Leslie Radford - NuvoDesk Coworking
man in suit putting coins in glass piggy bank

How Coworking Spaces Can Help Your Small Business Save Money

Key Points

 

Flexible Leasing Terms

Access To Clients

No Hidden Costs 

Coworking space providers like NuvoDesk are saving small businesses money every day. As a rentee, you get to work in up-to-date surroundings and a motivating atmosphere and exchange ideas, and network with like-minded individuals. 

It’s been proven that coworking spaces can help your small business save money that would otherwise needlessly go down the drain. Renting a traditional office space costs more, not just for rent, but utilities, office furniture and decor, and the distance you’d have to travel to meet with clients and networkers. Plus, you’d be locked into a lease for who knows how long.

Take a look at how NuvoDesk could be saving you money and your sanity!

man in suit putting coins in glass piggy bank

Flexible Leasing Terms

Whether you need us for a day, a week, a month, or even years, NuvoDesk can accommodate your time here. Coworking spaces allow you a short-term, customized lease. You can change your rental agreement as your business evolves. In other words, you are saving by renting precisely what you need when you need it. All without moving your team every so often from a well-established workspace that suits you, your employees, and your clients.

If you haven’t rented traditional office space before, you might not know that leases often come with a three to a ten-year contract. Can you predict where your small business will be at that time? How many workers will you have, or how much space will you require? Most likely, you would not know the answer and settle for space that doesn’t fulfill your needs. Either it’ll be too small but affordable, or big enough to support growth but taking a huge chunk of your profit.

 

Access To Clients

There is a tight relationship between office location and access to customers. Budding entrepreneurs are too often facing a decision: starting up affordably in suburbia or cashing out for a downtown workspace. How much you’re willing to pay for a rental office can have a significant impact on your business, especially if it’s a startup. 

Coworking buildings are often found in prime locations and come with parking spots for rentees and their clients. Convenient access saves time for both parties. Coworking spaces can help your small business save money and grow, even in these uncertain times. Partly from significantly saving on the rent and paying only for what you use, and partly due to more reliable access to customers when it matters most.

No Hidden Costs 

An agreement for renting coworking space is relatively straightforward. You choose what you use and pay for nothing more. 

NuvoDesk has plans that include the use of conference rooms if you do need them regularly or plans without them and you can pay as the need arises. All of our amenities come with every plan, so you won’t be nickel-and-dimed to death for each amenity. Again, you only pay for what you need.

Another important way coworking spaces can help your small business save money is through maintenance costs. Whatever incident happens (like the AC going out, the wi-fi failing, or the light bulbs need changing) in the building, the office provider is responsible for covering the expense. Cleaning services are also included in the agreement. It doesn’t mean you should ignore simple coworking etiquette, though; always keep your workplace tidy.

 

A Few Additional Notes

While coworking boosts entrepreneurs’ creativity and efficiency, the renters profit from full facilities. As entrepreneurship evolves and adapts to new circumstances, coworking spaces are here for you. Coworking has become highly competitive as it offers benefits to startups and small businesses that they would never be able to afford otherwise.

Statistically speaking, over 90% of all businesses in the States are small businesses. A large and growing part of this percent are startups that have created over 3.1 million new jobs in the US in the last year alone. With that and the abovementioned benefits in mind, the bright future of coworking spaces is guaranteed.

Take a look at our membership plans.

By Leslie Radford
hands on a laptop

Remote Work Stats to Know Right Now

Key Points

Get an idea of how remote work is growing, why employees are taking advantage of it, and the opportunities it can provide.

 

In 2020, workplaces started embracing remote work options more than ever before. Remote work, especially from coworking spaces like NuvoDesk, will become even more common in the future.

