A coworking space can be described as a working setup where professionals from different companies, sectors and teams gather in order to work within the same shared environment. The concept of a coworking space first emerged around the earlier part of the 2000s. This was a time when self-employed people and other web entrepreneurs started to look for alternatives to coffee shops and home offices in order to work more productively. Further, due to the boost for entrepreneurship ventures given in India by the present government as part of the ‘Skill India’ campaign, there has been a rising demand for coworking for startups.
A dedicated workspace for startups provides a dynamic environment for budding business professionals. It is a space where like-minded people come together, motivate each other and help each other to grow. Another very important factor that has contributed to the surge in demand is the pandemic. Social distancing and lockdowns have led to the emergence of a system of hybrid work culture (where you visit an office for ‘x’ days and work from home the rest of the week). Having to shuffle between two different environments can hamper efficiency.
A startup coworking space is immensely helpful because it helps to cut down on costs, provides networking opportunities, accessibility to resources, flexibility, scalability, and opportunity to collaborate and help to maintain work-life balance.
To understand each of these benefits more in-depth, let us read the article and for the best deals on office space for startups, don’t forget to explore Ofis Square properties before you lock in on your choice.
Cost Savings
Starting a business requires a huge amount of capital. This is a lot of money to come by for talented entrepreneurs with a small developing business model. When you have your own business, there are a ton of tiny as well as big expenses that can add up to one big amount. These include costs arising from cleaning, maintenance, taxes, electricity bills, WiFi dues, investing in furnishings, bathroom fixtures, buying stationery, having office computers, laptops, intercom, and office perks such as snacks counter and tea/coffee.
It has been found that coworking for startups will cut down on all operational expenses by 60 to 75% with the added benefit of free mail or refreshments only for a fixed monthly sum.
This helps you to plan your expenses properly and invest your hard-earned capital in quality expenses such as human resources which will have ROI for your business.
Flexibility
Coworking spaces offer the perfect avenue for businesses that run on flexible timings. Many coworking spaces are open round-the-clock, allowing you to freely conduct client meetings at odd hours. This means, you don’t have to bother about dismissing security personnel or have to pay them for having to work overtime. When you get your dedicated workspace for startups, you have complete leeway to conduct your business at your convenience because everything else is taken care of.
Networking Opportunities
As a startup, you realise the importance of networking both for yourself and for the growth of the company. You will be exposed to numerous like-minded individuals in the co-working environment. The connections you forge here will become vital resources that will ultimately help you to succeed in your business.
When your business is in its infancy, you are responsible for running operations and also micro-managing all departments and assignments. With so much already on your plate, you will have little time and energy to attend networking events. A co-working space is that ideal place, where you cross paths with business owners, other entrepreneurs, specialists, consultants and freelancers without having to go anywhere else separately.
Collaboration Potential
A startup coworking space offers the opportunity to network which eventually opens up collaboration possibilities. This is not possible when you work from home or remotely somewhere in the country. A coworking space brings together many opinions, talents and offices under one roof. This is an excellent time to put your heads together, brainstorm, get creative and collaborate on business pitches that could be the next big thing in the tech world.
A coworking space eliminates loneliness and anxiety, instead, helps you overcome any roadblocks, and self-doubts and brings in consistency. Irrespective of specialisation or the industry, almost all working professionals go through the same rollercoaster ride of emotions and business challenges. Speaking with others and taking their help will help you address these hurdles and move on to better things.
Professional Image
When you start your business enterprise, you will regularly need to conduct meetings (virtual or physical) with prospective clients and be available to speak to them 24*7, This is especially, more pronounced if they are international clients. They are going to spread across different time zones that you will need to accommodate for the sake of your company. You will need to have meeting rooms, an appropriately furnished office space, gorgeous décor and the right overall infrastructure in order to make a good impression on the client and bag your projects.
To achieve this, you will need your own office set-up as these exclusive amenities cannot be made available to you in a coffee shop or your home. At this juncture of your career where you are struggling, the chances are you don’t have the money to keep your office afloat for so many days.
