtual offices as an option depending on the customized membership you choose for an even more modern and high-tech workspace.

8. ON-SITE IT SUPPORT

There is an on-site IT support staff which ensures that members and startup office space are assisted in all their IT needs so that you never have to worry about your progress being halted by technical issues.

9. HIGH FUNCTIONING NETWORK

There is a state of the art network in place in the shared workspace at Collection which features SOPHOS firewall protection, ensuring any chances of IT security issues coming up are very low.

10. FIBER CONNECTION

The Internet connection utilizes fiber technology which has 10+ gigabyte speeds that ensure your Internet connection needs are always met and you are always online as you conduct your business.

To learn more about how The Collection in Downtown Los Angeles will help your startup grow and thrive, contact us today so you can get up and running!