Why Co-Working Makes Sense for Startups?

For startups, coworking spaces make a lot of sense. They typically offer amenities associated with “big offices” but without the capital expense and long-term financial commitment. Leases are typically month-to-month with a “pay-per-seat” deal that allows for scaling up or down as needed depending on how the winds of fortune blow. For landlords with older buildings in major urban markets, they can be a godsend.
 

2017 saw continued growth of the flexible office industry and a broader range of offerings. While “Serviced Offices” has been around for decades, the term “coworking” has been the media standard term for the last 10 years and is likely here to stay. It's a platform helping shared space operators, corporate real estate professionals, real estate investors and service providers who stay connected and competitive.
 

Before taking the plunge into a coworking space, you probably want to know what all the hype is about. Co-working offers a set of unique benefits that encourages everyone from solo pruners to small businesses to spend more or all of their office time in a coworking space. Here are the three of the primary reasons that co-working makes economic sense for many start-ups.
 

1. Affordability:- Sure, the rents generally aren’t cheap on a per-square-foot basis, but there are so many options that you can find the right fit on almost any budget. It may cost more than stealing WiFi at a coffee shop but it’s affordable way sooner than a long-term office lease. Having a private office can be very expensive and its associated costs can be prohibitive for start-ups. Fortunately, co-working spaces are extremely affordable and costs are substantially lower than a typical private office space, appealing to the needs of small business owners.
   
    
2. Networking:- Co-working spaces are used by a community of freelancers, entrepreneurs, and small businesses, so there are plenty of networking opportunities with people who are also trying to build a business. This is the perfect setup to allow for networking and gives business owners the opportunity to help each other out, exchange ideas and grow their companies. As people come together to work, they are able to form relationships that help to improve, not only their business lives but their personal lives as well. Some co-working spaces provide events to promote engagement as part of a community, exchange ideas and have some fun! With co-working spaces, you never know who you’ll meet and with whom you’ll end up collaborating.
   
    
3. Free Amenities:- If you lease your own office space, you’re responsible for paying for utilities, supplies, and amenities. With shared offices, utilities such as water and the Internet are included, as are other amenities including coffee and kitchen supplies. This reduces costs and some of the details you have to tackle day to day. Most coworking spaces are equipped with conference rooms, A/V equipment, IT support and wireless printers. The ease-of-access that these and other internal resources can provide will boost productivity, organization, and workflow.
    

The networking helps you grow the business, but the community helps you to make friends and help each other out. Who says two competing companies can’t be friends? Having said that, finding the right space that fits your style is crucial to enjoying your workspace and colleagues.
 

Some of us, as freelancers, are utterly productive and focused to be able to get up every morning and go into the work mode even while staying at home. Yet, the truth is that a majority of freelancers find the idea of working from home a challenging and unconducive way of getting things done. While at home, our mind tends to divert towards many other things, like the laundry, maybe the baby, the cooking, the cleaning and so much more.
 

This is the reason why we see many freelancers flocking their surrounding coffee houses. But, that too does not save them from distraction as the guilt of taking up a seat for too long catches up on them. So, where can a freelancer go? A co-working office!
 

At a coworking space, all you get is the focus. You can give undivided attention to your projects and not worry about a thing in the world. Having a workstation in a coworking environment is a luxury at a price of a penny. You have the comfort and flexibility of your work and work hours while enjoying the focus a regular workplace offer. Plus, no guilty feelings of occupying the seat for far too long. And as a bundle deal, you get to expand your connections, learn from others and bag more freelance projects.
 

The concept promises more than just the resources and a place to do business. It is a growing community and this is the future of how businesses are going to be carried out. Entrepreneur, start-ups or freelancer - no matter who you are, co-working space is the perfect match for you.
 

This guest post has been written by Gunjan Johar.