Why Co-Working Spaces Aren't Just About Rental Benefits Anymore Apart from affordability and convenience, co-working spaces provide a plethora of benefits to entrepreneurs which go well beyond infrastructural and logistical requirements
By Sudeep Singh •
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Co-working as a concept was born when the home office proved to be insufficient for freelancers and young companies, who require a productive, creative, and cost effective work atmosphere. What started as the mecca for start-ups is today becoming a hub for corporates and established companies. More organizations are beginning to realize the merits of co-working and the fact that it offers great potential for fostering growth as well as gaining a robust business network organically. Not only has this concept proved to be a game changer for young companies by lending them infrastructural support and helping them gain legitimacy but also given a fresh facelift to the real estate industry in India. Co-worker has ushered in a significant boom in the realty sector with more and more players investing in this segment.
A Brilliant Concept
A concept that was initially conceived for the sake of convenience of start-ups has proved to be a win win situation for the entire ecosystem that consists of real estate heavy weights, the start-up community and even larger companies and multinationals.
Apart from the affordability and convenience aspect, co-working spaces provide a plethora of benefits to entrepreneurs which go well beyond infrastructural and logistical requirements. One of them being the opportunity to network with other start-up founders, discuss ways to cut through common challenges and extend empathy and support. The idea of being surrounded by like minded professionals and building a strong network today stands at the core of co-working.
What People Really Want?
According to a recent survey by Harvard Business Review (HBR), people operating out of co-working spaces are reported to have a thriving level which reaches an average of 6 on a 7 point scale, which is relatively higher than the average for those working in conventional office spaces. Unlike traditional office spaces, co-working spaces with their non-conforming and easier to blend in vibe make the work atmosphere less oppressive. Co-Working spaces are therefore extremely congenial for the mental and emotional health of entrepreneurs, who are hustling each day to make their ventures thrive. It also gives community members an opportunity to engage in recreational activities and to socialize, which is necessary to reboot and enhance productivity.
What do They Offer?
To add to the above, practical benefits of co-working include flexible leasing plans, cost-free support staff, unlimited access to recreational zones and effortless upkeep of the office. Co-working spaces offer a plug and play model which fits any start-up across scale and industry like a glove. It not only works as a hassle free arrangement, but also allows them to concentrate on the more critical aspects of the business, such as driving growth, scaling and acquiring the right talent.
Aside from making available basic amenities, upscale coworking areas are trying to meet the unconventional requirements and work cycles of start-ups. The idea is to make office spaces as inclusive as possible with features like gym, pet crèche, sleeping pods etc.to suit the lifestyles of young professionals. It would therefore not be incorrect to say that co-working areas are taking into consideration the challenges of running and being a part of a start-up and are stepping up to compensate for them, in their own ways.
