From coronavirus to economic contraction, frugality should be on everyone's mind. A frugal person is someone who likes to live and lead a simple life with the quality of being economical with money or food. S/he does not believe in living beyond his or her means. Practicing frugality has its own set of benefits and advantages. A frugal person prefers to live and enjoy an environmentally friendly life, who has more time to spend on himself or herself and priorities straight. He or she does not demand perfectionism in any aspect of his life, which enables him or her to lead a happy, peaceful, content, and satisfactory life.
Benjamin Franklin, a renowned personality, who was a founding father of the United States and along with that a great writer, politician, scientist, and inventor, also wrote some tips on frugality. The following are his ways of frugality:
Benjamin Franklin was not "against" wealth and the luxuries of life. His only question for the people who used to live a life full of luxuries was how they afforded a life of luxuries without harming others. Now you must ask, how were they harming others?
He believed that the actions of such people were hurting others. His whole idea was around the fact that he wanted people to show some generosity. He preached that one should never waste anything and always do well with others and oneself. His ways of frugality revolved around doing charity to help others. Especially in the times of COVID-19, and economic contraction, it is time to help others and be generous.
BE EXTREMELY FRUGAL, TILL YOU HAVE PAID WHAT YOU OWE
Here Benjamin says that one should never give the power to anyone to have control over you or your liberty. Whenever you ask someone for money or when you owe someone, no matter how less or big the amount is, that person has control over your freedom. So Benjamin believed that no matter how thriftily a person has to live his or her life, even if he has to eat a slice of bread for dinner, he should, till he has paid the person back. Benjamin's ways of frugality revolve around a much-known fact, which is, debt will always ruin a person. One should enjoy life and its fruits peacefully and with no stress and embrace everything that comes with living a debt free frugal life. If it isn't necessary, do not take debt on
HAVE PATIENCE, DON'T BE GREEDY
Benjamin believed that if one has decided to invest in a business or start a new business, then he or she should work extremely hard, both mentally and physically, to make it successful. He should spend hours and days trying to make it flourish no matter how slow or impossible the process they may seem. He says to be hardworking and have patience, both in life and in general. Do not grope at every opportunity that might seem to be beneficial or more fruitful.
Hopefully, these humble tips from poor Richard will help you navigate 2020!
With the economy showing a sign of contraction, it is wise for any company to stay frugal and ride it out. Over the past few years, as the economy was growing strong, coworking spaces have gained a lot of traction because of how easily accessible they are while the companies were growing. The opportunities they provide to different companies with the provision of proper working space and helping companies stay flexible during their growth while keeping costs low was tremendous. Coworking spaces have been basically made to allow for the flow of work to remain undisturbed and to allow workers to be as productive as possible.
While freelancers do take up a majority of coworking space (as they do not technically have an office to work in), coworking spaces are also greatly beneficial for startup companies and even for companies in need of an affordable option.
Why is it Such an Affordable Option?
There are many reasons as to why coworking spaces are such affordable and feasible options.
For one, the rent is usually very affordable, as it is a shared space. This makes it much more feasible than renting out an entire actual office space. This makes coworking spaces particularly great for companies who need to observe frugality in the short term.
Inclusive of Utilities and Facilities
Another reason why it is so affordable is that coworking spaces already have most of the tools and equipment you would need from a typical office space. Companies generally need to invest hundreds of thousands of dollars in their office space for furnishing in order to ensure that productivity and comfort remain at the peak. This also takes time because the design of the office space needs to be taken into consideration, and various factors need to be accounted for (like the workflow). However, with coworking spaces, you get all of the facilities you would need for a fraction of the cost.
Flexibility and the Need for Growth
Coworking spaces are also extremely flexible. This flexibility can allow any company to expand and shrink with great ease. While an office space that is leased by the company may not allow for the growth the company would require to be successful (as people may underestimate or overestimate the rate at which their company grows), a coworking space can allow for this with no obstacles. The facilities and utilities would already be in place; you would simply have to pay some extra rent according to the increase in the space required.
Your startup is trying to be frugal but grow at the same time. The best way to achieve this is to meet as many people as possible. At a coworking space, you can easily network as well as hosting your own event and networking sessions.
Thus, coworking spaces can be an excellent way for businesses to save money and get a working space that is both functional and practical. Coworking spaces are highly recommended for startup companies for this reason and a trend is now being seen in the number of startups joining coworking spaces. Be frugal during this time and join our coworking space today.
