Tag Archives: co-working advice

The Advantages of Working with Different Companies in the Same Workplace

The Advantages of Working with Different Companies in the Same Workplace

 

The Advantages of Working with Different Companies in the Same Workplace

 

The demand for more flexible office spaces is steadily on the rise. Office co-working and co-tenancy spaces, where groups of people working for different companies share the same general area, are becoming increasingly popular with freelancers, flexible workers, SMEs, and start-ups. This kind of working arrangement has many advantages especially over a traditional office setup—particularly for entrepreneurs who thrive on surrounding themselves with like-minded individuals.

But what is office Co-tenancy, and how can it benefit you and your business?


Office Co-tenancy Explained

 

Co-working or Co-tenancy lets small businesses and individuals rent out pockets of space within an office floor or building. This space can be as small as a single desked room—co-working rental deals are flexible enough to suit different business needs and sizes.

To encourage more growth for the co-working industry, there must be innovative Co-tenancy companies to provide the right services for businesses of different sizes, starting with start-ups and SMEs. Whether you outgrow your space early or you end up paying for surplus space, typical leases are usually too inflexible to best serve growing organisations.

Here’s where CoTen comes in. Unlike serviced office providers, we offer flexible and quality office spaces at competitive fixed rates for as long as you need it, letting you make the most out of your budget.

And, as we’ve said, one of the defining characteristics of office co-working or co-tenancy is the fact that you’re with different people and businesses in the same general workplace. It may not be obvious at first, but this arrangement brings several key benefits, such as…


Potential for New Clients

 

For growing businesses, co-working increases the likelihood of gaining new clients easily because the people or other businesses within the same general workplace might become customers themselves, depending on the situation. For example, if you’re a growing digital marketing agency, look around—you might just find a start-up sharing the same office floor who are in need of your expertise to promote their business.

And, since you’re already near each other, communication is made easier. What’s more, relaxed and welcoming co-working spaces make it easy for you to connect with your clients and form longer-lasting, profitable business relationships.  At CoTen, many of our tenants have formed business relationships with each other, and that does not include the even greater number who have been able to help other tenants by introducing them to their clients who are in need of different services.

 

Networking

 

They may not become your clients but the other tenants in the same co-tenancy space could become your partners one way or another.

This is because co-tenancy offers the possibility of connecting with other like-minded individuals within your workplace who, like you, are driven to succeed and open to new ideas. You’ll also be able to open yourself up to valuable contacts who may be able to push your business to the next level.

In other words, office co-tenancy puts you in a good position to communicate with other businesses from the get-go, since you’re already in the same general location. And, if you collaborate with your fellow tenant businesses, who knows? Maybe they can lead you to more leads in the long-term.


Synergy

 

There’s something thrilling about being with bright, active, entrepreneurial minds within the same location. Traditional office spaces usually don’t offer this and, in turn, may hinder expansive thinking. Not only can you find new business contacts, you’ll potentially get to know more people who will motivate you to do better, and it is always good to be surrounded by older, wiser heads who have seen a few business cycles, or whose expertise, being legal, financial, marketing or a host of other disciplines can be brought to bear on any issues you are experiencing over a cup of coffee in a break out area.

Overall, this kind of environment promotes a more active mindset that can produce more ideas. A co-tenancy space drives this, producing a culture conducive to more learning and different from the dull and boring traditional office setup.

 

A Sense of Community

 

You may not be technically within the same company but you and the other people in the same co-tenancy area have the same aim: to achieve business success. This allows you to relate with each other’s success and struggles, forming a solid sense of belongingness and togetherness.

Employees can discuss what they do in a general sense, their aspirations, and their hopes with others working for different companies in a non-competitive environment. Doing so helps relieve stress and contributes to having an atmosphere that values communication. This can also lead to more working satisfaction as those in the same co-tenancy space can look forward to a place of work where people listen, and each member is not a rival but is more of a comrade. Work can be lonely and isolating—especially withing SMEs or start ups it’s always good to have added support in the workplace, emotional or otherwise.


Inspiration and Support

 

If you have the right mindset, seeing other businesses grow and gain more success right in front of you will inspire you. Co-tenancy gives you front row seats to witness this, motivating you to work harder and smarter. You might also pick up useful insights along the way that you can use to improve your own business.

We all know how tough the commercial world can be. Start-ups struggle to get off the ground, market conditions change, and plans fall apart. Co-working introduces you to people who understand these unique challenges and can offer you some helpful, practical advice.

With these advantages—and we’re only talking about one facet of co-tenancy—it’s easy to understand why more and more businesses are considering co-tenancy. If you want to experience these benefits and more for your growing business, CoTen has you covered. With quality office locations in highly sought-after Sydney CBD buildings, we provide collaborative working environments at a fixed price to suit your needs. As the only co-tenancy providers of our kind in Sydney, we offer a community vibe you’ll find beneficial for attaining more growth, success, and worker satisfaction. Contact us today to find out how we can give your thriving business the perfect office space it deserves.

