My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Business

2018's Most Valuable Tips to Build a Successful and Sustainable Co-working Space

India has seen phenomenal expansion when it comes to co-working spaces, Entrepreneur India brings you valuable tips to build or improve your businesses from entrepreneurs and their co-working diaries of 2018!
2018's Most Valuable Tips to Build a Successful and Sustainable Co-working Space
Image credit: Shutterstock
Feature Writer
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

It has not been that long a time ever since the idea of co-working space became a reality. The acceptance and expansion that this arena has seen are phenomenal. However, starting a business in the co-working space is not that easy as it may seem. There is more to it. Sustaining a co-working space business and maintaining it, in the long run, is the real challenge. It is true that the success rate of co-working spaces in India is very high because what keeps it afloat? Scroll down to some of the most important tips to kick-start 2019 and valuable lessons from 2018 on building successful and sustainable co-working businesses!

Think Far and Smart

To begin a co-working space business seems glamorous but it is actually a daunting task. And for this thinking beyond the lens really counts. Azaan Feroz, Founder and Chief Happiness Officer of The Hub Bangalore say, "Deploying sustainable thinking can be very rewarding for employees, external stakeholders such as the government, the community around your business.” He further added that taking small steps such as reducing the consumption of paper in printing, using energy efficient LED lights, and even designing workspaces with ample natural light and fresh air can all make a big difference.

A Positive Space

A co-working space is not a mere space for working. It is much more than that perhaps that is why it has got such huge acceptance and its success rate is so high in India. However, to keep the success rate afloat one has to ensure that the co-working space is not merely a professional and dim, corporate space. The environment counts a lot.  Gautam Duggal, Founder & CEO of Eccosphere feels the same."Smooth functioning and creative environment are quintessential for a successful and continuing co-working space.” He reiterates that creating a positive space should be the major focus while building a co-working space as that would help in building a community wherein individuals and organizations can nurture and grow".  

A Deeper Understanding

What is the true purpose of having a co-working space? It is for the people. “A co-working space is only as good as the people within it,” says Pranay Gupta, co-founder of 91 Springboard. He emphasizes that the co-working space owner needs to put in a lot of effort to understand what their members want and make it easy for them to get these solutions. “And of course, don't forget to make it fun,” he added.

Focus on the Culture

Culture reflects a lot about what the business is made of. It is important, therefore, to always keep sound work culture the priority of the co-working space. Harsh Lambah, India Country Manager, IWG, testify to this statement. “Having a distinct culture is an important criterion for a co-working centre as it portrays the character and personality of a specific co-working brand.” This is not all. Lambah further believes that culture also needs to be inclusive and co-exist with the respective company cultures of the respective organizations that co-habit the centre.

(Picture courtesy: Pixabay)

More from Entrepreneur

Jason's expertise and experience can help you with storytelling, motivation, and pitching your business to media.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur