Sep 10, 2018
There has been an undeniable shift in the priorities & the overall mentality of the millennials when it comes to…
Coworking spaces for offices is a trend that has taken a firm hold in the country, and justifiably so. The digital age has seen numerous startups and new businesses pop up. For young and new businesses to sustain and grow over time, they need to rely heavily on a mix of optimizing efficiency, cost-efficient methods, and networking. Real estate has conventionally been, and continues to be, a major cost in business, with office space at a premium and continuing to rise. The concept of coworking spaces was perhaps born out of this market need, before surging in popularity in recent times.
Saving many businesses considerable sums in expenses, while simultaneously offering a much-needed opportunity to grow and scale – it’s a recipe certain for success. Coworking will certainly continue to rise in India. But, while an attractive concept, it comes with its own challenges. Let’s delve into the pros and cons and build a better understanding of coworking and what it brings with it.
In very simple terms – coworking involves multiple organizations and groups of people working in a common office space. This brings in some challenges, but it’s important to note that these aren’t rigid, and can largely be overcome if serviced by the right provider. Nevertheless, before you decide to move into a coworking space, here’s a quick look into what you’ll be getting into.
Privacy is possibly the biggest (or most vocally voiced) challenge in a coworking space in Mumbai and across the rest of India. With office spaces being shared, they are bound to be other personnel around and about. This may affect your work privacy, seeing as many of the coworking spaces have glass dividers and there is a shortage of private space. To some, this brings up natural concerns of the possibility of phone calls or meetings not being entirely private. A good IT (and interior) infrastructure in the coworking space is therefore of utmost importance to protect the work you are doing, and your conversations. It’s why coworking brands offering quality coworking spaces make efforts to address this concern.
Having personnel from multiple organizations in one place can induce a feeling of a crowded office. Furthermore, different parties occupying the coworking space will inevitably lead to multiple events or meetings being held in the office. This can potentially disturb the workflow, productivity and efficiency of coworkers. A good coworking space should take steps to ensure distractions don’t spill over to impact multiple clients.
While cost-cutting can seem to be the primary reason behind coworking office spaces, some space providers do charge monthly dues, which can turn into large sums if you avail add-on services. This is why it is important to understand and know exactly what all costs you will have to cover before you agree on a space. Identify a reliable brand to minimize the chances of such scenarios, and read the fine print before you sign up. This is especially a challenge for small businesses in their early stage.
Having looked at some of the challenges faced in the coworking spaces, let’s move to the many opportunities that come with them.
Reduced expenses can often be the first incentive for small businesses to move to coworking spaces. This shouldn’t be surprising – cost-cutting, especially on overheads, is vital for a budding company or entrepreneur. The initial focus, in addition to exponential growth, is to ensure the business is sustainable and solid to withstand any potential hiccups.
The early stages of a business have to be all about creating a well-oiled machine that can work efficiently. With the right coworking space, you will get to do just that. With a reasonable price of sharing office spaces, you are free to improve your business.
Coworking spaces are ideal locations for networking and collaborating. There’s potential to ignite boosts of creativity and opportunities, giving way to better and more efficient outcomes.
Of course, coworking spaces are not about real estate or floor space alone. With quality coworking space brands, customers expect a fair amount of quality facilities and amenities as well. The idea is to allow customers to focus on their core business.
A quality coworking space provider will offer amenities that are pretty much essential for businesses today – like reliable Wi-Fi and IT infrastructure, a well-stocked pantry, coffee machines, seminar rooms, etc. Even leisure rooms where you can relax, chat, scrabble and such. All in all, a healthy coworking space will enable you to work as you like best and make the most out of your day.
As is evident, coworking space has its share of pros and cons. While it is an attractive concept and tool to utilize to sustain your business; it can be a mistake if you pick the wrong choice. With a rapid rise in customer interest in the industry, you’re likely to see a plethora of brands offering coworking options. Many may even offer you astonishingly low rates for a shared office space. Tempting as that might be, do keep in mind that the ultimate aim is to make your business a success and hence, it’d be unwise to compromise on the quality of service.
iKeva is one of the leading coworking space providers in India. The brand ensures customers get the best out of their workspace, with quality infrastructure, amenities, and a focus on networking and community building. Already servicing organizations in 4 cities in the country, iKeva’s flexible offerings, member benefits, and vibrant community make it a difficult choice to beat.
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