These figures will give you an idea of how the work style is growing, why employees are taking advantage of it, the opportunities it can provide management, and even a few challenges linked to it.

coworking space
NuvoDesk flexible desks

Remote Workforce Size

In the U.S., 4.7 million employees (3.4% of the workforce) work from home at least half the week. (Global Workplace Analytics)

Roughly 62% of employees between 22 and 65 say they work remotely at least occasionally, (Owl Labs)

44% of employees say that part of their team is full-time remote. (Buffer)

While 30% of people report working remotely full-time, 18% work remotely one to three times per week. (Owl Labs)

 

Job Types of Remote Workers

18% of executives work remotely more than on-site. (Owl Labs)

35% of remote workers are individual contributors. (Owl Labs)

30% of people report working for a company that’s fully remote. (Buffer)

46% of C-suite members work remotely at least part-time. (Owl Labs)

55% of VPs work remotely at least part-time. (Owl Labs)

New employees might work remotely less often at their company. Roughly 75% more on-site workers have worked in their positions for less than a year, (Owl Labs)

Woman Working from Home Lying on Floor
Woman Working from Home

Remote Work Growth

The amount of people who work remotely at least once per week has grown by 400% since 2010. (GetApp)

42% of employees with a remote work option plan to work remotely more often in the next five years. (Owl Labs)

Between 2017 and 2018, telecommuting increased by 22% (FlexJobs)

If they could, 99% of people would choose to work remotely, at least part-time, for the rest of their careers. (Buffer)

99% of people would work remotely if given the option

More than half of full-time in-office employees want to work remotely. (Owl Labs)

95% of people would encourage their friends or family to work remotely. (Buffer)

 

Recruiting and Job Retention

72% of talent professionals agree that work flexibility (which includes remote work options) will be very important for the future of HR and recruiting. (LinkedIn)

83% of workers, remote or on-site, say that a remote work opportunity would make them feel happier at their job. (Owl Labs)

40% of people say that a flexible schedule would be the best perk of working remotely. (Buffer)

81% of employees say that the option to work remotely would make them more likely to recommend their company to job candidates and prospects. (Owl Labs)

74% of employees say that a remote work option would make them less likely to leave their company. (Owl Labs)

 

Remote Employee Productivity and Behaviors

77% of remote employees say they’re more productive when working from home. (CoSo Cloud)

76% prefer to avoid their office completely when they need to concentrate on a project. (Atlassian)

23% of remote workers say they work longer hours than they would on-site. (CoSo Cloud)

53% of remote workers say they’re less likely to take time off than they would be if they worked at their business’s location. (CoSo Cloud)

43% of remote employees take three weeks or less of paid vacation per year. (Buffer)

Those with highly complex jobs that require little interaction with stakeholders are more productive when remote than in an office. (Springer)

Email is the primary method of communication for remote workers, followed by instant messaging, and video chat. (CoSo Cloud)

Although remote work enables employees to work anywhere, 84% of remote employees prefer to work from home. (Buffer)

 

Earnings and Benefits for Remote Work

74% of remote employees earn less than $100,000 annually. (Owl Labs)

Despite the perk of remote work, less than 34% would take a pay cut of 5% to work remotely full-time while just 24% would take a pay cut of 10% for the same option. (Owl Labs)

69% of millennials will trade other benefits for flexible work options including remote work. (IWG)

75% of people say their companies will not compensate for the internet if they work remotely. (Buffer)

30% of remote employees say they save upwards of $5,000 annually without on-site work expenses and work travel. (CoSo Cloud)

71% of companies also do not compensate for the coworking spaces of remote employees. (Buffer)

Businesses would save an average of $11,000 annually per half-time telecommuter. (Global Workplace Analytics)

hands on a laptop
working from home

Remote Work Challenges

More than half of remote employees say they feel disconnected from in-office employees (CoSo Cloud)

22% of remote employees report that unplugging after work is their biggest challenge. (Buffer)

19% of remote employees report loneliness as their biggest challenge. (Buffer)

Despite receiving confidential business data to their remote location regularly, less than half of remote employees say they receive proper internet security training. (GetApp)

 

Ready for 2022?

If you’re serious about remote working and want a fun and invigorating place to do so, come tour NuvoDesk! We’ll give you a FREE day pass to see if we are the right fit for you.

Read more on Remote Workers.

By Leslie Radford
Stacks of books on the shelf

The Top 4 Business Books That Will Rock Your World

Key Takeaway

Read these books to be inspired in your business.

 

Some of the most powerful business magnates in the world are avid readers. Mark Zuckerberg, Oprah Winfrey, and Bill Gates are all self-proclaimed bookworms who attribute their success to reading. Billionaire Warren Buffett is said to read about 500 pages per day.

If some of the most successful people in the world credit their success to something as simple as reading, then why wouldn’t you give it a try? Check out these business books and get to rocking your world.

