As a small business owner, what keeps you up at night? Is it the lack of sales? Not enough money? Issues with employees? Or something else?

Unfortunately, the stress will never go away, but learning how to manage it is vital to the success of your business.  

In an Entrepreneur.com article, Mike Kappel, a serial entrepreneur, gives five tips on how to manage and combat your stress as a small business owner. 

Remember what’s going right.

“You can improve your stress management in business by reminding yourself of the things that are going right. List out all your accomplishments and any small business milestones you’ve achieved. There are probably more than you realize. Don’t neglect even the smallest accomplishments. Put your list somewhere you can easily see it, such as on your desk or the wall. Whenever you feel stressed about all the things that are going wrong, look at your list. Take a moment to remember all the things that have gone right.”

Prioritize your goals.

Write down everything that you need to complete. Then, rank your tasks from greatest to least. The things you need to do first should be at the top of your list. As you work, focus on the most important tasks. Once you finish those, you can move down the list. You’re essentially creating an agenda for yourself.”

Kappel discusses the anxiety that might come with seeing a long to-do list. He suggests trying to not get overwhelmed with the list and to focus on the next item on your list. 

Purge your brain.

It is critical for your well-being to separate work and home, but sometimes it’s impossible. When work will not leave your mind, Kappel suggests writing everything down. 

When my brain won’t shut down, I write everything down that my mind is trying to process. I’ll write down my problem, possible solutions and miscellaneous notes. Sometimes writing everything out can take a while, but it’s worth it. After I write everything down, I can relax and sleep. My brain doesn’t have anything to process because I put all my thoughts in a safe place. I don’t have to worry about my business for a time because I know everything is waiting for me later, and I don’t have to worry about forgetting anything.”

Take breaks.

Sometimes when the stress is beginning to overwhelm you, take a break — step away from the stressor! Kappel suggests that even a ten-minute break can do wonders for you. 

“When you take a break, do something that relaxes you. Go for a walk. Get some coffee. Call a friend. Watch a funny video. Don’t do anything business related. When you get back to your business, you will have a clearer mind. You will have fresh energy to tackle the task. And, stepping away might even open your eyes to a new and better way to complete the task.

Take care of yourself. 

“Good health is important when you’re an entrepreneur. Running a business takes a lot out of you. Your small business comes with long nights, early mornings, no weekends and no sick days. Your nonstop life puts strain on your body, and then you add stress on top of that.”

Kappel suggests drinking water, eating regularly, sleep, and exercise! Exercising can help release some of your anxieties and stresses, while contributing to your physical health. 

Published in Coworking Blog

Salt Lake City, a city, surrounded by grand mountains and endless recreational opportunities has been gaining attention as a hub for Millennials. Salt Lake City was recently named one of the best cities for Millennials to live and work!

Homes.com recently published a study that ranked the 50 largest metropolitan areas in the United States according to how they met the needs of three generations: Baby Boomers (ages 55 to 74), members of Generation X (ages 35 to 54), and Millennials (ages 20 to 34). 

Looking at data specific to each generation, Homes.com focused on criteria that met the needs of each particular generation. For Millennials, median home price, number of entry-level jobs, and the population share of this age group were the criterion for ranking the best and worst cities. Cities that had lower median house prices and more entry-level jobs available were named the best for this generation.

The Millennial population in Salt Lake City is one of the highest in the country, at 32%. For every 100,000 people, there are over 422 jobs for Millennials to obtain. The median home price is at $322,000, which is the third highest in the top ten best cities.

Interested in moving to Salt Lake City?

Another study completed by RentCafe has shown the migration of Millennials from suburbs to urban areas. The study looked at zip codes and population of Millennials. The Salt Lake City zip codes with the highest percentage of Millennials include Central City, Granary District, Central Ninth, Ballpark, and Liberty Park

These neighborhoods provide Millennials more access to everyday needs, restaurants, public transit, and events. The City’s Sustainability Communications Manager, Sophia Nicholas says, “Our millennials realize that living downtown is a fantastic choice if you’re seeking to reduce your impact on the planet: It’s easier to have a lower environmental footprint when you’re living in denser communities. It’s easier, cheaper, and cleaner to use public transportation and to live close to where you work. Multi-family dwellings have lower resource requirements; and there are many local food options—from downtown community gardens to the year-round local farmers’ market.

