5 Reasons Why Early Stage Entrepreneurs are Opting for Co-working Spaces

The rise of co-working spaces is a cardinal breakaway from conventional business culture that prized isolation over collaboration for entrepreneurial inspiration
5 Reasons Why Early Stage Entrepreneurs are Opting for Co-working Spaces
Image credit: pixabay.com
Guest Writer
Co-founder of Skootr
4 min read
Opinions expressed by Entrepreneur contributors are their own.

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

Co-working spaces which initially sought to provide a more rousing alternative to conventional office set up are now becoming the most preferred recourse for early stage entrepreneurs across India. The future of co-working spaces seems exceedingly bright, with over 68% planning to avail the services of managed spaces globally.

With land prices sky rocketing, particularly in business and tech centers around the world, co-working spaces are fast becoming saviors of emerging businesses.

Related:  How Co-working Spaces Aren't Just About Rental Benefits Anymore

Unlike large corporations, small and medium industries often find it impossible to conjure the vast funds of capital that is required for acquiring an all-purpose operational facility of their own. In the same situation, opting for a co-working space enables to save around a whopping 75% on the fixed office rent that, as per a survey by Economic Times. This, while providing complete set of services including furnishings, décor, installation of machines and appliances and other featured services, along with a refundable deposit!

1.Breaking the status quo

The growth pattern of the co working sector can be attributed to the fast changing nature of the unpredictable business world where persistent and pioneering innovation is the new standard. Also, owing to its cost efficiency, advantages of networking and the general ease of business operation makes co-working a preferred option amongst entrepreneurs, in other words, a business magnet for business magnates.

Related:  Why Co-working is not Just for Small Businesses or Startups?

The swift interchange of information and technological evolution has ushered in a sort of business renaissance. It is leading to the re-imagination of the way businesses commence their operations as flexibility has become the new buzzword of the present. As every company strives to adapt to the dynamics of the ever changing market environment, the scenario demands a reshaping of the dynamics of the workspace, its physical and social configurations.

Related: 4 Ways Co-Working Spaces Inspire Innovation and Collaboration

The new winds are marshalling this changing trend towards a structure with a nimble operational footwork besides maintain market relevancy. After all, in the modern business world it’s all about disrupting the traditional forms of business and breaking the status quo.

2.A Neutral Platform

Agile workspace besides being a revolutionary business model is tailor made for today’s dynamic business environment. Essentially structured on the premise of sharing, it serves as a center stage for the bartering of ideas and knowhow, a platform of sorts that champions open minded business neutrality supporting companies irrespective of their dimensions to engage in a mutual and symbiotic co-existence to forge a braver and bolder commercial vision.

3.Collaboration over isolation

p. The new frontier has the spirit of cooperative and flexible collaboration at its nucleus and that is the central tenet that governs the ins and outs of the co working cult. It is nothing short of a business awakening that has at its heart innovation and humanization of the hitherto mechanical and formal aspects of business.

Related: India's top 10 coworking spaces, which truly portray a unique value proposition

Shared spaces empower its users to become part of a work sphere that promotes a feeling of community sharing and cooperation above everything else. The flexible structure of such spaces is evident from the open workstations, brainstorming parlors, recreational zones and common pantries where the staff on board has the luxury to make informed choices regarding the way they approach their work. Such a conducive and worker friendly environment naturally spawns an enlightened mode of business based on freedom, constant innovation and a renewed sense of ownership.

4.Easy on the purse strings

The co-working option is also in accordance with the tight budgetary allocations of budding enterprises that seek to initiate their operations at minimum possible costs. Fortunately co-working spaces operate in the same direction enabling firms to save around 25% of a traditional office space due to the proactive sharing of large work spaces.This means that firms can register zero Capex, a huge benefit for businesses at a bootstrapping stage.

5.Resources saved are Resources earned

Besides capital, firms also end up conserving precious amounts of time and energy as co-working provides a singular point of confluence that meets all the requirements for the smooth running of a business.The resources conserved from co-working can now be redirected to serve the central and more crucial operations of the business.

The management too now need not bother about the peripheral functions such as paying the bills and worrying about the building maintenance etc. Therefore in a nutshell, co-working spaces have served as a massive enabler for newly engendered small and medium enterprises that seek to save and build first rather than building before and then saving (or ruining) later.

 

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur