Why people are increasingly opting for co-working spaces?
Most of the startups always have modest beginnings. There is always a story of an amazing founder who started his company in his house or a café, found a great team and went on to take over the entire globe. At the initial stage of a startup, working from home or a café is always fine. However, there comes a time when there needs to be a change. Café’s cannot be the places where client meetings can always be taken care of. In the same manner, productivity can surely be hampered with social distractions at home.
All such problems and distractions can be avoided by moving to a coworking space. Coworking Spaces have become a popular trend in the recent past and a huge number of coworking spaces are springing all over the country and across the globe. While this is not a new trend, what they provide startups is improving with time.
Coworking Spaces in Mumbai are becoming more affordable & flexible for startups and are providing the perfect environment for them to flourish. Most coworking spaces are now providing numerous business solutions as well as flexible membership packages and options as per the needs of their members. Coworking Spaces have made it possible for members to use the space for a period of time as required, be it an hour or a year. More and more startups & SME’s are switching to coworking spaces due to various economic & flexible benefits, such as:
Shared Use of Resources
As the world is moving towards a shared economy, most of the business models we see are based on shared consumption. In the same manner, coworking also works on the model of shared use of resources. Amenities and Equipment procured singularly would always be more expensive than the burden of such amenities and equipment being distributed among a larger group of members for shared usage.
No Overheads & Fixed Costs
Coworking spaces are fully fitted out spaces with adequate office infrastructure, hence minimizing the fixed cost for a member to almost nil as there is no need to invest in any office infrastructure. Using & renting coworking spaces means no long terms leases of property acquisitions. Most coworking spaces, now, have superior network & IT infrastructure as well minimizing one’s needs. Moreover, members can also look forward to zero lock-in periods and large deposit payments making the entire process a whole lot economical & affordable.
Increased Productivity & Access to Community
Coworking Spaces invite a diversity of members and the interactions among them is much higher, than in a conventional office set-up wherein all the members work towards the same goal. An entrepreneur in a typical office setup would have access to and rare conversations with the next door office lessees, while the coworking spaces would enable the same entrepreneur to have access to another right across his own desk. This has enable the coworking ecosystem to grow and provide extensive networking to all their members. No members are required to put on their work persona at a coworking space.
Entrepreneurs may feel isolated at the beginning of their entrepreneurial journey, but with the oncoming of coworking spaces, there is no reason at all for them to feel lonely and isolated. Most members use coworking spaces as a method to draw motivation by working alongside like-minded people. The hustle and bustle of coworking spaces creates a collective energy, therefore, enhancing productivity and collaboration.
Scope of Scaling
Numerous startups have begun making the switch to coworking spaces not only because of pricing, but flexibility to grow within the same physical space, without having to move from one location to another as and when they scale in number of members. It is one of the most cost-effective solutions for any business. Neither does a business have to execute an additional lease, nor does it have to invest in new infrastructure, all one has to do is add a few more seats to their membership. Downsizing the team also works in a similar manner without having to pay a fixed rent as per conventional commercial real estate leasing models.
Coworking is proving to be one of the most ideal workspace solutions for all kinds of businesses ranging from freelancers to larger corporations. With the multitude of services and community driven ecosystems at affordable pricing and such flexibility, coworking spaces have given the service industry a whole new approach.