Why Starting in A Coworking Space Is A Great Idea for A Startup?

Featured Image Caption: Coworking Space in Bangalore

The glorious inception of the coworking spaces happened in the year 2005 at the first coworking space Spiral Muse founded by Brad Neuberg and since then this practice has popularly spread across several countries in the world including India.

What made coworking so popular within such a short span of time?

The strategic emergence of ‘coworking spaces’ facilitated great professional networking platforms which balanced the independence of self-employment with the right involvement in highly thriving work communities. This effectively appealed to freelancers & entrepreneurs which eventually led to widespread adoption of the same.

According to a survey by Officevibe, this has been reported that 70% of the professionals who adopted coworking felt healthier operating from a coworking space as compared to working from a conventional office setting.

This is also reported by a trusted source that the 40% of the total workforce in the coworking spaces are independent contractors, freelancers, solopreneur & temps by the year 2020. These specific findings majorly signify the massive potential growth of the coworking culture in the future.

How is coworking suitable for the startups?

One quote by Anthony Marinas, Marketing & Sales Manager at the coworking space called Grimes said that the millennial workforce wants to be a part of a community and no longer want to be a part of a company. He stressed further in explaining how coworking can be the right option for startups. Instead of opting to work in a small team of just 3-4 members, opting to work in a dynamic environment amongst hundreds of people from different backgrounds give the right opportunity to develop professionally as well as personal connections. This is a cost-effective option of fetching an office space & also very strongly opens up possibilities of certain path-breaking innovations with several other dynamic & like-minded professionals who are operating from under the safe roof.

Traditional office or Coworking space: Which one is a right choice for you?

Rebekah Kowalski, Principal Consultant & VP at Right Management expressed her views and opinions in an exclusive interview that choosing between a conventional office and a coworking space should be done only after evaluating their workforce & understanding their needs & preferences.

Here is a checklist which will facilitate you in arriving at a right decision:

1. What is the prevailing office culture that you want in your office?
2. What kind of workplace profile do you require?
3. What are the priorities that you’re aiming to achieve in the professional front?
4. Who are the talents in your organization & what are the factors required for you to perform optimally?

However, in case you prefer the right control over the work environment that you are craving for, then a conventional office space for your startup is certainly the best available option for your organization.

When this comes to the optimum cash flow, the best coworking spaces undoubtedly become the most feasible option as resources and economy are being shared. Unlike the most obvious startup costs like the telephone & internet bills, service & utility charges in coworking spaces, you’re not at all required to shed a huge amount upfront. This will focus on the optimum growth of your organization.

The major benefits of going for an organized coworking space for your startup

1. Affordable as well as premium office in the most prime locations in the city – For several small businesses, one amongst the many challenges in fetching an office space in the prime locations during the phase when they are bootstrapping. A lot of troubles can be saved by opting for coworking spaces by providing the most affordable and in-demand office spaces. Once you have opted for the coworking office space, you can get focused on your work right away as the utilities & amenities are already present there.
2. The scalability & flexibility for the nascent startups – Another remarkable benefit of choosing to co-work is gaining the right level of flexibility in accommodating the several changes. If your business contracts or expands, the coworking spaces provide the right-fit & affordable in-demand spaces and there is no yearlong commitment required. In most of the coworking spaces.
3. Prospects of collaboration – This gives you a fair opportunity of collaborating with a dynamic community of extremely talented entrepreneurs and professionals from various professions with whom you might necessarily interact with. This provides the right platform for trading your skills in order to get certain projects done. Even outsourcing the projects to several specialized teams prevailing in a specific coworking space. Being a part of a thriving community in a coworking space, the overall phenomenon of coworking offers you an opportunity of tackling & solving problems from several ways.

How to determine which coworking space is apt for your startup?

With the major boom in the coworking industry, you have the option of choosing one which rightly focuses and stipulated to a specific industry or the varied ones. The focused coworking spaces provide you with the right benefit as you get to work with the people exactly from the same industry. A focused space gives you the right benefit of enhancing your overall productivity.

In those coworking spaces which are open to various industries are generally surrounded by dynamic professionals who come from various backgrounds. In such coworking spaces, you have the probability of fetching useful ideas that help you in adding a lot of value to your business. This specific diversity strongly promotes creativity by giving you the right perspective on several things every time.

For finding the right coworking space, following is a checklist which you should keep handy:

• Preparing a necessary list of things which you would want in your office & the things that you hate should also be listed.
• You should necessarily visit the specific workspace & see the various things all by yourself. You should carefully determine if they would make your team more productive.
• You should also see if the prevailing work culture in the coworking space fits your working style. For example, in case you are searching for a focused space, in that case you should necessarily go for the one which offers you the right level of flexibility.
• Finding the right coworking space offers a simple process of registration, billing as well as leasing terms.

When you are opting to select the best coworking space in Bangalore, you should necessarily choose the right one where the coworking members are necessarily complementary to everyone else and not preferably competitive.

By Anvesh Basam
who is a passionate Digital Marketer and a Blogger. Much of his content is about current business trends. Besides he is a Lead Gen Specialist with 6+ years of experience touching every corner of it. He loves analyzing various businesses and the ongoing trends of them.

Member since October, 2019
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