Business Adventures by John Brooks

Business Adventures by John Brooks
Business Adventures by John Brooks

You have to have the right people on your team to successfully plan, implement, and carry out short- and long-term goals. The way team members and leaders react in both times of success and hardship will make or break their companies. 

Bill Gates calls Business Adventures (which was a gift from Warren Buffet, by the way) one of the best business books he has ever read. 

The book tells the crisis and triumph of several prominent companies, including Ford Motor Company’s Edsel disaster, the rise of Xerox, and the GE and Texas Gulf Sulphur scandals. Brooks also details the stock market crash in 1962 and the chaos that ensued on Wall Street. 

Business Adventures is a must-read for anyone who is currently running, or aspires to run, a resilient business.

Radical Candor: Be a Kick-Ass Boss Without Losing Your Humanity by Kim Scott

Radical Candor: Be a Kick-Ass Boss Without Losing Your Humanity by Kim Scott
Radical Candor: Be a Kick-Ass Boss Without Losing Your Humanity by Kim Scott

If you’re looking for a lighter read that provides applicable information on how to be a successful boss and colleague, then this New York Times Bestseller is for you. Scott uses her own experiences at Google, Apple, and other tech companies to show how to be a respected leader and encourage your team to do their best work. 

Radical Candor shows readers how to build strong relationships in a work environment, create a culture of feedback, shape a connected team, and achieve goals everyone can be excited about. Scott is engaging, humorous, and provides readers with entertaining illustrations throughout the book. 

Good to Great: Why Some Companies Make the Leap and Others Don’t by Jim Collins

Good to Great: Why Some Companies Make the Leap and Others Don't by Jim Collins
Good to Great: Why Some Companies Make the Leap and Others Don’t by Jim Collins

There are plenty of companies out there that are considered successful. They may have good investors, a solid group of promoters who love their brand and make enough money to sustain their existence. But what about the companies that are really killing it? Raking in the cash and growing exponentially in all forms? How did they get to where they are? How did they go from good to great?

Jim Collins answers those questions in this intriguing read. He organizes a 5-year experiment to find out the common characteristics of 28 successful companies that made that leap from good to great. 

You’ll have to read Good to Great to discover his findings, however, Collin’s said at the end of his experiment: “The key concepts discerned in the study fly in the face of our modern business culture and will, quite frankly, upset some people.” 

Thinking Fast and Slow by Daniel Kahneman

Thinking Fast and Slow by Daniel Kahneman
Thinking Fast and Slow by Daniel Kahneman

An international bestseller and the winner of more than five notable awards, Thinking Fast and Slow takes a hard look at two ways that humans think, which Kahneman calls systems. According to the author, system 1 is “fast, emotional, and intuitive.” System 2 is a bit slower, more deliberate, and logical. By understanding these systems, he tells readers the ways we can take information and use it to shape our personal and work-related decisions. 

There are certain aspects of the two systems that should be focused on or avoided based on the environment and situation. Thinking Fast and Slow takes you through practical techniques that will help you uncover best practices in all situations.

By understanding how we all think, we can successfully lead and help the people around us.

More Books

Reading entrepreneurial books can evoke creativity and inspiration. Personal development is key to creating a successful life and business.

Want more? Here are a few other notable books you should consider:

  • Den of Thieves
  • Pivot
  • The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail
  • Act Like a Leader, Think Like a Leader
  • Live It, Love It, Earn It: A Woman’s Guide to Financial Freedom
  • Originals: How Non-Conformists Move the World
  • Imagine: How Creativity Works
  • The Power of Onlyness: Make Your Wild Ideas Mighty Enough to Dent the World
  • The Tipping Point: How Little Things Can Make a Big Difference
  • Shark Tales: How I Turned $1,000 into a Billion Dollar Business
  • Steve Jobs
  • The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
  • Grit: The Power of Passion and Perseverance
  • Tools of Titans
  • Selling the Invisible: A Field Guide to Modern Marketing
  • Inbound Marketing: Attract, Engage, and Delight Customers Online

 

By Leslie Radford
advertising graphic

6 Major Digital Advertising Benefits for Small Businesses

6 Major Digital Advertising Benefits for Small Businesses

In this Article –

 

Reach your target market

Flexible cross-promotion

Mobile engagement

Get faster results

Easy to track metrics

Stay top-of-mind

 

Digital advertising is a new weapon in the struggle of small businesses for survival. If you’re not promoting your goods and services online, you might be missing a huge audience that could benefit from your business.

