Let us discuss why startup should invest in co-working space? Co-working is a cost effective way of getting a professional space which is shared two to three people or it could be more depending on the availability of the space. When you start off a business it is a bit difficult to invest on space, especially when you are having a digitized model of business where office space is of lesser importance. Though in the beginning you could deal with without office space, like meeting up the client in a coffee shop or communicating over Skype or walking down to clients place or vice versa but this will not be feasible once the business starts to grow and you will have to deal with more clients. Under such situations it is suggested that you go for co-working space so that the cost of office is not borne by you alone. This is widely practiced in cities where startups are coming up on a large scale. Gurgaon, Pune and Hyderabad have many offices that work on shared basis. This also puts lower pressure on the land and the spaces are judiciously utilized. A lot of people have spacious homes and they think of utilizing the space. This may be suited initially but is not going to create a professional environment for you and you will be highly mixing personal and professional life for yourself. So we can see that a co-working space looks like the best option. Through co-working space you can work with all your privacy, yet, on occasions, you can also interact with people from other fields. This helps in generating contact and you simple talk to more people about work which is beneficial. Co-working spaces can be used by freelancers too. In fact for freelancers it is a pretty good space to meet up clients, make them comfortable in a professional environment and talk about business. The best thing that is there in co-working space is that it is cheap. They come for a lower cost. Letting out co-working spaces is also quite a profitable business and there are many real estate business owners engaged in letting out business spaces. Co-working spaces also gives flexibility of working. You can opt for hot desk which is picking any desk that free option or go for something that that is your own, like reserving a desk for yourself. It is important to get a rough idea of what a shared office would look like. Usually, there is a conference or a meeting room. There could be more than two such rooms if the property is big. Each company gets a small space where they operate. If you are a freelancer you may get your own cabin. There is common rest rooms and common kitchen, at least, in most cases. One cannot deny that there are downsides to working in a shared space. There is lesser space and lesser privacy. The clients may not be impressed if they come from a mentally where work is judged based on the first impression of the office space. There is little that you can do about the office space in terms of designs and outlook. If you want to make some permanent changes in the office you will have to take permission which is mostly denied as you are not the only person who is going to use the space forever. Very often, business consultants too recommend co-working spaces especially for the tech/fintech startups, as it helps in generating lot of innovation while consulting with other teams too. From here another major point comes up which is that of longevity. There is no certainty in such offices spaces and the chances of getting contract renewed also remains shallow. I hope your answer with regard to why startup should invest in co-working space is answered well.
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AuthorI'm a professional business consultant. Starting entrepreneurship at a very young age came up with loads of worries and obstacles. Burnt my fingers with few abrupt attempts but gradually optimized my skills by learning from mistakes. Today, I help businessmen across India to find their ideal consultant according to the business goals. I keep on trying to incorporate cutting-edge technology in consulting business backed with effective feasibility analysis. ArchivesCategories |