Co-working spaces are the groundbreaking revolution which has transformed the face of commercial real estate in last decade. Experts expect the market of commercial structures will witness a flood of coworkers as well as the co-working spaces in the coming future. The real breakthrough came in the industry when in the year 1999, 42West24 was set up in New York to offer a pleasant work environment with flexible desks options for individuals and teams which can even be cancelled on short notices.
Despite the lack of its emphasis on community aspect, it was a great success. Since then, the popularity of co-working spaces has been on a rise especially among the startups' entrepreneurs. These collaborative workspaces offer its coworkers a wide range of world-class amenities at affordable prices thus helping them save huge investment costs. In India, these shared workspaces have seen a tremendous increase in the past few years thus leading to upcoming projects in many areas. In India, coworking spaces in Gurgaon, Mumbai, Bengaluru, and other metros have seen large investments, thus making them a coworking hub.
India's startup ecosystem has had a great luck with the rise of co-working spaces. Not in monetary terms, but practically too. Startups and entrepreneurs looking for an office space to start their operations find coworking spaces a great spot.
Here’s a look at the major benefits that coworking spaces bring in for startups and entrepreneurs -
Flexibility that is beyond work timings
Coworking workspaces provide you with the advantage to choose flexible work hours and place of work. The rise of startups and entrepreneurs have led to the explosion of demand for co-working spaces. Most of the coworking spaces will offer many options to choose from. Entrepreneurs who still in their formative years can choose the hot desks or dedicated desks until their team expands. Smaller teams can go for private cabins and a couple of desks to manage their daily tasks. Take coworking spaces in Gurgaon as an example.
The city sees new startups in good numbers. And, all looking for a good workplace. Here, co-working spaces provide them with facilities that only a full-fledged corporate building would offer. The right address and facilities to impress their visitors. Facilities like pantry, lockers, lounges, and play areas, where they don't feel fatigued. The meeting rooms and conference halls to meet all the needs of a professional workplace. Plus, the engaging events and skill-sharing programs that these spaces keep hosting. All these add to the greater flexibility that every startup and entrepreneur would love to have.
A professional work environment that fosters individual growth
Working from home can often leave you to feel isolated or subject to distraction. On another hand, these coworking spaces offer distraction free professional work environment so that you meet the greatest productivity. Also, this professional set up will give a better impression on your potential clients, serving the purpose of meeting within an office setup. Sometimes coffee shops or restaurants fail to serve the purpose, failing to portray a positive brand image. You can book a meeting or conference rooms whenever you have your meeting scheduled or have important business presentations. In fact, many coworking space providers will provide free trials so that you know and experience the benefits they provide within their offices.
A lower capital expenditure (as compared to owing your own office space)
When it comes to funding startups, it is not always possible to rent a traditional office space owing to its high rentals. The most common lease vary between two to ten years for which a deposit is generally required. This is when coworking spaces have proven to be a boon. Coworking spaces are based on pay per use model. The rentals of coworking spaces will be as per the number of seats you book. Also, most of the coworking spaces in Gurgaon, Bangalore, Mumbai and other metro cities of India offer flexible membership plans at affordable prices. Renting a desk at coworking space will be much lower than renting an office space. Providing flexibility of renting period, they can be rented for a week, a day, a month or a year.
A vibrant community experience that results in a wider social network
Improving and widening their connections is one of the reasons why people are more inclined towards coworking space than home-based offices. Apart from making you feel like a part of the community, these shared office spaces will give you the opportunity to meet like-minded people who realize the importance of a professional office environment for business growth. Taking small breaks and initiating conversations over coffee is also one of the ways you can be relieved of the work stress and get back to work with the same vigour. Most of the coworking space providers organize events for the greater involvement of their coworkers. You never know when the person sitting on the next desk can be your potential client.
Access to a talented pool of individuals
When you establish your startups, you will need to grow its employee base for which conducting interviews at coffee shops or at home offices won't sound feasible. Additionally, it will not give a positive impression of your business growth thus won't make people feel wanting to be part of the organization. Those looking for a stable workplace like those of traditional offices, coworking spaces are a great alternative with less capital requirement. Also, coworking spaces are flooded with freelancers. You can even get the right person to work for you within the same coworking space. Hiring such a person will give you the advantage of having the experience to work with the person in the same environment. This is will both time and money saving.
Lots of other additional perks
Coworking spaces are all about the perks they offer for their clients. The present market mostly that comprises of co-working spaces in Gurgaon, Mumbai, Bengaluru, and other major cities are famous for providing their members with a cluster of top-notch and basic office facilities. From faster broadband to stocked pantry, printing, scanning facilities and many more. While some may equip with daycare facilities, pets areas and other recreational facilities. The purpose of these co-working spaces is to ensure the utmost comfort of each of its client. These fully furnished office spaces will provide you provision for ergonomic furniture, air conditioning, ample, and other modern office interior facilities.
Unlike traditional office spaces, lower rentals and flexibility to change the office space at coworking spaces makes them a widely preferred option for workspaces. Startups which opt for co-working spaces often find it as one of the support systems for their business growth. Startups can have access to benefits of great infrastructure, prominent locations and like-minded entrepreneurs at coworking spaces. These cost-effective workspaces are likely to gain more prominence in near future. But before you sign up for any coworking space, it is necessary that you schedule to visit a few coworking spaces and even if possible take the free trial. A home office or coffee shop will end you up in a monotonous schedule which you can overcome while working at these creative and thriving shared office spaces.