The growing breed of startups and freelancers has paved the way to a new concept of shared office space –co-working. Most will agree that the office space plays a vital role in the success of a business. But, buying or leasing an office space is a tedious task. There are many things to take into consideration like the location, the financial investment, cost of running the space, the required infrastructure etc. Real estate prices have made it difficult for small-time businesses, startups and freelancers to own even a small office space. That said, a well-appointed office in a good location leaves a deep impression upon employees and customers alike.
Operating in a co-working space can provide you with the right kind of office environment for you and your business to grow. In essence, a co-working space is a large office space that is shared by various businesses and individuals. Unlike the traditional cubicled offices, it allows you to co-exist and work under one open roof but individually. In the recent past, India has seen a boom in co-working spaces with an increased number of freelancers and small businesses warming up to the idea of sharing an office space with other compatible, competitive, and innovative businesses and individuals.
Here are 6 situations where a co-working space may be the best option for you:
- Well-equipped office space: The important thing while zeroing in on an office space is whether it caters to your specific requirements or not. Infrastructure, office facilities, telecommunications, meeting areas, and safety requirements all have to be provided for. With all this, managing office overheads for a small or new business can be burdensome. When you opt for a co-working space, these facilities often come as a standard part of their offering. Opting for a co-working space lets you have a well equipped working place at an affordable price.
- Business growth through collaboration: Operating in a co-working space provides you with a number of networking opportunities that can help your business grow faster than operating independently in an isolated office space. A heterogeneous mix of people helps in spreading the word across various sectors thereby helping word of mouth promotion. It is also true that a co-working space allows you to operate with other like-minded, creative and innovative minds. The exchange of ideas can lead to new and innovative product or service for the community or it may just help you with insights on improvising your current product or service.
- Flexibility in hiring personnel: Working in a co-working space gives you a degree of flexibility in scaling up or folding back your team size without affecting your finances. For example: If you are operating with a team of 3 and own an office space just big enough for your team but for a new project you need to hire a couple of people then in this case, the size of the office space won’t be a constraint if you are working in a co-working space. A co-working space allows you the flexibility to seamlessly scale up or fold back your team without any day to day disruption.
- Location: Location matters in many crucial. Hiring becomes easier if your office is at a central location that is easy for people to get to. Your business may need frequent interaction with a wider ecosystem of organizations that may be located in specific areas. A premium location also helps to impress prospects, customers, and even funding agencies. With so much riding on the location, the easiest way for a startup or a small enterprise to access office space in a preferred location may be to go the co-working route.
- Increased productivity: For an enterprise, working from a co-working space can help you in streamlining your work better without any potential distractions. The office space is designed to drive productivity with the basics like lighting, AC, and infrastructure are already taken care of. You can focus on your work while the office takes care of itself. All this helps the residents of a co-working space do more with their time, while on the job.
- Motivated work environment: The energy levels in a co-working space are usually hitting the roof with so many different people bubbling with energy and vigor all the time. A motivated work environment is an essential ingredient for the success of an organization. And, a co-working space provides you with just that.
Simon Sinek said, “The function of a community is not to fix your weaknesses but to amplify everybody’s strengths.” This could be a defining motto for today’s co-working spaces in India. In the very truest sense, co-working helps organizations get ahead together. And, isn’t that what everybody wants?