Why co-working is not just for small businesses or startups?
Co-working basically means having a common or shared workspace where different companies can work independently. Whenever someone speaks of a coworking space, the first thing that comes to mind is a group of entrepreneurs and startups huddled together, trying to give wings to their dreams. The reason behind this stereotype is the fact that coworking is relatively cheaper than dedicated office space and provides the entire basic infrastructure that is needed for a company to function. However, it seems like this traditional norm is becoming non-existent anymore as bigger companies are also utilizing the benefits of coworking space in order to make their business grow. In most of the major cities in India, whether it be Coworking in Noida / NCR or Bangalore, the ratio of startups to big companies have improved from what it was initially.
Why is there an increase in demands among corporates?
Real estate prices are on the rise which is directly reflected in the rent or selling price of office spaces. Moreover, the need to control the overhead expenses, more networking opportunities and the options coworking space provides works hugely in its favor. Since there has been a major overhaul in the concept of offices, coworking spaces have risen in prominence. The area of work is also happier and more productive.
Instrumental for the growth of companies
- Wrongful redirection of limited resources can be avoided- when you have an office space of your own, there are quite a few responsibilities associated with it which you have to partake. Firstly, you have to ensure that space is legally purchased or leased. Once that is done, you have to hire staff for the maintenance of the place and also provide basic amenities. All of this will be done from the budget of the company itself. By using a coworking space, you can save 75 percent of the total expenses.
- Lesser chances of distractions- a team that functions in a coworking space gel well and get more work in lesser time and a large part is being dedicated to the fact that the distractions here are lesser than a normal office.
- A perfect opportunity to improve skills- when you work in a coworking space, you get to interact with a lot of other people and discuss your project, collaborate with them and even pick up a thing or two from their expertise. It is a continuous exchange of knowledge and enables you to become more productive. You even have the scope of learning something new from your peers and this experience is invaluable. This is the ideal way to home your skills and become better than what you were before.
- Ease of operation- the client-servicing section of a company have to continuously interact and communicate with the client. Doing so from a coworking space is easier and it can bring both the parties under one roof. Holding discussions and meeting the expectations become relatively easier and it is directly reflected on the growth of a business.
Why big SME companies are opting for coworking space?
- When the expansion of a company is the main objective and setting up new offices is being considered the primary step for it, especially in regional areas. Renting or leasing out space can save a lot of money for the company.
- The coworking space has all the basic amenities and infrastructure required to run a business organization efficiently. Coworking has reached such advanced levels that it has the maximum number of commercial companies renting the space for utility.
- Since there will be a gross change in the lifestyle of the people, a change in the work quality is also expected to be seen. People can concentrate on their health and wealth-being more effectively and be happier in general when a shift from traditional office to a coworking space takes place.
Challenges faced by coworking space
- The basic idea of a coworking space is to provide an office-like experience there, therefore, it is important that they keep updating themselves with the latest technology and infrastructure that the offices may require.
- They should have top-class amenities for the people using its services, especially the ones related to security, invoicing, and feedback etcetera.
- They should keep the price as competitive as possible to stay in business them.
It can be safely assumed now that the utility of coworking spaces have changed tremendously over the years and is not limited to startups only anymore. Instead, big companies have started shifting their focus towards it which can benefit both the parties eventually.