If Salt Lake City sounds like your next adventure, make sure to stop by Work Hive for a tour of our space. Our workspace straightforward and it’s simple to get started. It only takes one minute to schedule a tour, two minutes to sign up for a membership, and three minutes to see the space and pick your seat. Come see our new productive workspace and join us as you build something for yourself. 

Published in Coworking Blog

Co-working is a rapidly growing option around the world for entrepreneurs.  From building a brand, to growing a business in a professional work space, different companies choose co-working for different reasons. Work Hive provides an open studio environment for working, collaborating, creating and fostering new businesses.

Tim Houghten from G Code outlines many great benefits to coworking:

10 Benefits of Coworking for Entrepreneurs
1. Ability to leverage the press and visibility of space to improve brand awareness
2. Higher productivity free from the distractions of home
3. Enhanced credibility with a professional office, mailing address and meeting space
4. Built in networking opportunities and organized events
5. Natural meeting place for angel investors looking to fund early stage startups
6. Endless collaboration opportunities with fellow coworkers
7. Leveraging an intelligent knowledge base (for free)
8. Only pay for what you need, eliminating traditional office expenses
9. Cross-promotion opportunities for low cost-high impact marketing
10. Inspirational surroundings for creating your best work
Published in Coworking Blog
September 24, 2019

Power Negotiation 101

In an article by Keith J. Cunningham, who is regarded as one of the foremost authorities on business mastery, discusses the keys to power negotiation. Over the years, Cunningham has figured out what it takes to become a master negotiator and the pitfalls that most succumb to. 

Most people never get training in the key concepts of negotiation, yet it is one of the most essential skills in business and in life. We are constantly negotiating – to get bigger, better deals in our favor – and to do so we must learn how to approach it from a position of power.” States Cunningham. 

 

The Purpose

The purpose of negotiation is to make an agreement with another person or business, that will benefit both parties. Yet, you want the better end of the stick. 

Cunningham states a paradox: 

In order to get the most that you can, you must also meet the other person’s interests. To get all that I want, I have to give you what you want. When you hold negotiating power, it is easier to get what you want, and give the other person what they want.

 

The Necessary Components of Negotiation

  1. Desire: Both parties must desire something from one another before the negotiation begins
  2. Agreement: You must care about the outcome — but not too much
  3. No Fixed Riles Regarding the Negotiation: There will always be some rules like if you and I are negotiating for me to buy your car, we will probably both have our clothes on and be making the exchange in money. But concerning the value of the vehicle and how we enter into negotiations? There are no fixed rules.

 

An Important Principle of a Successful Negotiation 

Bringing your ego to the negotiation table is a common pitfall of many unsuccessful negotiations. Cunningham describes the importance of understanding the difference between positionand interest. 

In a position-based negotiation, I say something, prompting you to defend your position. This makes me defend my position. Now our egos get involved and there is nowhere to go but deeper into an argument.

It is essential to understand that negotiating power comes from the point of interest—what drives you to negotiate in the first place. 

The next time you start a business negotiation, remember that your positions are your actions, but your interests are what influence your actions. Most of your unsuccessful negotiations were probably centered on positions, not interests. But when you enter into a negotiation and focus on the interests of yourself and the other party, you’ll resolve things without much trouble. When things go smoothly, the chances of everyone getting their interests met go up dramatically, resulting in a successful negotiation.”

Published in Coworking Blog

As coworking spaces have become all the rage in recent years almost regardless of the improving job market and overall economy, the most common commentary about being a member at one is the possibility of community, connection, and collaboration.

It makes sense that being around strangers all day long and sharing a kitchen and bottomless coffee before some kind of networking event begins will encourage socializing, but something still needs to actually inspire that drive to connect.

In 2012 an article was posted on Geekpreneur about the first introduction of coworking spaces and why they were becoming successful.

The article mentions the power of the studio's noise level. There is a certain kind and volume of noise that is optimum for people to be productive and subsequently motivated to engage with others around them.

