Forgive me for “borrowing” this content, but this is a great read for those of you still trying to work from home. This might just be what you needed to hear.
Deciding where you’re going to base your business is a massive headache. With little money coming in to begin, with you feel you should work at home. I did this for a few weeks but found it a distracting existence. Due to the close proximity of my kitchen and internet recipes, I found myself becoming a better chef rather than a better entrepreneur.
What was worse, though, was feeling that I couldn’t switch off when the working day was done. So I went through the business owners’ rite of passage of looking for office space.
Initially I was not looking forward to this. I felt I would be faced with serving my time in a broom cupboard. Yet due to the huge growth in single-person businesses, up by 500,000 between 2008 and 2012, a whole industry has emerged that provides workspace to this group.
Collaborative workspaces are the hot new trend for one-man bands. These are spaces in which like-minded communities of entrepreneurs work in the same area and help each other. This concept is attractive because they naturally create a sociable environment by bringing together companies that have things in common.
A central theme of my business is to ensure that the operation of 100 Bodycare is as environmentally friendly as possible in terms of its ingredients, packaging and production, so when I was looking for space I sought a community of social entrepreneurs and soon came across The Hub.
This concept was launched in 2005 in a converted warehouse in Islington and has grown to have workspace on five continents. Anna Levy, who co-managers the Hub Islington, describes Hub entrepreneurs as “having a shared set of values in wanting to make a positive social impact with their businesses.”
The Hub was my first proper office. I found it particularly useful in moulding the initial structure of my business before I started trading. The Hub is setup to foster communication between its businesses and I benefitted from its monthly Hub Club meetings in which entrepreneurs present business problems to each other. I made a presentation about measuring the carbon footprint of my packaging and as a result got the feedback and contacts I needed.
Entrepreneurial business space is increasingly transient in nature. Community-based spaces have contributed to this trend as certain environments can suit your business at different stages in its lifecycle. Therefore many small businesses have a nomadic existence going from one community to another and sometimes back again depending on the needs of the business at a point in time.
This was certainly the reason I left the Hub. When I started trading I recognised that I had a big knowledge gap around digital technology. In order to compete with the larger companies in my industry, this was something I really had to learn. As a result, I sought out a workspace called ‘The Accelerator’ based in Shoreditch, London.
The Accelerator is publically funded to support high growth businesses which use digital technology. It develops the digital knowledge base of its community and helped me via courses they put together from the learning of the businesses that work there.
In addition the Accelerator provides strategic advice to its entrepreneurs via a team of experienced business people that coordinate the workspace. Richard Celm, who manages the Accelerator, also explained that he sometimes facilitates access to finance.
“We have private and public contacts that have helped Accelerator businesses such as ‘Tweet Photo’ and ‘Fitness to Life’ recently get the funds for growth,” he told me. “Being publically-funded makes our willingness to help entrepreneurs more credible as we’ve got no commercial agenda.”
Collaborative spaces aren’t perfect for every type of business. The byproduct of the vibrancy of a collaborative space is that they’re often very noisy and distracting. Also there can be an issue of employee retention as the close proximity of the community can lead to people moving from one company to another. Nevertheless, for my business at the moment, as I seek to evolve my business model, the contacts and knowledge I’m gaining offset the disadvantages.
I hope my thoughts were of use and if anyone wishes to contact me I’m very happy to help on www.100bodycare.com
To comment on the original piece, please visit The Telegraph website here.
Happy October folks (or should that be #Ocsober)