CAN STARTUPS BE BOOSTED IF THEY START OUT IN COWORKING SPACES?

coworking office space

Studies by Ikeva reveal that by the end of 2018, there were over 18,900 coworking spaces with over 1.6 million active members. In addition to the present scenario,  future projections indicate that by 2020 itself, 40% of the workforce will be full of freelancers, temps, contractors and solo entrepreneurs. This indicates that there will be a rise in the search for coworking places. Coworking Space in Delhi NCR and others across the globe have transformed the way the workforce is providing efficient results and contributing significantly to the development of businesses. Early-stage startups have the most to gain out of coworking spaces as these tend to provide many benefits to the members of a startup.

In this piece, we’re going to focus exactly on that, opting to go for coworking rather than a stand-alone office setting,  and whether or not it’s the right move for you.

Anthony Marinas, marketing manager at Grimes, indicates that people prefer being part of a community rather than being part of a company. He goes on to say: “Instead of working with a team of 2-3 members, working in an environment surrounded by 100 people on a daily basis, gives you the opportunity to make a professional as well as a personal connection.” Let’s present a strong case for why coworking might be the answer to solving many of your startup woes and later, let’s look at how to decide whether it’s the right move for you.

Coworking: The Benefits

It might not seem like much, but coworking has actually proven to boost health, productivity and happiness.

  • 70% of people reported feeling healthier working in coworking rather in an office setting.
  • 64% of coworkers indicated that task completion was easier and could be done with more punctuality.
  • 68% of the workforce responded positively to coworking helping with better focus.
  • 91% of employees felt that they started having better interactions after a cowork environment.
  • 50% of employees started reporting higher incomes as well.
  • In addition to work-related benefits, 60% of employees felt more relaxed at home since they started coworking.

These were some statistics indicating the positive impact coworking office space had on the workforce. Let’s however, take an even greater dive into why coworking is ideal for startups.

  1. Coworking offers a prime location for offices without having to shell out exorbitant amounts of capital. This means you can avail the amenities and facilities bigger firms have access to at lower prices.
  2. In addition to location and amenities, among the benefits startups have because of a coworking environment are ease of flexibility and scalability. Startups can help accommodate the changes to the size of the team better by upgrading/downgrading your space requirement as needed. This downgrade/ upgrade will not cost a lot as there is a monthly/one-time pass which can be moulded and locations can be changed.
  3. Working in a co-work environment helps employees channel their collaborative efforts across organizations, to brainstorm on solutions for difficult problems and help each other achieve greater success. Businesses can also build relationships and form long-lasting partnerships.

Coworking or Traditional: What’s better for you?

Still pondering whether or not a coworking environment is really the best for you? Let’s help you decide what kind of work environment would help you with growth. There are 4 considerations you need to make in order to arrive at a conclusive decision.

  • Deciding your office culture is important; what it is right now and how you would like it to be.
  • What are the things in your workplace that you want and can your business venture in the current scenario pay for the same? What are the things you want to avoid in your workspace?
  • Does your current workplace profile allow for a co-work environment?
  • Setting your projected achievements is important in order to make a decision.
  • Identifying your talents and zeroing in on their specific needs out of a workplace.

There are two sides to everything – however, coworking spaces have been consistently showing results by boosting the growth of startups and helping them touch new heights of success.