Benefits Of Co-Working For Solo Entrepreneurs And SMEs

India has witnessed a huge boom of co-working and business workspaces in the recent years.

A Forbes article recently stated that the ‘Co-working industry has become “one of the largest startup segments, hiding in plain sight.”

The rise of shared economy, knowledge intensive careers, and mobile-driven workforce are the reasons behind the various forms of workspace models. We believe that co-working is here to stay and it will continue to thrive in India. Flexibility, growth and network are the major pillars of co-working spaces.  

If you’re a solo entrepreneur or startup, working from home may seem like the most feasible and cost-effective option. But constant distractions and loneliness make it unideal for some. It’s also not a practical approach if your aim is to grow your business and hire more people.

Traditional office space is too expensive, rigid and may require years of commitment.

Here are some of the reasons why co-working spaces are thriving in India.

Flexi Costing And User friendly

Co-working spaces charge a membership fee, which is significantly lower than the rent you’d have to pay for a traditional office space. Workstations, office cabins, cafeteria, conference rooms, and 24X7 access are almost always included in the price.

Fast And Easy setup

With shared office spaces, there’s no need to do an expensive move, they’ll do it for you. In most co-working offices “plug and play” with phone, internet and other utilities are already set up. Bring your laptop, and you’re good to go.

Prime And Employee Friendly Location

Shared working spaces provide a way into in-demand spaces in prime areas that solo entrepreneurs or SMEs may not be able to afford. This gives the small business owners access to types of offices and locations they’d like to operate out of.

Co-working with great location and connectivity helps attract talent which is crucial for any startup to grow.

Concentrate On Things That Matter To Their Business

If you decide to rent your own office space, you’re responsible for paying for utilities, supplies, and other amenities. With shared offices, utilities such as water and Internet are included, as are other amenities including coffee and kitchen supplies. This reduces costs and some of the details you would have to otherwise tackle from day-to-day.

Flexibility And Scalability

Most co-working spaces offer monthly lock-ins, as opposed to traditional office spaces, which lock you in for months or even years. Since you pay a monthly rentals for a shared office instead of a long term lease, you can upgrade or downgrade plans at any time. If your business expands or reduces, you can either look at option of reducing the seats or dedicated shared spaces.

Startup Connect And Networking

Another major benefit of working at a co-working space is that you share your office space with several like-minded entrepreneurs and innovators. The work culture and networking events help startups and emerging company’s members from different backgrounds, to collaborate on a single platform enabling knowledge sharing and best market practices.

The ecosystem also helps them connect with the partners for their needs in recruitment, finance & accounting, legal, digital media & PR, enabling economies to scale.

Funding

Most of the co-working spaces help startups connect with VC partners and mentors to help them nurture and grow their business to the next level.

Pay Per Use Model

SMEs or solo entrepreneurs can choose from a range of workspaces, meeting rooms, conference rooms, idea rooms, and themed terrace cafés to brainstorm, host weekly team catch-ups, close deals or conduct workshops and events. Even better, they can pay for the partnered spaces as they use them.

Co-working/shared spaces creates the right environment of creativity & productivity which is the perfect mix of fun, collaboration, and knowledge sharing, for them to grow and thrive to the next level. Its a perfect match for startups and SMEs with less funds, but who are great on ideas, needing just the right environment to succeed.

[The author of this post is Meghna Agrawal, co-founder, Indiqube]