Ways of promoting are diverse and give different results, depending on the type of activity you go with. The growth or decline in your sales directly depends on the types of advertising you use on the Internet. There are many platforms to choose from, but sometimes it’s a trial-and-error sort of thing to see what works best for you. And you don’t have to spend a ton of money to try different advertising techniques. Moreover, small businesses earn an average of $3 in revenue for every $1.60 they spend on Google AdWords.

Let’s take a look at why you should be advertising digitally:

advertising graphic

Digital Advertising is Targeted

You can create ads that are seen by qualified prospects and target audience members. Because you can be specific about who sees your ad, you’ll know you’ll be piquing their interest and can probably convert them.

Traditional advertising is hit-or-miss, but digital platforms are changing the game. SEO and PPC can put your brand name and your content marketing in front of customers at every stage of the buying cycle. Social media channels like Facebook, Twitter, or LinkedIn offer flexible ad options that allow you to segment by geographic location, demographics, interests, and more.

Digital Advertising Provides Flexibility Across Channels

The keyword for success in digital advertising is “multi-channel.” With digital advertising, a piece of content can be shared across a variety of platforms, which means that you are no longer confined to one page, 30 seconds, or whatever format your traditional ad was designed for.

Videos are a great way to promote in a way that your buyers want to listen. And they’re sharable which means you can reach more potential customers on various platforms. According to Forbes, videos are shared 1,200% more than text and links combined.

Digital Advertising Invites Mobile Engagement

Digital and mobile marketing go hand-in-hand. Digital advertising allows you to reach your audience on the go, wherever they are, whenever they are online. It’s an especially great place to reach Gen Z and Millennial customers. According to a study conducted by the Interactive Advertising Bureau (IAB), mobile phones are the place Gen Z and Millennials are most likely to see relevant ads. Nearly half of all typical smartphone users have taken action based on seeing relevant ads on their mobile phones.

Digital Advertising is Faster to Market

Market conditions and trends change quickly, and that requires agile marketing. Digital campaigns can be executed much more quickly than traditional advertising, and they can be modified on the fly if needed. 

Digital Advertising is Easily Measurable

Digital campaigns metrics are built-in. You know exactly who clicked on your content, opened it, referred it, shared it, etc. You also can trace the source of your traffic from entry to the shopping cart and eventual purchase. This will help you determine which platforms and strategies yield the best results, and which deserve more investment.

man analyzing digital marketing efforts

Digital Advertising Maintains Top-of-Mind Awareness

A study by Baymard Institute revealed that the average online shopping cart abandonment rate is 68.53%. And that’s where digital advertising has a major advantage. Through remarketing and retargeting, you can stay in front of the customer to suggest one more time that they liked your product, so go ahead and purchase it. Abandoned shopping carts can be recoverable by retailers who use marketing automation software to offer a sweet deal, like a discount or free shipping. Digital advertising can keep that sale from slipping away.

Digital Advertising is the New Norm

When you consider the myriad of benefits digital advertising provides compared with traditional advertising, it’s easy to see why big brands continue to utilize all forms of digital advertising platforms as an integral part of their strategies. But it isn’t just for big brands, it’s for your small business, too.

How to Write a Professional Job Description

How to Write a Professional Job Description

In this Article –

 

Job description definition

How to write a job description

Job description essentials

 

Your business is growing and you need extra hands. How do you write a job description that will get a qualified person in the position you’re seeking to hire?

Here are some things to consider when writing up a job description.

job description typewriter

What Is a Job Description?

A job description is a medium by which hiring managers communicate their needs to both external and internal candidates. 

For the employer, the job description lays out essential information about the role, the candidate’s experience, skills, and readiness.

For the employee, the job description describes the responsibilities, tasks, and related duties of a position. It will often include additional information such as education, qualifications, and skills required for the role. You can also expect important details like working conditions, compensation offering, physical demands, and tools or equipment required.

 

How to Write a Job Description

It can be as short or as long as you like. As descriptive or vague as you want. It can also have hidden instructions to gauge people’s attention to detail. Most importantly, it should be clear and concise. You can use it briefly when posting a job offering and give the candidate more details during an interview.

