As the number of startups, entrepreneurs, and freelancers rises, the need for office space increases. While having a particular space where you can simply concentrate and work on a regular basis sounds amazing, not everyone has the funds to own or rent an office space in the early stages of their business/ freelance life.
As a result, many people end up working or operating their emerging businesses from the comfort of their homes. The opportunity to work from home sounds enticing, but it is not as beneficial as it looks. In the longer run, you may feel that you are not gaining as much by working from home as you had initially expected. Not only does the model restrict your growth areas, but it also blurs the line between your work and personal life, a side effect of working from home that affects your overall physical and mental health.
In recent years, the demand for remote work has risen dramatically. In addition to this, the global health crisis has further supported this rise, taking it to new highs. Keeping the same in mind, companies have collaborated with various coworking spaces that give their remotely working employees an office-like environment away from the original campus. These coworking spaces serve not only large corporations, but also individual working professionals and entrepreneurs. And, as the number of people joining coworking spaces has grown in recent years, so has the number of start-ups and the demand for affordable workspaces. The below-listed benefits underline why coworking space is the next big thing for emerging firms and entrepreneurs.
1. It’s cost-effective
Renting an office or leasing out a space can be expensive, especially for an emerging businessperson or a start-up, that may not have the financial resources to agree to a long-term lease. Coworking spaces offer a more affordable and convenient alternative, with prices varying depending on the location and amenities available. (https://blogs.20minutos.es)
In addition to this, businesspersons can either upscale or downscale their occupancy based on the performance of the business. The flexibility in this segment allows start-ups and entrepreneurs to manage their expenses in a balanced manner.
2. Provides legitimacy, professionalism, and credibility
It goes without saying that establishing a firm client base is the most critical aspect of the success of a start-up or an entrepreneur, and working from home may put some restrictions on forming such connections with potential parties.
While coworking spaces offer an array of amenities, from high-speed internet connections to basic office equipment and printers to meeting rooms, they also provide a sense of purpose and belongingness to all emerging entrepreneurs and individual working professionals. In addition to this, coworking spaces provide legitimacy to small teams, entrepreneurs, and freelancers.
3. Provides ease in Social Networking
The success of any start-up or entrepreneur completely depends on how good their connections are in the industry. The environment offered by a coworking space allows start-ups and entrepreneurs to engage with other emerging businesses and businesspersons. At times, this kind of engagement leads to potential partners, clients, and even investors.
The beauty of socialization with fellow businesspeople and companies is that it promotes engagement. When you have discussions with your peers and people from different backgrounds, your creativity levels skyrocket, giving you new ideas or sometimes improving on old ones. Not to mention, this kind of social environment creates a well-formed network of like-minded people or businesses.
4. Provides flexibility to the employees & the employer
When it comes to flexibility, it means different things for different people. For entrepreneurs, it is about the monetary benefit, as many coworking spaces offer month-to-month leases, allowing start-ups and their entrepreneurs to either scale up or downsize based on their operations. Similarly, for individual workers or freelancers, flexibility refers to the working hours or timings, as the majority of coworking spaces are 24/7, which allows them to work any time of the day and meet their weekly hour target. It’s the most suitable structure for independent working professionals who are engaged in multiple jobs or projects.
5. Amplify Culture Building
In today’s environment, companies have identified culture as the most essential part of work. It is a segment in which coworking spaces have conducted a lot of research on what makes the most of the out-of-the-office environment for entrepreneurs and start-ups, and they have designed their spaces keeping this aspect in view. Start-ups and entrepreneurs can benefit from amenities they wouldn’t otherwise be able to afford by getting memberships in the coworking space.
This insights were shared by Mr. Dhruv Agarwal, the co-founder of Easydesq. It is on a mission to make a workplace where businesses can start working without any problems of network or power cuts. The company is currently focusing more on reducing permanent office rentals by making them more sustainable. The founders believe in making a workplace with good amenities and providing neat and posh surroundings with a familiar environment.