The Concept of Co-working
Almost everything in the business world starts with an experiment, and co-working is no exception.
The concept can be better known as a shared office space where two independent companies or freelancers work together.
Professionals working together are not hired by any single business or company.
Such spaces are separated by partitions or it can be a two storey building where businesses can operate separately.
Businesses of all type and sizes can reap the benefits of shared space and conduct business with total ease.
Co-working is not the Next Big Thing, it already is!
Sharing of office is not a new concept; it is adopted by businesses for centuries.
Look around you or browse the web, you will come to know that co-working is not new. Around the world, there are hundreds of thousands of companies that are sharing the spaces and working more efficiently.
Especially in India where co-working is becoming popular and making entrepreneurs interested.
Smart business owners understand the benefits of co-working and they always look for such an opportunity.
They are covering the available space at a faster pace than ever; they know it is helpful in many ways.
Moreover, shared space providers are also working restlessly to establish work-friendly, fully-equipped spaces for businesses.
They understand the significance of a great office environment and do all the needed investment for the same.
The shared office provides ensure that business owners and their teams get all the modern facilities and comfort.
A Blessing for Startups
Starting a business and being your own boss is an awesome feeling.
But, nothing in life worth having comes easy, and that bossy feeling is the same.
You have to work restlessly with all the commitment to become an entrepreneur.
Co-working Spaces are Great Alternative to Renting the Entire Office Individually.
Cost is, doubtlessly, one of the major factors for startups. They look for a cost-effective solution in every way possible.
Be it infrastructure, technology, business operating cost or anything, cheaper is better for startups.
When we talk about shared spaces, these are no less than blessings for newbie businesses.
They don’t need to rent an entire building or huge separate office, all the necessities are fulfilled in a shared office.
Some Amazing Benefits of Co-working
If you don’t believe it, compare it!
There are some amazing cost benefits when you opt for shared offices.
You can never know how much of your hard earned money a separate space can suck up.
Make two separate lists including expenses you will bear in a separate office and another one in the shared.
Co-working will help you create a win-win situation in every aspect.
Developing things on your own can prove to be a costly affair.
Better go for the alternative that most of the businesses choose- use shared space.
The money you will save from by choosing shared office space can be invested in doing more important things.
You can hire more experienced professionals to work in your team, get more facilities for your colleagues.
Thanks to the previous researches conducted on co-working. It states that co-working reduces the overall startup cost by an unbelievable 75%!
Better Networking Opportunities
You meet new people, new talent and sometimes, new clients.
Co-working is one of the best ways to strengthen your network.
You can make the most out of being in touch with some new people.
These people may come with a variety of experiences and provide you with a bigger and better network.
Your team will have more things to learn when there are more people from the diverse field will join you.
Such an opportunity to expand your network and team you can never get if you have your own space.
Bigger networks open new doors to business opportunities that can come out of nowhere.
Flexibility to Choose Location
With many shared office spaces available out there, location is never going to be an issue.
You can choose a central location that is suitable for all your business partners and your team members.
If you are operating a business at a large scale, shared spaces can be utilized for meetings and conferences.
If you want to know about the co-working spaces available near you, you can get in touch with real estate professionals.
Apart from this, the internet can also help you in this search for space.
Try to find the best-shared office space available near you, the internet helps.
Start Working Immediately
When it comes to co-working, getting started is easier.
Co-working spaces are well equipped with all what your business needs to get started.
It will take hardly a few days and your team will be up and running in your new shared office.
Now, think about having personal space.
Well, it calls cost you months to get established and start working.
Building an office infrastructure is never a child’s play, it takes time, effort and of course, a suitcase full of cash.
Co-working Spaces are Well-equipped
Your business will need a lot of expenses on technology solutions and all the modern amenities.
From that printer and scanner to coffee makers, there are endless things that you will need.
There are some share office space providers who will offer all these things included in your rent.
Yes, you will have to do some homework prior to deciding the place.
Check out the available options as per your convenience and consult more space providers.
Also, compare the costs and facilities that you get from different office space providers to make effective decisions.
Promotes Interaction and Productivity
Very beneficial for small businesses, co-working promotes interactions.
Here, you can meet new people, share knowledge and experiences to build a great working atmosphere.
Once you have the teams set and working, better interaction can lead to a competitive environment.
This, in turn, translates into better productivity from your employees.
Interacting with like-minded people, your employees feel better and more confident.
Business owners get an increase in productivity and overall profitability in co-working.
If You See a Successful Business, Remember, Someone Once Made a Courageous Decision!
Share Operational Expenses
You can half most of your office expenses with the one sharing the office with you.
For instance, if both the businesses require a printer and projector for business purpose, share it!
Moreover, how about buying a single coffee maker while sharing the expenses? Isn’t it a great idea to save money and enjoy a cup of coffee with your colleagues?
In addition, you will never need to pay all the rent alone.
You can divide the rent and maintenance costs as per the space usage or simply in half.
Expand Gradually, Lesser Risk
Once you find a suitable shared office space, you don’t need to be in a hurry to expand your business and team.
You will have sufficient time to make your decisions about business expansion.
Decisions related to business expansions are never easy.
You have to be very careful and it must be followed by foolproof planning.
