The startup culture all around the world has reached the very pinnacle within the corporate sector. Now with the invention of new digital technologies and increasing awareness among the masses, it has become very easy to bring up a new idea and execute it perfectly. However, the popularity of the startup’s culture has been complemented by the easy and accessible nature of coworking spaces where there is no hassle for amenities and other basic setups. So what are co-working spaces? We’ve all heard about co-working spaces but do we know what they are? Much like traditional office spaces, they offer a range of amenities and much more.
They have shared working spaces that are affordable and offer amenities like high-speed WIFI, printing/ scanning/ photocopying facilities, CCTV surveillance, tea/ coffee/ snacks, parking, flexible timings, open/ private workspaces, meeting rooms, wellness rooms, ergonomic seating, and much more. There are also some instances where some co-working spaces provide more and better facilities compared to traditional office spaces.
Coworking spaces are commonly used by freelancers, remote workers, small businesses/ enterprises, NGOs, start-ups, and much more.
Many startups and small entrepreneurs prefer to work in co-working spaces as it helps them with the aspect of networking and building connections with people from diverse backgrounds. Co-working spaces are not owned by one specific company or organization, many people from different organizations come there to work so this becomes a great place to connect and socialize with different people.
Entrepreneurs want to provide their organizations with the very best office and professional environment possible to foster productivity, but resources can be limited at times. As part of the “start-up nation,” India has a lot to offer start-ups who are worried about making ends meet. There are coworking spaces available that offer amenities like private offices, helpful staff members and exciting shared areas for first-rate networking opportunities. Start-ups need to have all of these things in order to get going on growing their business because this is one of the biggest concerns for entrepreneurs in any new business venture or industry whether it’s technology startups or some of the other companies that have been successful in the realm of technology and IT capabilities.
For example , Noida has invited many multinational companies and domestic firms to set up their base in the region. Noida is also home to many IT/ITES, BPO and KPO firms, providing job opportunities to thousands of professionals. There are a number of coworking spaces you can rent out in Noida. In addition to all this, there are various entertainment hubs in Noida including cyber cafes, shopping malls and top-notch hotel establishments.
Therefore , SMEs, freelancers and Startups prefer coworking spaces in Noida for different purposes and focus on their growth through networking and collaborations with like-minded entrepreneurs, mentors and investors.
Co-working spaces offer more flexibility in terms of workspace rather than the traditional office space. People can move around and work where they feel comfortable or to refresh their minds. Traditional spaces are designated for only one specific organization and coworking spaces aim to accommodate working professionals from diverse industries with different responsibilities and goals. Therefore, operating from a coworking space allows an individual to grow and gain knowledge from various business sectors.
Working professionals also have the option of flexibility while working from a coworking office space. Some coworking spaces are accessible on a 24/7 basis. Working professionals can choose to work at their convenience. Co-working offices don’t need to be set up from scratch because they are already furnished from before. Therefore, it helps startups to save a lot of time and finances in the long run.
Various Benefits that Startups can enjoy while operating from Coworking Spaces
- Cost effective
As compared to traditional offices, co-working spaces cost less and require lower capital expenditure. To set up a private office from scratch can prove to be an expensive avenue especially for startups that are presently in a growth phase. Allocating finances is a very important aspect that every startup must take into consideration. Every dollar saved is a dollar made. Therefore, operating from an already furnished coworking space allows startup firms to save money on paying for phone lines, tables, chairs, desks, whiteboards, projectors, and everything. A working professional would have to pay per person in co-working spaces and can also access all the required amenities that are already present in the coworking space.
Start-ups get access to an office and a professional environment without paying high capital expenditure or investing in too much from the start. This way, start-ups can invest and concentrate on other necessary costs like wages or purchase of materials, etc.
Renting a desk is way more cost-effective compared to a whole office. Low cost and amazing ambiance, what else would a start-up require?