Ideas to Get You Started

1. Jot Down the Position’s Responsibilities and Duties

Some critical questions to ask yourself as you write this are:

  • What does their day-to-day look like?
  • What tasks do you expect they own and complete in a timely manner?
  • Who else do they interact with day-to-day and how are they accountable to those people?
  • If they were to provide reports or updates to someone what metrics are included?

Be as specific as possible here to make their day-to-day and your performance evaluations easier.

2. List Experience and Skills Required

Now that you’ve specified responsibilities and daily activities it is time to create your wishlist of skills, experience, and education. Who is your ideal candidate? 

Take another stab at your wishlist and order it from most important to least important. Finally, add in what’s required and what’s optional.

3. Include Desired Soft Skills and Personality Traits

Describe their education and experience that fit your culture. Do they have the soft skills to pull off their job function? Here are a few questions to consider when dreaming up the right candidate:

  • Do you need a self-starter or someone who can simply follow directions?
  • Will they work independently or as part of a team?
  • How flexible is the role? Do they follow checklists or is a lot of it creativity?

Describe the current team’s personality or the company’s culture. Jot down what you want and what you don’t want.

4. Determine Compensation

How much would you have to pay that ideal person and how likely it is to find that person? Decide if it’s an entry-level position or a higher tier that requires more experience and a higher starting salary.

A fair salary is a must, but how else can you entice a candidate to apply?

Consider adding monetary and non-monetary benefits besides salary. Sometimes people will take a lower-paying role if the health, dental, and retirement benefits are excellent. Or if they know there’s a lot of opportunity for growth at the company.

Determine ahead of time if there’s a salary cap or a merit increase schedule and what you’re comfortable paying year over year.

5. Write the Job Description

You now have everything you need to write your job description.

Start by writing the job title and a brief introduction to the company. Explain what the company does, how many employees you have, and your overall mission.

Next, add position details, including job requirements and day-to-day responsibilities. Ensure that they understand both the opportunities and the challenges of the role. The more transparent the better so nobody wastes their time.

Add in miscellaneous details like work hours, location, compensation, and start details.

Finally, list out the attributes that the ideal candidate would possess, ranging from education to prior work experience and soft skills. Ensure that they know what’s required and what’s optional.

 

Job Description Essentials

We’ll leave you with some best practices for writing an effective job description:

  • Transparency is key – Glassdoor and job review sites are widely used so it’s better to disclose any and all rough aspects of the job or the company upfront.
  • Limit industry jargon – It will only discourage candidates from applying.
  • Help them do research – Link your website, social media pages, and relevant press releases so they can easily do more research on your company and its values.
  • Talk about your customers – Give them industry insights so they have a better understanding of what they’re signing up for.

The last and best piece of advice on writing job descriptions is don’t start from scratch. There are countless jobs out there just like the one you’re posting. Use them as inspiration and adapt them to your needs.

coworking space

Top 6 Tips to Consider When Choosing a Coworking Space

Top 6 Tips to Consider When Choosing a Coworking Space

 

Key Points

 

Location

Budget

Work Environment 

Community

Duration

Amenities

 

With 2022 around the corner and coworking spaces projected to exceed 23,000 worldwide, how do you choose the best coworking space that fits your needs? 

Before making your selection, you should consider these top 6 tips when selecting a coworking space: 

 

1 Location

Location is the most important element when choosing your perfect office space. You’ll want your new office that is within a reasonable commuting distance from your home. Consider local conveniences such as restaurants, availability of parking, shops, and public transit that make it easy to access and entertain clients. 

Nuvodesk location

2 Budget 

Make sure the space you choose offers an affordable and long-term solution for you and your team. If you are going to outgrow the space within a few months, you may want to use a swing space. Determining what your budget is in advance will help you filter out spaces that are much too expensive from an early stage, saving you time and money. 

3 Work Environment 

Determine if you need a dedicated office or if you can work from a hot desk with the use of meeting rooms. See if you can visit the space to work for a day or two to make sure that wherever you choose to work, you can fulfill your foundational business needs. 

nuvodesk floorplan

4 Community 

Once you have determined if a space meets your needs and budget, you can look into some of the more fun aspects to the space. Each coworking space fosters and attracts different members from local neighborhoods. Besides the “business” reasons for joining a community, you want to be encouraged to come to work every day, network, and make new friends. 