Coworking spaces are slowly popping up everywhere, and they are making a big splash in all industries. They are a great choice for startups or companies that require a space that costs minimum but will allow for maximum productivity.
There is an estimate of 33,000 flexible coworking spaces on the planet as of 2019, with around 3 million people working in such spaces across the globe. The United States leads in the square footage of coworking space it has, while the Asian Pacific has the largest number of coworking spaces (an estimated 11,000).
The demographics of those working in such spaces keep changing, and different, unique trends are seen every year in the various types of people who work in coworking spaces. The following are the different demographics of those who work in coworking spaces:
Freelancers take up the highest percentage of professions working out of coworking space in the world. Those who work in the IT, PR, and sales industries have recently started taking up more coworking space, and it is estimated that the three are occupying an equal amount of coworking space.
With coworking spaces getting older, so are the workers working within them. It has been estimated that the average age of those in coworking spaces is at around 36 years. The age bracket of 30 to 39 years has been found to be the largest group working in coworking spaces, according to the 2017 Global Coworking Survey. The smallest group is of those aged 50 and over.
Several surveys have found a great increase in the number of women working in coworking spaces. This has been seen as a highly positive change from such spaces previously being male-dominated. The number of women is consistently increasing for each profession, but it is still the lowest when it comes to employees in a corporation.
Several surveys have also found an increase in the education of those working in coworking spaces. A large chunk of this population has either a bachelor’s or a master’s degree. This trend is ever-increasing, and even individuals with doctorates are beginning to find a home in coworking spaces.
According to the 2017 Global Coworking Survey, members of coworking spaces are practically evenly spread across the board when it comes to their relationship statuses. This means that an almost equal percentage of them are single, in a relationship, or married.
Number of Children
The same survey reported that an overwhelming majority of those working in such spaces have no children. So, the coworking spaces with childcare might not be the best idea.
With the ever-changing scene the future of work, it is important to understand how the dynamic of such spaces is affected by the demographics in coworking spaces. This change will also show a trend, which can be used to determine what the atmosphere of coworking spaces will be like in the future. Our space is filled with young professionals, startups, and nonprofits. Come in for a tour to check out our demographics!
Remote working is basically when employees of a company work outside the corporate office. This option has been available due to the availability of the internet. It revolves around the idea that professionals can work in different environments besides the headquarter of the company and still execute their works successfully. Remote working allows employees to design and plan out their days where they can have a work-life balance. They can complete work projects successfully and have time for themselves while allowing themselves to be in the environment they want.
Following are the top five ways of mastering the art of remote working:
PRACTICE SELF DISCIPLINE
It is absolutely crucial that you keep practicing and mastering the art of self-discipline. You need to know and understand the importance of planning and time management skills. If you don't, you might be sitting at the same chair surfing the internet until the day is over, realizing that you haven't done anything.
The best way to be productive in these work hours is to make a task list every morning, list them according to their importance, and get them done! This method will ensure that you do not waste time or get distracted and actually get things done.
DEVELOP YOUR COMMUNICATION SKILLS
The other way of mastering the art of remote working is by developing and enhancing your communication skills. Every organization has their own medium of communication. Some communicate through email threads, some through Slack. Take a hold on the medium which your organization uses and communicate with your team well through it. Stay in a loop with them so that you are updated on each and everything. When you are working remotely, it automatically gets harder to communicate as compared to working in an office.
DELAY THE EMAIL RESPONSE
If you are a remote worker, you probably have already experienced this. Remote workers get bombarded with emails! They get emails every minute of the day, which can be overwhelming at times and distract you from the real tasks. Remote working is all about flexible timings, you decide when to start your day, and you decide when to end it. Similarly, you can fix the time you want to check emails and reply to them so that you do not get distracted every hour.
Avoid distractions by keeping your work desk free of everything which distracts you. Don't go online on social medias; don't listen to songs if they distract you. If you feel distracted, take short breaks after completion of each task, this will help you refocus.
PUT A PAUSE ON YOUR PERSONAL LIFE
It is crucial that you don't solve personal issues during the time you are working. Keep personal calls for the time when you are on break or once you are done working. Working means to actually work and get done with tasks.
Studies have shown that remote working has shown to improve employee's productivity, hence increasing the productivity of the entire organization.
If you still find that you cannot focus at home with all these tricks, it is time to sign up for a coworking space. Negotiate and tell your boss that you feel more connected with others when you are working out of a coworking space with others. Chances are, s/he would want you to be more productive and will pay for it!
