How many new companies do you think India must have added in 2017?
You may be surprised to learn that according to the Nasscom Startup Report, India saw an addition of over 1,000 startups last year. Yes, it means 1000 new companies or entrepreneurs. Today, India has the third largest startup ecosystem in the world, amid growing competition from countries like the UK and Israel.
The new additions bring the total number of tech startups to nearly 5,200, making tech enablements or tech startups the most popular startups. The country also witnessed a rapid rise in business with these startups targeting verticals like health tech, fintech, e-commerce, and aggregators.
This brings us to the next interesting question of how, with restricted funding, these new businesses manage office space. With sky-high real estate prices, buying office space means using funds that could otherwise be used to develop infrastructure, technology, operations, last-mile delivery, etc. And if you thought the other option of renting a space was better, then a good location would mean higher rents and, in return, locking up not only a certain amount each month, but also paying a security deposit three to six months up front. . above rent. So this locks up huge funds that can otherwise be used wisely and for more important things.
Therefore, to keep that capital unlocked, we have an option for startups, professionals, small businesses, or any other business, and that is coworking. Welcome to the era of coworking or, in simple words, shared workspaces. These office spaces address the immediate needs of your clients by offering space options that range from pay per day to limited term, making them affordable. Not only this, for meetings or a daily permanent space, some even offer conference rooms and fixed spaces for your workforce. These options provide flexibility and help save costs as you decide what and how much you need.
Do you want to know more? We bet yes!
Unlike a rented space that comes unfurnished, coworking spaces are non-contractual and require no upfront investment. They come furnished therefore ready to move in and ready to use. They also offer a wide variety of services and benefits such as private booths, high-speed Internet, cafeteria, lockers and much more, giving businesses a normal office atmosphere and not rented office space.
That’s not all, these are just the basics reviewed, let’s see more benefits.
Choosing your location is one of the biggest benefits of a coworking space. By being in more than one location, these locations give companies the flexibility to let their employees work from any of their convenient spaces. Additionally, co-working spaces can be located in a prime area that gives sole proprietors or small businesses access to pay and work from a prime location. Whereas, if you are thinking of owning or renting an office space, it is a fact that renting is mostly about the location and facilities only later on.
One of the biggest advantages of coworking is adding space as you grow. Coworking gives companies the option to continue adding workspaces as they increase the workforce and not based on a growth projection, as is the case with rented office space. Also, in case of meetings with clients or investors, a coworking area appears to be larger, professionally managed and includes basic amenities. Whereas, the latter is restricted to the office space that the company has paid for and the service and amenities at its disposal to spend at that time.
In addition to startups, these spaces are a boon for freelancers such as designers, developers, and writers as they work alongside various like-minded professionals, entrepreneurs, and innovators. Work culture and networking events help people from different backgrounds to collaborate on a single platform that enables knowledge sharing and best market practices, making for a conducive work environment.
So, are you thinking of buying or renting an office? Think again. When you have the convenience of a workplace that offers a calm, professional and hassle-free environment whenever you want, why block funds? We tell you, try a co-working space now and let us know what you think about them on our blog, Facebook or Twitter.
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