What to Look for in a Good Office Co-tenancy Space

What to Look for in a Good Office Co-tenancy Space

 

What to Look for in a Good Office Co-tenancy Space

 

There is a remedy for the lack of collaboration and isolation that comes as a standard when working for small and growing businesses who don’t have a dedicated workplace.

And, its side effects can include: An increase in productivity, profitability, and professionalism. Which means SMEs can expect to go “pro” in all senses of the word. These are some of the many perks SMEs can expect when opting for an office co-tenancy space, such as what we at CoTEN provide.

However, before anything else, you should answer this crucial question: What should businesses or entrepreneurs look for in a good office co-working or co-tenancy space? We answer that in this blog so, read on!

 

1. Space Flexibility and Variety

 

For a small business anticipating major growth, the idea of locking in to a three-year lease will mean that you will either outgrow the space quickly and have to break your lease at great cost, or you will over commit to the floor plate, meaning you are paying excessive rent for your needs whilst you grow into your space.

Finding one office location, with a variety of sized workspaces that will allow you to move between as you grow significantly saves on costs, stress, and time, as sourcing the correct office space is a long labour of love!

Additionally, co-tenancy spaces that consider a variety of different areas including lounges with couches, community desks, meeting rooms, quiet spaces, and solo offices help to create a far more productive and creative open environment. This also results in an overall look that’s not dull and boring, which can lead to visual stimulation to increase positive activity.

According to OfficeVibe, 70% of those who work in co-working spaces reported feeling healthier than they did working in a traditional office setting.

 

2. Affordability

 

It’s no surprise that those in co-working or co-tenancy spaces benefit from major cost savings, especially when compared to businesses trying to work in a traditional office setting.

The cost saving in co-working spaces come down to shared resources. Because several businesses are sharing communal spaces and technology, the cost can be distributed among a larger group. And, with other maintenance of facilities such as the office internet already taken cared of, you’ll also be able to reduce your overhead costs.

Along with this, some co-working spaces also offer fixed pricing models that already provide a certain number of benefits to businesses and reduce the pressure on their budget. As such, when choosing a co-working or co-tenancy space, study the offered pricing packages. Go for those which offer more at lower price points or fixed pricing models that eliminate the charge-by-the-use system to make the most out of your budget.

 

3. The Chance to Form Professional Relationships

 

Ever borrowed a cup of sugar from your neighbour when you were all out?

According to Unispace, since the early 2000s, co-working or co-tenancy spaces have certainly evolved and has become an avenue for SMEs to invite more clients and collaborate with more businesses. This allows SMEs to strengthen their networks, resulting in beneficial partnerships or even new clients—all without having to leave the workplace.

This brings us to an important point: looking for a co-working or co-tenancy space that already houses a few businesses that you may want to work with in the future, or at least has the capacity to do so.

 

4. A Professional Look and Great Location

 

Your workplace also reflects your business. If it looks professional and not generally run-down or dirty, then your company will also be viewed in a more positive light. Therefore, looking for a co-working space that’s not only affordable but also looks great and has that professional appeal is important. This becomes even more crucial for growing businesses who are still trying to establish a good reputation.

Along with the internal and external appearance, you should also consider the general location of the co-working space. This is important because, while the facilities may be great, if it’s in an area that does not have easy access to public transportation services or the central business district, then you’ll have to deal with tired, disgruntled, and less productive employees who have a hard time commuting. A less than favourable location can also be a huge negative when it comes to attracting clients or partners—they may be discouraged by the distance and opt for other, nearer companies instead.

In a nutshell, go with a co-working space that looks good and professional inside and out and is also located within the CBD, or at least has easy access to public transportation systems.

 

5. Leisure and Learning Activities

 

“All work and no play makes Jack a dull boy”—this proverb has stood the test of time and is still true in today’s professional landscape. It simply means that too much work can lead to boredom and unhappy workers. And, when your employees are not satisfied, chances are they’re not very productive or, worse, thinking of leaving your business.

This is why, when searching for a co-working or co-tenancy space, choose one that offers learning and leisure activities as well. These will break the monotony of the everyday work cycle and encourage your employees to have fun, which, as studies have shown, can increase their productivity. Having learning activities also promotes employee interaction and engagement while potentially boosting their skills and capabilities. For example, here at CoTEN, we have regular Lunch and Learn activities which provide business insights for guests as well as a sports team called the CoTEN Comets which encourages employees to play basketball.

Happy and satisfied employees also tend to stay longer, relieving the pressure on your HR department and building company loyalty.

These are what you should look for when choosing a co-working or co-tenancy company, and these are also the very same things CoTEN offers. With your growing business in mind, we offer quality office spaces within a prestigious CBD location along with quality amenities—all of that with a fixed pricing model that makes things easier for your budget. In need of an office space you can be proud of? Contact us today; we’re more than happy to help you out!