Coworking is the global movement! The world is moving towards upgraded technology and increased productivity through unconventional ways in the 21st century. Coworking is one of them. For those who are not aware of the term, coworking means when people from different companies share a roof and work together, yet independently. An example can be of the group of freelancers who work under the same room.
Coworking is the future! It allows for better communication and collaboration. Coworking has proven to be very beneficial for the workers. It does not only bring them happiness but a lot of other things due to which professionals enjoy coworking.
Following are a few of many benefits of adapting coworking:
ALWAYS STAY INSPIRED
One of the most significant benefits of coworking, for both the employee and organization, is that coworking lets you stay inspired. You do not feel alone in working, if anything, you feel much more motivated. In coworking spaces, you are surrounded by many people who are busy working just like you. It lets you work with people from different industries, hence, giving you different ideas. Being surrounded by people who are busy working, one feels out of space if he or she is not working.
ALLOWS YOU TO GROW YOUR NETWORK
Coworking is all about communicating with others. You never know, you might end up meeting a friend, or you might end up getting to know another professional. It helps you grow your network and lets you make better public relations. Being a part of coworking is how a network grows, you might end up getting more clients because someone spoke highly of your work. You have nothing to lose here.
ALLOWS YOU TO MAINTAIN A WORK-LIFE BALANCE
It is very easy to get distracted while working from home. You end up solving personal issues during your work hours, which leads to less productivity. However, in coworking, when you will be put in a professional environment, you will automatically leave your personal life behind at home. Coworking helps in making a proper routine for you. You will then give fixed hours to your professional life, go home, get time for yourself, and get proper sleep.
Coworking allows professionals and employees to work from different areas to come together and work under the same roof. This allows greater diversity, unlike traditional workplaces. This set up will enable workers to get to know different people with different mindsets and work along. Coworking is all about collaboration and communication and not competition.
Studies have shown that professionals work better in coworking. It tends to increase their productivity because coworking spaces give them a chance to be creative. It is better from working at home as it allows them to have a difference in the environment. Secondly, fewer formalities and a comfortable environment make them happier and stress-free, hence leading to better results.
With all the benefits of coworking, it is no wonder that so many people are joining the movement.
Can the office become a place to return to, where fresh ideas are easily generated, and the working days fly by quickly? Coworking is one of the newest in terms of its history that might fulfill that need. The prototype of coworking was hackerspaces and community centers for entrepreneurs, which began to appear in different countries of the world in the late 90s. What is coworking? Most often, this is a specialized institution, which has several different rooms with furniture, an Internet connection, and a Seating area, as well as a kitchenette, which at least has a kettle and cookies. In this article, we will share five main reasons why you should choose a dedicated desk at a coworking space for work.
Benefits Of Coworking
1. Productivity- There is always a creative and working atmosphere in coworking, so inspiration comes naturally. Productivity is also improved by the absence of distractions inherently in working from home or in a cafe.
2. Better culture- Coworking differs from the office in that this space is much freer. The culture of fewer restrictions and strict rules of conduct allows employees to realize their ideas and projects better.
3. Better settings for meetings- Usually in coworking, there are convenient equipped places (can be included in the price, or can be for a fee) where you can talk to partners or clients. Meeting rooms or conference rooms can be useful to a person in any profession sooner or later. Our dedicated desk membership at Treehouse Society provides conference room hours for you to meet others professionally.
4. Socialization - Coworking ideally solves the issue of socialization of freelancers and remote workers. It is simply impossible not to communicate with others working in a coworking environment. It is a great place to bounce ideas with others and discuss potential improvements to it. Besides, it is exceptionally easy to test your idea with other members in practice or get an unexpected solution.
5. New projects- Coworking allows you not only to work well and not be closed off from society but also to make new useful acquaintances and generate a lot of original promising ideas. Because coworking employs people of various specialties, it is almost easy to find a team to implement a new project! In coworking, you can find not only partners, employees, or contractors, but even clients.
Coworking allows you to be productive, open-minded, and social. Also, it allows an affordable way to get started on your business. Otherwise, finding similar work in the city center for rent for a small team or even more than one person is almost an unrealistic task. In general, all the advantages of coworking is obvious!
At Treehouse Society, our dedicated desk membership is not only productive but also flexible with 24/7 access. Check it out!
For any business owner, no matter the size of the company, a frugal mindset is essential. When you think frugally, you have the power to spend your money smartly. Being frugal is not being cheap. Frugality understands the value of the purchases being added to the company and being cheap means the focus is only on the sticker price.
In a way, that is the concept of being a lean startup. In a way, the lean startup idea is almost dead as most are spending lavishly on things that don't contribute to the core of the company. However, once the economy slows down, lean startup and frugality will be more relevant. A frugal business owner can carefully assess their business and wisely spend the money based on their needs. The cut in unnecessary spending could help the company to survive any unforeseen situations as a frugal business owner could operate at maximum capacity with lower costs than his/her competitors.
Listed below are the five reasons to become a frugal business owner:
Frugality is a Mindset Being a frugal business owner doesn't imply that you need to curb money at any expense. What will set your business apart from the others will be the careful decisions you choose to make from number and results and then to spend the money accordingly. Improving business operation is more important, even if you start with a minimum amount because such a mindset will help you in the long run.
Frugal Owners have a Sharper Instinct Knowing how, where, and when to spend the money wisely is important as sometimes it is too tempting to pass off a perfectly good deal, and you can acquire a habit out of it. Or you end up making a purchase that does not go toward your goal. Business frugality means always taking sharp decisions, rather than acting rashly, which can turn out to be good for your business.
Training Yourself for Emergencies Even if you end up saving your expenses, and your business is profitable, you can still face bad times. Companies have their ups and downs, and it's important not to lose hope when it starts to go downhill. That is why you should be prepared for any setback that shouldn't be viewed as a failure. Frugal owners know that in order to survive in the overflowing business market, one should always be prepared for setbacks.
False Assumptions About the frugal owners, the common misconception that goes around is that they never spend big. The thing to note about spending money on big projects is that you carefully do proper research and see if you need to invest or not. Therefore, even if you are at the top of the game, you must always keep a frugal mindset.
Tracking Expenses Certain assumptions that go on about successful owners are that they can buy anything as they please. But, a frugal owner would try his best to save the money that can be used for long term purposes. And they choose to live below their means, rather than living a luxurious life.
From Charles Munger to Benjamin Franklin, all the successful people tend to live a frugal life below their means. If you are about to start a new business, it is important to note that you don't measure your success with others. As frugality requires a lot of patience, and sharp thinking to make an improved decision for their business.
Frugality is considered a very important living skill by many. It is the practice of spending as little as possible, or as efficiently as possible to avoid any unnecessary expenses. Undoubtedly, this practice could prove to be very helpful when it comes to running a business. The owners or managers who adopt the frugality approach spend to provide the goods or services to their customers instead of impressing their employees with luxurious interior décor or furniture.
Frugality in the business context
Spending carefully in a business could be an act crucial to its survival. Frugality is the essence of the concept of cost control, which is not new to entrepreneurs, but many tend to slip at some point in their business’s life or others. The importance of frugality shouldn’t be forgotten irrespective of the size of the firm because cost ineffectiveness, for most businesses, could result in their competitors taking over their market share, forcing them to shrink or even shut down. The importance of frugality for companies can be imagined by the fact that Jeff Bezos has laid frugality as a principle of his business: Amazon. The Amazon office was furnished up with door desks to save costs.
Advantages of Frugality In Businesses
Competitive Market Pricing
Many businesses can grab the market share from their competitors because they have a cost advantage. These businesses can control their expenses since they are in a position to price their products at a lower price and still make profits as their costs are low. This frugality approach gives them an edge over the competitors because even if they try to match the prices that their competitors charge, they will not be able to make profits and eventually lose their market share. The markets usually run on the principle, “survival of the fittest” thus, to remain in business, all the firms and companies need to be efficient and offer competitive market prices, which can only be done by cutting down unnecessary costs. With this competitive marketing pricing, it usually means a larger volume of customer purchases.
Higher Profit Margins
Apart from being able to charge competitive market prices, businesses can enjoy a greater profit margin when they are frugal in their expenses. This means that if a business has prices similar to that of its competitors, but manages to cut down on its costs, it will be able to enjoy higher profits compared to other businesses because of the greater difference in its costs.
Interest Expense Saved
When business owners or managers run the business while being frugal in their expenses, they can save money and spend it in more worthy areas. This money saved could be reinvested into the company. A major advantage of this could be the avoidance of debt. The interest on loans could be a major expense for companies. Reinvesting the profits back in the business will not only help avoid an increase in liability but also decrease the interest expense.
Even if a company needs loan financing, frugal decision making will enable him to make the right decision and go for proper funding sources rather than massive interest loans that could become a heavy burden on the business.
The above-mentioned benefits of frugality in business are just a few among the many that could be enjoyed. The best part is that this frugality principle can be advantageous to both small scale and large scale companies, thus it should be adopted by every industry.