5 Short-Term or Long-Term

Planning for the future is a fundamental business strategy. How long do you plan on staying at your chosen coworking space? Are you planning on expanding nationally or globally? Does the coworking space you choose offer access to a network of locations? These are important elements that you should have the answer to prior to picking a space. 

6 Amenities 

Choosing a coworking space that boasts unique amenities is always a plus. Aside from the typical free coffee, wifi, and printing, finding a space that can offer above and beyond will make your work life much better. 

golf simulator
Selecting a Coworking Space

If you are looking for a coworking space, consider NuvoDesk. We are conveniently located off Highway 360 in Arlington, have various workspace options, and amazing amenities. You’ll love the community we have and will make new connections.

 

Try us out for a day for free!

 

By Leslie Radford
we are open sign

Sole Proprietorship vs. LLC: How to Choose

Sole Proprietorship vs. LLC: How to Choose

Key Points

 

Define Sole Proprietorship

Define LLC

Pros/Cons of Both Entities

Making a Decision

 

So, you’ve started a small business. You know what you’re going to do and how to do it. But have you determined your business entity structure? Not sure what to register? 

New business owners are often confused about the difference between a limited liability company (LLC) and a sole proprietorship. Both have advantages and disadvantages. Let’s explore the differences.

What is a Sole Proprietorship?

A sole proprietorship is an unincorporated business with one owner, and it’s the simplest and least expensive type of business to form. 

As a sole proprietorship, the owner’s name is the business’s name, though sole proprietorships can also operate under a brand name or trade name. The main characteristic of a sole proprietorship is that there’s no legal separation between the business and business owner, so the owner is personally responsible for the business’s debts.

Here are some key takeaways to think about when considering a sole proprietorship:

  • No required paperwork apart from industry-specific licenses 
  • No annual state filings
  • Simplified tax filing
  • No liability protection
  • Difficult to obtain financing in the business name
  • Harder to build business credit

What is an LLC?

An LLC (limited liability company) is a legally separate business entity that’s created under state law. It combines elements of a sole proprietorship, partnership, and corporation, and offers a lot of flexibility for owners. This structure is popular with many business owners due to the ease of setting it up, its cost-effectiveness, it’s also easier to maintain than other business structures such as S corps or C corps, and it can provide asset protection. One person can form a single-member LLC, or multiple people can form a multi-member LLC.

Here are some key takeaways to consider when forming an LLC:

  • More market credibility
  • Liability protection in the case of certain lawsuits and commercial debts
  • More financing options
  • Some paperwork
  • Annual state filings
  • Tax advantages and disadvantages

Advantages and Disadvantages of a Sole Proprietorship

Benefits:

  • No required state paperwork, unless there’s specific licensing such as an occupational license and/or business license. 
  • No required annual state filings to complete, unless there are specific industry filings required by your industry.
  • All profits/losses are passed through to the owner’s personal tax return. These are typically reported on a Schedule C tax form that is filed with the owner’s personal tax return. 
  • May enjoy the tax benefits of being self-employed, from deducting certain business expenses to utilizing self-employed retirement plans.

Drawbacks:

  • There’s no liability protection against commercial debts, lawsuits, and other obligations. This means you can be sued personally for commercial activities, putting your personal assets at risk.
  • Many investors choose not to invest in a Sole Proprietorship, making it difficult to secure financing.
  • Many financial institutions will refuse to establish business credit and will categorize loan requests as a “personal loan” rather than a “business loan.” 
  • You will have a lower amount of market credibility by not operating under a trade name. You can create a “Doing Business As” name (DBA) with your state’s department of revenue or the secretary of state, but this will require fees for the establishment and ongoing fees to continue to use the DBA name.

sole proprietor takeaways

 

Advantages and Disadvantages of an LLC

Benefits:

  • When you form an LLC, you are creating a business entity separate from yourself; you are not your LLC and your LLC is not you. 
  • You will have a higher level of market credibility.
  • Liability protection against commercial debts, lawsuits, and other obligations as long as you set up and maintain your LLC properly, do not commingle personal and commercial assets, and avoid personal guarantees.
  • It’s much easier to obtain equity and debt financing if you have a separate business entity as well as an established business credit score. 
  • You can combine the “best” of the incorporation worlds, by electing your single-member LLC to be taxed as a Sole Proprietor (which is the standard election), an S-Corporation, or a C-Corporation. Electing tax treatment as a sole proprietor just means all profits/losses flow to the owner’s personal tax return. Electing to be taxed as an S-Corporation means the profits/losses flow to the owner’s individual return, but you have the chance to reduce FICA taxes by establishing a “reasonable salary” and receiving the remaining profit amounts as dividends, with only the “reasonable salary” being subject to FICA (Social Security and  Medicare) withholding.
  • You can enjoy the tax benefits of being self-employed. 

