The rise of shared economic, the risk of spending too much when you have not much to spend, and the reward of making the most of the economies of scale, have made co-working spaces, the new trend among emerging startups in India. Here are the six dominant advantages of setting up business in a coworking space.
The rise of shared economic, the risk of spending too much when you have not much to spend, and the reward of making the most of the economies of scale, have made coworking spaces, the new trend among emerging startups in India. Here are the six dominant advantages of setting up business in a coworking space.
1. Cutting Down On Costs
A startup in its early days and still a very good time till it begins giving returns remains a business with limited resources and hence the emphasis is always on trying to reduce unnecessary costs or costs which can be brought down to a considerable extent by adopting other means. Real estate whether for office space remains expensive in this country for renting, let alone buying and hence moving your operations to a coworking space like Onecowork can help you cut down substantially on your accommodation costs. A long term office lease sounds somewhat obscure for a startup running with a high-risk of shutting down operations, given the unpredictability of life and the superimposing writing on the wall – most startups fail than they succeed.
2. Helps Overcome Minor Hiccups, If Any
Startups, in the beginning, are spirited individuals who have come together to give shape to an idea, and most of these startups find their way eventually braving the minor hiccups, which is pretty common in pursuing any interest, let alone a business. Coworking spaces like 91springboard can help a start in its initial stages as they from experience and mutual knowledge sharing and problem solving, know the things that a startup might need in the normal course of running and maintaining a business. Apart from offering suggestions that will help you overcome the initial hiccups so that you don’t miss the wood for the trees, the companies will also offer you a variety of services that can help your business grow. A very significant advantage of running a business in a coworking space is that it is a never-ending exercise in contact building and you can even a find a few investors who might as well come on board to fund your business. Some other miscellaneous benefits and tips will always remain around the corner, which will go a long way in minimizing unnecessary hurdles in the running your business.
3. Access To A Prime Location That You Couldn’t Have Afforded Before
Since Coworking companies like Goodwork Coworks involve a lot of companies working close to each other in one particular property, it involves pooling together of resources for the sake of renting a location, and provides considerable economies of scale. The economies of scale facilitate an office location in much demanded offices in principal locations which would have stayed out of the reach of lone-wolf entrepreneurs, small and medium scale businesses because of the exorbitant rent charges in prime business locations in the country especially when it comes to corporate workspaces. A great location lends a reputation to the business which helps in the startup attracting quality talent and investors, which will herald the business on the way to its upward trajectory. A great location also helps the existing employees of the company to reach office on time, as it well connected to the main city. Location matters and helping emerging startups find their way in a prime real estate location at affordable rates is the main, superimposing idea behind a coworking space like Startup Offices.
4. As Flexible As It Gets
Since the entire idea behind a coworking space like Innov8 is to make a prime location affordable to a budding startup, the options for paying for the space is always very user friendly. With the option of monthly deposits as opposed to long term leases or deposits, it allows for an easy gateway to changing plans. It is a very flexible option for a startup whose operations are very unpredictable and lifetime very uncertain, so as the business slows down or scales up operations, you can alter your required work space accordingly.
5. Existing IT Infrastructure
IT infrastructure is one of the IT’s which comes with many a BUT’s for a startup just starting out, so for young businesses that have few employees and work on a shoe-string budget, finding the room to pay for IT services can be very difficult. Here a coworking space comes in handy as coworking spaces like Startup Offices already have an existing IT infrastructure which caters to all businesses in the space. Utilizing a shared office space offers the perfect solution to this problem and avoids all hiccups from the running and maintaining the business and so that the focus from productivity is not in solving trivial issues. With dedicated IT support on-site, there is no problem whatsoever and help is always at hand, which is just one of many features of running your business in a community along with benefits of shared office spaces, freeing you to concentrate on your work?
6. Networking Opportunities
Since coworking spaces like Startup Offices, Skootr are social and dynamic it leads to immense collaboration and progress given the immense synergy all around the business space. There are a lot of opportunities to make new contacts, contacts which will help you improve your business, scale up operations, bring in more clients. Since the young is the dominant demographic, the environment is always bustling with activity along with being incredibly diverse.