- Working flexibility –
Co-working spaces offer customization and flexibility depending on the number of people you are. Whether you are a sole trader or a group of 10 people working together, co-working spaces offer enough flexibility and amenities that will help you to fulfill your corporate responsibilities. You can also work in open offices, cabins or the café because there you’re not restricted to your cubicle as you would be in a traditional office.
Start-ups aren’t established so due to this flexibility, they can change their place of work easily. Start-ups aren’t committed to a place of work so if they decide to work in another co-working space or even from home, they can do that because they aren’t tied down to a specific place.
Also, many co-working spaces give the freedom of choosing flexible working times so start-ups can work whenever they feel productive or they can stretch for long hours without worrying about closing time.
- A professional work environment that fosters individual growth –
Co-working spaces also provide a professional and competitive work environment that encourages and motivates people to work harder to reach their goals. Which in return increases the work productivity.
Since the workspace is shared by many enthusiastic and like-minded people that are working towards their own goals and objectives; this motivates people to work harder and achieve their goals as the conducive environment pushes them to do so. The ambiance of a coworking space is vibrant and fresh at all times which allows individuals to express their creativity and also to collaborate and connect with individuals from different corporate backgrounds.
Also, this place is perfect for start-ups because they could get motivation and guidance from other people that have already been working for quite some time and have gained some knowledge and experience about the work culture, work environment, and market needs.
There would always be people to help around and give ideas and provide new opportunities to grow as an individual as well as a professional. You would get to meet new people and make contacts which would help the business grow and become successful.
- A vibrant community experience that results in a wider social network is something everyone looks for –
Getting to know more people, increasing the number of contacts one has, widening the customer base, increasing customers, increasing publicity, and increasing everything, that’s what everyone wants.
Apart from getting to know new people and making new friends, co-working spaces give people the opportunity to meet like-minded people who know the worth of professional growth. Meeting qualified and skilled people that are excelling at their work is always said to be a good fortune.
We never stop learning, whether it is over a coffee break or during a business meeting, we can always learn something or the other and that is what makes us a step ahead of others.
Many co-working spaces also have specific areas that have been designated as a place where one can organize events and seminars for more socialization between people and be open for potential clients or customers.
- Hub of talents is just another name for co-working spaces; they are both synonymous –
A coworking space serves as an area that has different people, from all sorts of cultures, backgrounds, statuses. With various kinds of people, there is always a chance of getting to know new and qualified people that have experienced different aspects of life.
Co-working spaces are filled with freelancers and part-time workers that are constantly in search of opportunities and chances to grab to excel and grow. This is a great place for start-ups to get to know and look for potential employees that could help their company to grow and become successful in the competitive market.
- A work-life balance is something we all wish to have –
As easy as it sounds to say, it is equally difficult to achieve it. It can be very difficult to achieve work-life balance, especially when there are so many things that hinder the process and act as a hurdle when one wishes to take a step towards it.
Additional formalities are completely eliminated while you work from a coworking space. It allows working professionals to focus on their daily agenda without having to worry about additional responsibilities. Coworking spaces are also located in busy and prime locations that are close to residential areas so people do not have to spend a large portion of their day commuting to and from the workplace. Also, coworking spaces give you the convenience to choose the location according to your preference. This allows people to get more time to spend with friends, family, or even alone and relax before going back to their busy schedules.
Co-working spaces are great places for start-ups to start and establish their businesses. Some of the important factors that start-ups should consider when choosing a co-working space are: the location, what their budget is, what type of work environment and ambiance do they need to work, are they looking to work there for a short time or a long time, the amenities and facilities provided by the co-working space and much more.
Co-working spaces are a great location for beginners to get a kickstart as they open up many doors to opportunities and success. Start-ups wouldn’t have to invest a large amount for capital expenditure, they would get flexibility in working as well as other things and they would get a professional setting to work in.
Co-working spaces are the starting point to your successful venture. They are the source of inspiration, source of potential contacts, source of potential clients, and source of potential accomplishments and victories.