Drawbacks:

  • State-related paperwork will be required, including any specific industry licensing.
  • Annual state filings (and the associated fees) will be required as well, including any specific industry licensing fees that are required. 
  • Besides paying personal federal, state, local, and the self-employed version of FICA taxes, you might also be required to pay State Business Taxes and Unemployment Taxes.
  • Costs for completing the tax return of an LLC may be higher than that of a sole proprietorship.

llc takeaways

LLC vs. Sole Proprietorship: Which Should You Choose?

Many business owners, particularly freelancers or consultants, start as sole proprietors because it’s easy and it’s attractive for new entrepreneurs, particularly those testing a business idea. 

The best business structure for you will depend on many factors, and it’s best to consult a business lawyer and tax advisors before making this important decision. Make sure you take the right steps to establish your business.

 

By Leslie Radford
Coworking Timeline

Historical Timeline of Coworking

Coworking spaces haven’t been around very long. Let’s take a look at how they started and what they’ve evolved into.

Coworking by Year 1995- Present

1995 – The first “coworking” space was actually founded by hackers in Berlin. The idea was to share thoughts, space, and information to complete tasks with those who joined the membership. Also, the word  “coworking” was first used by Bernard DeKoven, who described it as “working together as equals.” A space opened up in New York that same year by a software company with a flexible desk setting. 

2002 – The first coworking space opened up in Schraubenfabrik, Vienna, in an old renovated factory, which began as a community center for enterprises. It expanded to include freelancers and other professionals working with cell phones and laptops. 

2004 – The space in Vienna continued to grow and function under the name of Konnex Communities creating a local network of coworking spaces. 

2005 – San Francisco hosts the first coworking space in August by Brad Neuberg. The space offered desks, free wifi, shared lunches, bike tours, meditation, and massages. It closed after a year.

2006 – London opened up 40 coworking spaces by a franchise network on five different continents. In Germany, St. Oberholz opened up its first cafes in Berlin and offered free internet.  Presently, St. Oberholz offers a true coworking space above its cafe. Coworking Wiki opens in San Francisco. Chris Messina, who created the Twitter hashtag, is one of the co-founders. The first full-time coworking space opens at the Hat Factory (opened in Neuberg’s old space).  Co-founders are Brad Neuberg, Chris Messina, and Tara Hunt. At this time, it was one out of about 30 coworking spaces throughout the world. 

2007 – The first time the word “coworking” is seen on Google’s database and was adopted into the English version of Wikipedia. 

2008 – There were approximately 160 coworking spaces worldwide.

2009 – Germany opens Betahaus, the first official coworking space, and was noted in the largest new magazine, the Spiegel. 

2010 – The first #CoworkingDay was celebrated by the movement. The first European coworking conference took place in Brussels. There were at least 600 coworking spaces worldwide, with more than half located in North America. 

2011 – The first “Coworking Unconference” was located in Austin, Texas. Angel funding started for a network of spaces. Large companies began to explore the coworking idea and opened their own chain of coworking spaces specializing in corporate coworking. 

2012 –  Coworking spaces worldwide add up to more than 2,000 established.  Media outlets such as Twitter have a huge increase of tweets (over 50%) with hashtag “coworking” – more than the prior year. 

2013 – As many as 100,000 people worked in coworking spaces at the beginning of the year. Mid-year, the 3,000th coworking space was founded. An Ontario coworking space offered the first health insurance plan for coworkers. 

2015 – The New York Times writes about a new idea that sees coworking mixing with the home office at a resort or hotel. The story is, “Co-Working on Vacation: A Desk in Paradise.” The main idea of the story is combining coworking and coliving on Gran Canaria in the Canary Islands – a surfing destination. The Surf Office was born, originally opened two years earlier as an experiment, making it a place attractive to freelancers, surfers, and travelers. 

