7 key factors to commit to co-working

You would like to start out on a solo adventure as an entrepreneur but renting offices requires an initial investment that may well not be profitable at first. This is the situation that thousands of new entrepreneurs and freelancers are faced with and which is why they prefer to rent a space in a co-working centre where they can work.

Currently there are about 9,000 co-working centres or collaborative work centres throughout the world, of which about 1,000 are in Spain. Growth in this sector is part of the open innovation model followed by Endesa with centres such as the Open Power Space, which we designed in Madrid to create synergies between company employees, external collaborators and partners.

This type of centres provide numerous advantages and it is important to know what they all are so as to be able to assess whether or not it is an option to consider. Here are 7 key factors to commit to co-working to help you decide whether it is best for your type of work:

1. The philosophy of co-working involves much more than somewhere to work

Although a co-working centre is primarily somewhere to work. But if that is all you think it is, you are losing sight of the real advantages that it may offer. It is a meeting point between entrepreneurs and professionals who are undergoing a recycling process. It is somewhere you can meet and assimilate the experiences of other people who have already overcome situations similar to those of the newcomer.

It is the halfway point between working alone at home and renting an office that, in many cases, will not be profitable at first. This is where the price comes in, another of the strong points for co-working.

2. Your own office or a co-working area? A question of finance

Both in offices and in collaborative workspaces you will find all kinds of prices, but if you could rent a co-working area for less than €100 would you really rent an office? In these spaces, bills are shared by everyone and depending on the place, some of the office materials. Assessing the amount of space needed will make you decide which option is best for your project.

3. Innovation in the workplace

There are different types of office: From organic co-working, with a strong commitment to sustainable materials, to offices focussed on creativity, as well as those with spaces where you can take your children or where you can rest and take time off from work.

Innovation is one of the characteristics that all co-working centres try to include by finding very attractive solutions. For example, there are collaborative work chains that enable you to go to any of their centres to expand and promote networking.

4. Comfort: Opening times, location and size

It is important to find a place where you feel comfortable and that suits the requirements for your project. Working at night may not be the best option, but those entrepreneurs who need it can find numerous centres that stay open 24 hours a day.

"Each space has a value proposal that becomes one of the key factors: It can be more than just a place to work because of the community and the environment." This is how Raúl del Pozo explained his experience in Cink Emprende co-working centres

"Infrastructure, paperwork, materials, alerts: There are great benefits offered by starting to work in a co-working space", and the CEO of the consultancy specialising in entrepreneurship, Cink Emprende, pointed out some of the advantages. But it is not only a benefit for the person who founds the company: "Having spaces in key central points of the city can help a company that is just starting out to attract talent to its workforce because of the accessibility and options it provides."

Large cities have this type of centres in different areas which makes them very accessible. And they keep on expanding to smaller towns and even rural areas where there are freelancers and entrepreneurs looking for a space in which to work.

Size is also not an obstacle for these centres. You can opt for macro-spaces for a large number of workers or smaller offices that are sometimes suitable for less than ten people.

5. Synergies between ideas and specialisations

Entrepreneurs in sectors like technology grow continuously, but this is also the case with communication, design, architecture and legal consultancy. It is a reality that means that it is increasingly difficult to acquire all the necessary knowledge to undertake the same project.

Before we told you that in these spaces it is not only the bills and the space that are shared, but also the experiences. Here the advice, ideas and professional experiences are shared by everyone in the community. It is a place where synergies and chains of favours can be promoted when knowledge cannot be simply acquired.

There are innovation hubs that seek to develop ideas with regard to specific sectors. Following the Open Innovation philosophy, the Enel Group has created a new Enel Innovation Hub in Madrid in installations at The Cube. It is already the sixth space developed by Enel under this innovation model.

The aim is to open collaborative spaces and find innovative energy-focussed projects to achieve a more efficient energy future. The space created in Madrid focusses on those projects related to the entrepreneurial spirit of start-ups and the Internet of Things. To achieve this, the participants in the same space include the company itself, external entities such as universities, technology centres, start-ups and entrepreneurs.

6. Workshops and training courses for entrepreneurs

It is not difficult to find co-working spaces where knowledge is promoted through workshops and courses that can benefit the majority of workers. In many of these places they are divided by categories so that the interested parties themselves can sign up for the courses they find most useful.

There are also initiatives by companies, local councils and even the central government that promote the training of entrepreneurs and the self-employed through talks and assessment during a certain period.

7. Have you heard about business nurseries?

There is a broad range of options and there are numerous centres where you can start out on your adventure with the creation of your own project. Business nurseries definitely feature as an option to consider. They can help you find suitable installations at a low cost, reliable management through assessment and customised information and talks aimed at improving your project.

There are many features to take into account before deciding whether to rent a workspace in a co-working centre, but it is important to find out what you can about them all to understand why they continue to grow as one of the best options for entrepreneurs and freelancers. Have you decided to start out on your adventure?