What is coworking space? Everything you need to know about
What is Coworking Space?
Coworking space is when Solopreneurs, Freelancers, startup teams, and entrepreneurs assemble in a neutral space to work independently on different projects, or in groups on the same projects.
It is not like any ordinary office, it is different than a typical office workspace because people in a co-working environment generally aren’t working for the same company. Everyone is essentially independent but that doesn’t mean they can’t turn to others for ideas, motivation, or even for just friendly conversation.
Coworking Spaces offer a shared workplace for entrepreneurs, Freelancers, and Startup Teams with a Pay-as-you-go Model. These collaborative workplaces bring a sense of togetherness for a like-minded group of people who work differently in different fields, but together under one roof.
History of the Coworking Space In India
2004
Regus ( World’s largest Co-Working space provider) opened its first center in India with a presence now in 21 countries, 3600 cities worldwide, having 2.5 million customers & partners worldwide.
2008
Bombay Connect, India’s first community-focused co-working space was born as a social incubator and set the scene for coworking space in India.
2010
WeWork having headquarters in New York City has established 848 locations worldwide with a 90% occupancy rate & 116 % membership growth. Currently covering 8 cities in India.
2013
91springboard at Yerwada is one of the most prominently sized coworking space in India with a massive area of 50000+ square feet.
2015
Innov8 had a single center in 2015 to 16 centers till now has 4000+ members across India with a 95% occupancy rate on an average.
2016
SmartWorks is currently catering to over 400+ organizations spread over nine cities with 31 centers across India.
2018
According to the report by financial express, co-working spaces grew by 18%, which accounted for the highest ever increase in India.
2020
The number of co-working spaces worldwide is projected to reach almost 20,000 from 2020 onwards and is expected to reach more than double by 2024, and surpass 40,000 on an average.
Advantages of coworking spaces
- Flexibility and cost savings
- Networking Opportunities
- Counters Loneliness at work increases productivity and efficiency
- Wellness and work-life balance
- Bring structure to your day
Let's understand each of these advantages of coworking spaces in detail.
- Flexibility and cost savings
From choosing a desk to scaling up to a larger space, there are many options within co-working spaces. This can act quite productive especially from small businesses to scale their operations while just paying for the exact space they own.
Moreover, built-in amenities like front-desk and cleaning staff, printing services, internet connectivity, and kitchen and bathroom amenities eliminate the overhead costs typically associated with opening an office space of your own.
- Networking Opportunities
Sometimes, it can be difficult to network when you don’t have a sense of community around. With shared office spaces, you can still work by yourself but not alone. You’ll be introduced to many individuals that can serve as resources in times of need.
Moreover, with various seminars/workshops/events happening around the court, coworkers get a chance to interact and exchange their ideas.
- Counters Loneliness at Work increases productivity and efficiency
Coworking spaces surround you with a network of professionals which can reduce the isolation sometimes associated with working from home or traditional office. Moreover, shared office spaces are optimized for enhanced productivity and efficiency.
Progress comes easy in intentionally designed spaces, while intangibles like background music, natural light, and moderated air temperatures keep you energized and refreshed.
- Wellness and work-life balance
Science proves that exercising during the workday has been linked to increased productivity. Also, activities like meditation and yoga can help fuel focus and drive creativity.
shared office spaces often include design elements like motivation wallpapers and expansive indoor lounges that encourage movement during the workday. It also provides locations to gyms and exercise studios which foster wellness among co-workers.
There are regular rooms for meditation, frequent community yoga sessions, and other seminars organized to ensure work-life balance too.
- Bring structure to your day
Co-working spaces offer structure to your day, providing a place to arrive every morning and leave once the work is done.
Whenever you choose to start work each day, you’ll find that this structure helps prevent the unbidden creep of work-life into personal time.
Also Read:
Why Coworking Space in Surat in demand
Coworking for Small business/SMEs
Small businesses/SMEs can get their business off the ground quickly. They can foster new connections in the area and enjoy a social, creative atmosphere at the same time.
The opportunities are endless as they get the advantage of cost-effective ecosystems with advanced technology in the membership plan itself.
Coworking for Freelancers
Freelancers are persons who are self-employed & are not necessarily committed to a particular employer long-term.
They can enjoy benefits like Hi-speed internet access, coffee and tea, comfortable air-conditioned environment, and most importantly a community of like-minded professionals driven by the same passion.
They can do this without compromising on flexibility and dignity.
Coworking for Corporates
There is a growing trend of big corporations taking benefits of coworking spaces. Some technological giants, such as IBM, Microsoft, and Verizon, are testing the use of co-working spaces for employees so they can be close to and easily interact with innovative startups.
CORPORATES have their employees spread all across the world, with shared office space they can to your right be, an enthusiastic start-up founder brainstorming with his team the best way to get their platform live on the cloud and in a conference room to the left, a large corporation sealing a million-dollar deal.
Famous companies that started in a CoWorking space
The true power of coworking can be seen through no bigger example than Instagram. The flexibility coworking offered the photo-sharing platform led to it being bought by Facebook for $1 Billion. The story of Instagram goes like this – Mike Krieger and Kevin Systrom began a social network called Burbn.
Burbn transformed into Instagram while the two founders were working at Dogpatch Labs, a shared workplace. Mike and Kevin realized that the most popular aspect of their app was the photo filters. So, within a span of two months, they redesigned the entire application and relaunched it as Instagram.
UBER
Uber all started with an idea to eliminate the terrible taxi problems of San Francisco but is now present all over the world.
The thought processes behind Uber started developing in one of the coworking spaces and with the help of the strong professional community, they were finally able to devise a solution to this problem.
Currently, Uber is one of the most sought-after online cab system prevalent all over the globe.
It is yet another amazing startup that began in a coworking space named Rocket Space. With a Swedish origin, it is an audio streaming platform. It provides podcasts and DRM-protected music from numerous record labels and media companies.
WONDERFULLY
This was initially a small startup that was brought up in the year 2011 with the motive of bridging the huge market gap for travelers. Indifferent to the place, traveling should be feasible for one and all. This startup again finds its roots at a co-working space and became a huge hit in a short span of time.
Just after 1 year of operations, it was acquired by the famous website TripAdvisor. This again is proof of a successful startup that started from a co-working space and made it big.
CONCLUSION:
From Small Businesses to Big Giants, Everyone Needs a Perfect Space, no other place can turn out to be more productivity than a perfect co-working space.From indie offices, to worldwide, major co-working companies, the co-working craze is being felt everywhere.
The benefits aren’t just being felt by the freelancers and work-from-homers. Those who have smaller businesses, or are just starting out, have benefited from co-working offices, which offer a cheaper alternative compared to renting out a regular office.
Startups and small businesses can rent out an office space that fits them while being able to book a meeting room for when needed. It’s cheap and efficient, while still maintaining a degree of professionalism. Thus, google up the nearest co-working spaces around you, enjoy the benefits it offers, and thrive with your coworkers.
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