2016 – The coworking and coliving idea broadened. WeWork offered residential coliving in New York City, named WeLive. 

2017 – WeWork raises funding and becomes the most highly valued US private tech company. At this point, 1.2 million people worldwide are working at a coworking space. 

2018– Coworking franchises such as Impact Hub, Venture X, and Serendipity were coming into play. 

2019 – NuvoDesk joins the thousands of coworking spaces across the world.

2021 – With the need for new ways to work, coworking will be ever-expanding.

 

Coworking Timeline

boring office cubicle

How Environment Can Affect Your Workflow

The dreary setting of a cold grey cubicle isn’t anyone’s idea of the perfect workplace. It’s depressing, it’s noisy, it’s sterile, and it’s uncomfortable, and definitely not the ideal situation for productivity. It’s a place that makes you want to call in to work sick. There’s no comfy furniture, no socializing, just you, a phone, a computer, and a desk. The employees’ lounge and workrooms are just as drab.

Coworking_lounge_area

Day after day you resent the fact that you ever started working in such a lifeless office, and there’s a reason why: Our environment affects our mood, therefore, affecting how we work.

Office furniture, noise levels, distractions, lighting, air quality, and temperature are among the top factors influencing employee productivity. And studies show a parallel to office design and employee efficiency. In fact, a study by the American Society of Interior Designers states that office design is one of the top three factors that influence job performance and satisfaction. Research by the National Institute of Health has found that the colors that surround us have a profound effect on how well we are able to complete tasks – they can be mood enhancers or downers.

Did you know that having a comfortable ergonomic chair helps workers stay focused on tasks, instead of getting distracted by the feeling of discomfort? Studies have found that employees’ productivity can be increased by 17.5 percent. Other studies show that well-ventilated workplaces increase productivity by 61 percent and natural light boosts concentration skills by 15 percent. 

Now imagine going to work in an office with a cheerful color scheme, cushy chairs, and windows galore. The clean lines and sleek spaces are inviting. People are socializing in the lounge, the noise level is minimal, and the natural light coming from the windows just oozes a sunny disposition of creativity and success. All of these things change your mindset quite a bit, doesn’t it? This is the place you’ve always wanted to work in. 

It’s amazing how the right design affects how you work.

networking graphic

Three Most Important Reasons You Should be Networking for Your Small Business

Three Most Important Reasons You Should be Networking for Your Small Business

By Leslie Radford

Key Takeaways

Business Leads and Referrals

Connections

Visibility

There are many reasons networking is important to your small business. It can help you build leads, get referrals, make important connections with people in your industry or community, build your confidence in connecting with others and, so much more. Networking can also help you identify opportunities for partnerships, joint ventures, or expanding your business. 

Here are the three most important reasons you should be networking for your small business. 

networking graphic

1. Business Leads and Referrals

It is vital to your business’s success that you acquire business leads and gain referrals. Without them, you do not have a business. You should use every social and professional opportunity to meet and connect with new people and use them to open doors for additional business opportunities.

People want to help others so make sure to communicate professionally when you follow up on leads and not badger them for business. Be sensitive to timing and use common courtesy when following up with contacts. When they discover you have value, are courteous, and feel they can trust you with their own network of people, then these connections will be more likely to send you referrals. These referrals will get you higher quality leads compared to the leads you get from marketing, and thus increasing your business. Remember, you’re in the business of building relationships first. 

2. Connections

Networking can open the door to talk to highly influential people that can help grow your business. But it’s not just about who you are networking with directly either – that person will already have a network you can tap into as well. With the help of these connections, anytime you need something, you can easily call them to get some help that is needed. Whether you need a residential plumber, a business accountant, or anything else, somebody will know someone who can help you. Also, these people can give you advice on various matters that might help in improving your business.

3. Visibility

Meeting and communicating with potential clients and business partners on a regular basis will help maintain your business relationships. Attending networking events raises your personal profile and can help keep you front and center in the minds of the right people. You can build a reputation for yourself as a supportive, reliable, and knowledgeable person by offering tips and useful information to others.

When you have earned respect from everyone, you will get referrals much more easily. If you’re not out in your community spreading the word about you and your business, you will not be top of mind to those who may need your services or connections. 

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