Coworking space — the best trump card for your business in 2018
The culture of coworking is going to become an important part of the business strategy for startups in 2018 for a simple reason. It is going to help the business and the people in it thrive!
One can always wonder if the concept of coworking has a real place in the future, or is it just a response to the growing negativity of a traditional workplace.
Coworking spaces in India – a growing trend
The concept of a coworking space has grown among entrepreneurs for one very strong reason. Entrepreneurs, small or big, are solution seekers, and coworking spaces tackle their problem of ever-increasing rent. The coworking environment provides them with an inexpensive alternative to a traditional office.
As per the data provided by CRE MATRIX, leasing of coworking spaces in 2017 had gone up at an excellent pace, and the trend is bound to continue.
Across all major cities in India, leasing of over 5.2 million sq ft for coworking space providing companies, has gone through since 2015.
The estimated potential market in India for coworking spaces is 15.5 million people (Source: JLL)
Expert researchers are of the opinion, that coworking culture could be a positive step in the future, that has less to do with the number of labour hours and more to do with hospitality and productivity.
Coworking spaces - helping entrepreneurs move out of garages and coffee shops
Take a look at these numbers (Source: Digitalistmag and Times of India, respectively).
78 percent people who work out a coworking space are in the age group of below 40 years.
72 percent of Indian entrepreneurs are in the age group of below 35 years.
To be able to work next to like-minded and ambitious individuals in a structured atmosphere is what typically defines a coworking space. Think of a perfect office environment, without the unhealthy office politics.
Coworking spaces are helping small-sized companies move out of garages and coffee shops, into this sought after healthy and productive work environment.
There are five major benefits small-sized entrepreneurs get from working out of a coworking space –
- Cost saving
Setting up an office space involves putting in money for a fixed number of years and deposit towards the lease of the space, infrastructure and utilities, equipment, and amenities to meet daily office requirements. Working out a coworking space helps eliminate all these responsibilities and all you pay for is the space, already equipped with everything you might need, at a reasonable cost.
- Structure and discipline
An overdose of discipline as well as flexibility can be detrimental to your work, and a coworking space helps maintain that balance. These spaces eliminate the distractions of your garage, your home space, or the corner coffee shop. Separating your personal life and your work life lends structure and discipline to the work, and the life as a whole, of the entrepreneur.
- Effectiveness and productivity
As per a study conducted by Office Vibe, the coworking environment has made 64 percent entrepreneurs more productive, 90 percent more confident, and 68 percent more focussed. A coworking space has motivated individuals working towards achieving their goals, and this inspires those around them to work harder and drives them to make their business a successful one.
- Networking and collaboration
Working out of the confines of your small office can place a barrier between your business and the outside world. The opportunity to interact with other people and businesses increases the chance to learn new skills, or create new ideas for your business.
- Flexibility
You can run your business out of a coworking space on flexible terms without having to worry about lease period or lock-in period. A coworking space is equipped to meet your business requirements, which gives you the freedom to worry about nothing else but your work out of a space leased by you on flexible terms.
Coworking Spaces - infrastructure to bootstrapped startups
Coworking spaces are well-suited for bootstrapped startups. These spaces are fully equipped, so all that needs to be done is occupy the space and get to work. Coworking is the answer to finding a cost-effective work space in some of the premium locations of the city, that is well-furnished and well-equipped with every facility and amenity you might need as a business.
The infrastructural benefit of coworking provides a competitive advantage to a growing business.
Coworking spaces - networking and growth opportunities for startups
A coworking space makes it possible for first time entrepreneurs to work alongside experienced and seasoned entrepreneurs. This provides access to some amazing opportunities of mentorship, inspiring new ideas, and finding new talent.
Connecting with people who are professionals and experts in their own right has the ability to create endless synergy opportunities for a business, especially startups who create and grow on a day-to-day basis.
Coworking spaces in India - road ahead in 2018
The problem of increasing rents is growing by the day, which is bound to have startups, big and small, look for more effective and cost-saving methods to carry out their business. The demand of coworking spaces, therefore, is only going to increase with time.
2018 could see a bigger range of coworking spaces in India, with a variety of benefits and facilities provided to the members. More and more people are going to turn to coworking spaces, especially once corporates start looking for new talent within their new work spaces.
The culture of coworking is going to become an important part of the business strategy for startups in 2018 for a simple reason. It is going to help the business and the people in it thrive!
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)