Just as the concept of Start-up is trending, Coworking space is also becoming increasingly common in India. While you are contemplating various things about starting up, we have tried to make it easier for you to decide on your office space. After all, that’s where you will be operating from. Here are 12 Reasons why should consider operating from a coworking space rather than a traditional office.
1. Minimal CAPEX
Before we talk about any other blah blah reasons, let’s look at the single most risky part of starting up. Capital Expenses! The moment we think of opening a venture, the first question that pops up is, how much do I need to open an office. Should I ‘spend’ on an office set up when there are much more meaningful ‘investments’ to make?
2. Reduced OPEX
Unlike CAPEX, Operational Expenses are inescapable. It pinches on your revenue month on a month. Your efforts to cut on the OPEX somehow sneaks in, to affect your work culture, ambience, performance and in the end your productivity. Frugality is the key for today’s start-ups. But does everyone have the mindset or patience to strategize on frugality?
Take a look at the comparison table we prepared with adequate research and enquiry, and decide for yourself on how efficiently frugality works for you
3. Controlled Operational Distractions
Considering your CAPEX & OPEX are the coworking space manager’s responsibility, you save yourself from small and silly distractions. Starting from “is there a shut down in our area” or “did I lock the main door before leaving” to “I need to pay those EB and phone bills before its disconnected”, in a coworking space, you don’t hear yourself saying any of these. Your focus is precious and it’s better respected in a coworking space
4. Collaborative Atmosphere
In a Traditional office, you see people of the same company continuously adding to too much familiarity or office politics, boredom or negativity. There is always a self-centred behavioral pattern among employees in a closed environment. But in a coworking space, by default people work with a giving and sharing attitude. The Synergy that can happen due to such collaborative atmosphere keeps the employees motivated.
5. Peer Group Motivation
More than the employees, the Founders need motivation and encouragement. Founders get to meet or witness peers operating next door, facing challenges, growth or sometimes slip falls. Each founder is heroic in their own way. One need not always give a speech to motivate others or see a standing ovation to get motivated. Mere observing works wonders
6. Minimum Administrative Hassle
If there’s any service that a start-up could utilize instead of directly involving in its hassles, then they should definitely consider it. Because the point is not whether you are capable of solving complicated situations! Point is, whether you can put your time wisely into what you should be doing, vis-a-vis what can be conveniently outsourced. Some coworking offices have tie ups with audit and legal consultants who are not just specialists in start up operations, but also facilitate such services on discounted rate.
7. Community Events & Get Togethers
Usually, Coworking offices provide space for start-up related events and it makes more sense too. Investors, VCs or other entrepreneurs might prefer holding their events in a coworking space to avoid lavish expenses. Community get-togethers are a great way to feel alive and happening!
8. In touch with the Ecosystem
Space Management companies usually take special efforts to keep the ecosystem connected by announcing all nearby events or sessions to its members. Moreover, the coworking company’s social media or blogging will always give priority to its members making your locality feel your presence without you making any extra effort. So, you’re not just in touch with the ecosystem but favorably vice-versa too
9. Zero delays in Kick Starting
The time gap between the day you decide to start your venture and the day you actually start can never be less than a week if you are planning a private office. However, if there is a good plug & play coworking space in your locality, then you kick start first and then think what next. It gets that convenient!
10. 24/7/365 Access & Job Control
Traditional Offices are not just under its land owner’s control but also under the building management. Main entry access is denied in many commercial buildings during public holidays and Sundays. Whereas, coworking space companies understand a start up’s seamless working pattern and customer demands. In any case, when you own your venture, who else can have the authority to decide your work hours
11. Free Brand Image
You’ll have to invest heavily in infrastructure if earning brand image by flashing extravagant office premises is relevant to your venture and your target customers. That’s an advantage with a full-fledged coworking space, it comes from VC equipped conference hall to cafeteria, from swanky reception to training rooms. Guess what, you create a corporate image at zero cost
12. Fun & Energy filled Vibes
After everything, what is still missing in a traditional office? Fun, Energy and positive vibes. For the mere fact that the coworking roof shades a community of heroic start-ups operating under one roof, and occasionally, someone outgrows the space to become successful, there is an ever-present positivism. The excitement that builds with participating in in-house events and peer bonding ensures you get your monthly dose of fun and laughs!