This is where the benefit of a dedicated workspace for startups comes into the picture. A coworking environment already has all these resources and many more. When you work in such a set-up, your professional image is not compromised in any way and you will find that clients seem more inclined to work with you given your professional aura.
Access to Resources
A startup coworking space has all the amenities and facilities to keep your business fully operational. A co-working space is not simply a place with tables, chairs and workstations. It comes with many perks and the opportunity to access such resources which would have otherwise been very investment-heavy endeavours. These include:
· Professionally designed meeting rooms
· Fully furnished luxurious conference rooms
· Healthcare centre helping you to stay on track with fitness
· Availability of 24*7 high-speed internet
· Gourmet restaurants and cafeterias
Improved Work-Life Balance
In a survey conducted in the United States, it was found that about 68% of employees suffered from low motivation at the workplace due to disharmony in work-life balance. A clear demarcation between work life and family time increases productivity. An office space for startups helps you to maintain a healthy work-life balance. When you and your employees work in such an inspired environment filled with hustlers, you will automatically feel more motivated, thereby, increasing work productivity.
Such a high-energy space eliminates the chances of loneliness and improves the interpersonal skills of the employees. Many coworking spaces also regularly arrange for seminars and conferences geared towards business and self-developmental topics. The opportunity to attend these events and the knowledge gained will improve employee morale and efficiency.
Some benefits of work-life balance for a business are as follows:
· Increased efficiency
· Improved staff retention rates
· Higher profits
· Boosts employee morale
· Lower absenteeism
· Powerful brand reputation in the market
Benefits of work-life balance for the employees:
· Better focus
· Personal growth
· Better time-management skills
· Feeling valued and respected as an employee
Scalability
With a dedicated workspace for startups comes the ease of upsizing or downsizing your company. And this kind of flexibility is key for the growth of a startup. You can initially embark on your business journey with just 5 or 6 people, later on, you can end up having 20 people in your team. When this happens, all you have to do is upgrade the subscription and you will be provided access to a bigger office within a few days of notification.
Let’s look at some of the most popular businesses that have evolved from their co-working spaces.
- Uber
Uber has become a household name now. Whenever there is any requirement for a cab or taxi, people can book their ride on the app in minutes. But what people don’t know is that the idea of Uber had it’s birth way back in 2011, in a coworking space in New York City with a team of eight employees. This team included the founders Garrett Camp and Travis Kalanick. Now, Uber has its presence in over 80 countries with operations running in around 800 metropolitan areas.
Instagram is a popular video and photo-sharing platform that too started its journey in a coworking space known as Dogpatch Labs where Mike Krieger and Kevin Systrom developed the business model and it was eventually purchased for billion dollars by Facebook.
- Spotify
Spotify is a tech idea that began in RocketSpace as a startup venture. Right now, the streaming service’s audience has about 159 million users with an annual turnover of 5 billion dollars.
Ofis Square Features
If you are seriously considering looking for a dedicated workspace for startups, you should know that Ofis Square is a place that provides a complete work experience which goes above and beyond just providing sitting spaces. The company provides the following high-quality features
- Elevators
- Lounge area
- Entertainment zone
- Terrace garden
- Wi-Fi service
- Parking
- ATMs
- 24*7 power backup
- Air-conditioned environment
- Buffet & cafeteria
- Elite auditorium (on request)
- Video studio (on request)
- Movie theatre (on request)
- Choice of sitting spaces- open seats/dedicated seats/ premium cabins
- Conference room/boardroom
Conclusion
A coworking space helps to foster an environment that encourages availability, affordability, community and productivity. It is not only where you share a workspace but a place where you get to meet and interact with employees or hustlers working across sectors. The valuable connections that you make will help to expand your business and give it a new dimension. It is the perfect collaborative and productive environment minus the corporate limitations. Currently, there are about 19,000 coworking spaces worldwide. This number is said to double up to around 42,000 by the end of 2024. So, if you are looking for a premium quality office space for startups, download and explore the Ofis Square app, where you can look for affordable spaces for both small and medium enterprises.