Once you have a bigger team, you can go with a bigger shared office.
Slowly and gradually when you reach a level where you need (and can afford) your personal space, you can make a decision to go for it.
But, there are many fortune-500 companies that make use of shared space instead of building their own due to its cost benefits.
Savings on Expensive Technology
There are some technologies that are needed in the business that are expensive.
If you share the space with someone in the same domain, you can again share the cost.
If you both are operating in the IT sector and need a server to store your data, share one.
Moreover, you can share the cost in higher versions of laptops, desktops, projectors and other technologies.
You can make use of such technology as and when needed and also share the expenses of upgrading the same.
No Distraction for Freelancers
Freelancing is increasing in popularity in various parts of the globe.
From designers and developers to content developers and marketing experts, all are reaping the benefits of through freelancing.
But, one of the concerns while working as a freelancer is that they can’t resist the comfort zone.
On the other hand, mostly freelancers think twice to their own office space.
Shared office space can be a great alternative to working from home.
Now your bed will never call you time and again to take a nap.
Or your fridge and air conditioners, the entire comfort zone will have an alternative.
Helps to Overcome Stress
Life of an entrepreneur is full of ups and downs, especially in startups. Almost every professional is doing an 8-hour-a-day desk job that leads to frustration and stress.
While working with a bigger team, you have more ways to cope up with stress and frustration.
You can get the opportunity to go for more events and fun-filled activities.
This will help you to rejuvenate your mind and body and bounce back to work with more efficiency.
More Knowledge and Skills
Working in the same way for long is again frustrating, no employer would like to see their assets (employees) feeling frustrated at work.
One who will work with you will come up with additional knowledge, experience and different skill set.
It is sure to enhance the knowledge of both the individually working teams and new learning will keep employees going.
A Sense of Community
Build a community that can make your office environment flexible and enjoyable.
It is a fact about sharing office space that you don’t only share space.
You share the thoughts, views and opinions and everything that can make the environment enjoyable to work together.
You can build a community where you can work for mutual benefits.
Surround yourself with some positive and like-minded people to build a stronger and better community.
Studies Prove that 85% of Professionals Feel Highly Motivated while Working in Shared Offices!
Improves Mood, Boosts Energy Level and Enhances Creativity
Co-working is awesome in many ways. Apart from those mentioned above, employees also have some benefits.
Such spaces set the tone for employees, improves their mood when they have more people to connect with.
Moreover, they feel more energetic and high in creativity while having a better team.
An additional advantage for entrepreneurs is that they get a competitive environment set in their office.
This results in better productivity, needless to mention the increasing profitability.
Are Co-working Businesses Successful?
While making a decision to choose co-working space, you may have many questions striking in your mind.
And one of them must be whether co-working businesses are successful or not.
To clear this doubt from your mind for now and forever, we have some amazing examples.
There are some renowned businesses that have started their life in co-working.
These examples will make your decision easier.
Check out the success stories of most renowned companies across the globe, all of them starting in co-working spaces.
You may not know this, but Timehop is a Facebook application that allows you to know what you shared on a given day.
Yes, the same that says- One year ago on this day!
Jonathan Wegener, founder and CEO of Timehop made a courageous decision by starting things off with a shared space.
While talking about the co-working days, Wegener said he is excited to see what other businesses can achieve from the same space.
Yes, the app for which you take most of your “Selfies” started its life in co-working space.
Most of the travel bloggers, fitness experts and foodies who are active on Instagram must know this.
Instagram founders Kevin Systrom and Mike Krieger met in a very dramatic way.
They needed just 8 weeks to make the application up and running.
First, it was launched on iOS by Apple.
In less than a year-and-a-half of that launch, things turned dramatically.
Facebook had bought the company paying $1 billion in cash and stock.
Wanderfly had been in the lookout for collaborative opportunities and better networking from the beginning, and co-working made it possible.
Consistent motivation with high-performing and creative co-workers was valuable for the company.
And hence, co-working was a no brainer decision.
In no time, this startup disrupted the entire travel industry.
Established in the year 2009, the company achieved the funding of $1M.
Ranking among the fastest growing ever companies, Wanderfly was acquired by TripAdvisor later with an undisclosed amount.
So, when are you getting started?
Everyone knows about this biggest of all crowd-funding portal.
Indiegogo was launched in the 2008 Sundance Film Festival as a source to fund film projects.
See how good it has proved for business starting a crowd-funding website.
It raised $800 million and more with 600,000 projects covering 223 different countries.
Check out your smartphone, you must have this app.
You may not remember how many times you have booked one and reached your destination.
But, you can’t even try to calculate how many people are using this service today.
Two Uber co-founders- Travis Kalanick & Garrett Camp are entrepreneurs of the world-leading startup, operating in 633 cities across the globe.
Hope these extremely successful businesses give you the much-needed confidence to start your business with co-working.
Are you looking for shared office space?
Suitable for small businesses, entrepreneurs, freelancers or startups, Raletta offers the best co-working space as per your specific needs.
Here at Raletta, we have established fully-equipped and amazing working space for a variety of businesses.
If you are looking for coworking space in Indore then share office by Raletta is the best choice to make.
Check out the cost-effective packages and facilities available on the website for ease.