The author writes: "A good co-working office will have the buzz of a workspace rather than the relaxed atmosphere of a home or the multiple distractions of a corner table in a café. When you’re surrounded by other freelancers who have their heads down and are focused on a project, peer pressure forces you to do the same." 

Much like a college library, a certain level of buzzing noise that indicates people talking, rustling papers, or tapping on computer keyboards creates the office environment full of productivity and focus without forcing you to be in a cubicle jungle watching the clock.

The article goes on to argue that working with your headphones in may not always be the most productive method because it cuts you off from the aforementioned noise, relies heavily on your choice of music, and cuts you off from socializing and connecting with your peers around you.

Of course, we are not suggesting that you socialize all day long and open yourself to be interrupted and distracted every day, but letting the noise of the people around and then making sure to get up, walk around, and say hello to someone, however briefly, will have a tremendous impact on your productivity and potentially the future of your career.

Published in Coworking Blog

Until a couple of years ago, coworking spaces were almost solely dominated by entrepreneurs and small startup teams who needed a consistent place to meet that was not their studio apartments. Now, though, big corporations are buying out entire sections of coworking spaces (we are talking entire floors) for their employees and teams.

For employees who have created a remote contract or for companies hoping to establish themselves in a new city, the corporation does not need to shell out a lot of money and waste a lot of time in order to buy and construct a totally new office in that city.

The setup is easy, there is less paperwork, and no delay in the employees' ability to serve the company's bottom line from a new location.

The accounting department in a corporation benefits from the flexibility of memberships and desk spaces as well as the "pay-as-you-grow" plans that only cost them what they need at any given time and allows them to track expenses based on their specific employees' work setting or role, as reported in a recent The New Web article.

Corporations are also attracted to coworking spaces for several reasons related to overall corporate strategy. The article explains that companies either partner with or buy space in coworking studios in order to methodically explore:

  1. how to best enter new markets based on what other members are working on
  2. partnering with either the coworking space itself or startups within the office for new innovation
  3. different startups entering the market themselves for the sake of potential future acquisitions

Long standing corporate institutions remain stalwart in their old office design, but the trend of corporations using and infusing themselves into coworking spaces seems to be just beginning.

Published in Coworking Blog

When entrepreneurs start a company or remote employees become officially remote, there is exhilaration in the idea of total flexibility and the option to work from home.

Commute? Rolling from the bed to the couch.

Coffee run? More like coffee walk to the kitchen.

Interruptions from coworkers? Not even possible.

It sounds pretty ideal. Total silence. All day long. In your pajamas.

But what happens when it's too quiet and your pajamas are too comfy? You don't get anything done. And no one is around to motivate you.

The problem is that your projects and deadlines do not change while your productivity decreases.

Cue Cabin Fever.

When people come to Work Hive for a tour, the need to get out of the house is the number one reason they are seeking coworking space.

Our community manager, Taylor, made this transition himself. He says, "I had been surprisingly productive working at home for a couple of years, but my move to Salt Lake City paralleled an increase in tasks for my business so I knew I'd have to be able to focus harder and longer on whatever project than I would have at home."

Jamie Syke, a graphic designer based in Germany, echos this need upon his move to Berlin: "I used to absolutely and unequivocally swear by the concept of working from home. But since I moved to Berlin 3 months ago, the idea quickly stagnated. Selling all my belongings and living in AirBNBs meant I was effectively working from someone else’s “home”. And it just didn’t work. I found myself feeling uncomfortable."

Even though a designer's work is as remote as they come, Jamie still did not feel as productive as he could have. His situation was uniquely extreme in that he started his tenure in Germany staying in numerous Airbnbs, but the point remains that his productivity was affected.

24/7 access to the space, which is inherently full of other people who want to be productive, provides the flexibility for a lot of solopreneurs and remote workers to take advantage of reliable productivity based on when during the day they are uniquely the most focused.

In addition, other than the endless coffee that is available, Syke mentions the power of simply being around other people: "I’ve found working around a bunch of other people who are also working, and not pissing around watching YouTube or the latest episode of Mr Robot has been incredible for me and my productivity."

Coworking spaces around the world offer so many variations of amenities, but the most important features remain the most simple:

  1. Flexible access
  2. Proximity to other people
  3. Productivity
Published in Coworking Blog