Take your frugality to the next level by signing up to cowork at Treehouse Society where you could get space affordably!
Nonprofits are often operating on tight budgets. Most nonprofits, unless backed by a sustainable fund, need to be doing more with less with their budgets to accomplish their missions. Office space could be a costly item on the budget sheet, especially for a growing nonprofit, which is why nonprofits should consider a more untraditional type of office, such as a coworking space.
Coworking is a growing trend all over the world. It's considered a great way to interact with people of different types of work backgrounds while also helping minimize costs. Different types of businesses and start-ups are opting for coworking spaces. So, why should your nonprofit utilize the same space?
Nonprofits typically faced huge costs that they're unable to cover, given they have less funding available. So either they spend for their cause or for the utilities and rent of the place they are renting. With coworking, nonprofits benefit as there's a lower charge.
As you can tell, nonprofits can gain a lot through coworking and focus on their mission rather than worrying about paying the rent. San Francisco is home to a lot of nonprofit organizations. How can you find the perfect coworking space for your nonprofit in San Francisco? First, you have to go over certain factors that are relevant to your requirements.
1. Determine what is required
You need to make a list of everything you require in an office space. This way you can narrow down your search and shortlist those coworking spaces that are in line with your needs. Most of the time, people go for a particular space without getting into the details of the type of environment they want. This can decrease your productivity over time.
2. Research about the culture
This is a must-do. It's better if you work around the same kind of people and businesses. For nonprofits, it is better to have more socially conscious people around so that you're able to understand each other better and work better as well.
3. Visit the location
Location, Location, Location! You want to make sure that the location of the coworking space is ideal for your team. Since the transportation cost is high in the Bay Area, you really don't want to stress your team too much about commuting to the office.
4. Focus on the future
It's important to figure out how you expect your nonprofit business to grow. When you enter into a contract with the coworking space, you need to have a vision of where your nonprofit will be by the end of the term, or you might want to go with a more month-to-month approach. You don't want to be stuck in a situation where you're unhappy with your decision.
The one reason why you are coworking is to save money. This is so you could use the money to focus
There are many coworking options available in San Francisco that are great for nonprofits as they offer a great location with extreme flexibility so you can work without any pressure! For coworking spaces for nonprofits, look for those that give you boast supportive communities, down to earth, excellent facilities, and provide you with flexibility!
Check out our space at Treehouse Society for the needs of your growing nonprofit! We are close to transportation, parking, and our space won't break your bank so you could do more for your mission.
Content Marketing is often used as a marketing strategy by the startups to flourish their businesses at low costs. The ROI of content marketing is huge. If you are confused with what it is all about, it is a kind of digital marketing, including data in any form. It comprises of visuals, audio, written posts, or anything related to social media. Content marketing involves all the methods in which we can arrange and sell this data. There are various ways by which content marketing can be done by the ones looking up for the start-ups of their businesses.
Develop A Strategy:
You should prepare a proper plan which would assist you in carrying our content marketing. Conveying your message to the public is not an easy task. For this, you need to go through a series of stages so that you can reach your stated goal. Firstly, you need to captivate the clients' concentration towards your brand and tell them more about it. Then you need to keep them stay focused on your brand by letting them know what else is offered by your brand. Later on, you need to address the customers more convincingly, telling them that there is their need to buy your product. You can achieve this by writing several blogs, articles, and posting all over social media to make sure your customers are persuaded. The last step of this strategy is where you need to apply a tactic that the customer will miss the product if they don't buy it. It makes customers make immediate efforts.
Add More Graphics:
Customers are usually enthralled by the visual images displayed on your content. Written words are less likely to gain attention and be viewed by the customers. So, the main emphasis of the startups should be adding more visual content and graphics to conduct content marketing.
There is a need to understand that the readers keep a check on your reliability and credibility more often. So, one needs to update their content more often, which would draw the attention of a large number of readers.
Keep A Check of Time in Your Mind:
One should keep their eyes on a clock when they are thinking of adding a post. It might be possible that your audience, to whom you are targeting, stays offline when you intend to post. You can choose the time slots when they are supposed to be most active and then update your social media accordingly.
Do Not Forget What Is Trending:
One should be aware of their businesses and company so that they can go well with the latest trend of it. Outdated and vague information shall not be considered. You should remain intact to what is the talk of the town recently.
Content marketing always remains a great option that goes along with your affordability when you look forward to start-ups. Points briefed above are various ways through which one can start doing content marketing efficiently and in an organized manner.