Article by Anant Roongta, MD, Famous Studios and Famous Working Company
Co-working spaces are the new normal in the post Covid world. With the aim to create a long-term and sustainable solutions employers have moved towards a hybrid working model. Co-working spaces help improve work-life balance by offering a dedicated space to work with essential operational facilities just like an office would and enables employers especially start-ups and entrepreneurs to cut costs while also providing an office environment where they can remotely work out of. With a dedicated space for work, it becomes easier to build a schedule that allows an individual to do what they need to be most productive.
Below are the various ways in which co-working spaces canbe efficient:
Flexibility
Flexible workspaces make a company more adaptable to the challenges it inevitably faces: workplace costs, occupancy, operational demands and support staff. A flexible workspaceinstantly becomes an asset as it allows you to set up any type of business with minimum number of employees In addition to offering a flexible time limit and duration of work.
Benefits over leasing
Co-working spaces offer the convenience of surpassing the traditional lease route. One of the critical feature of a lease is that, it is for a fixed term and for a set amount of money. Tenants who are typically business owners adhere to operate in the same location/premise during the tenure of the lease without any exclusivity in terms of possession or value added customization of the premise without scaling up their budgets. Co-working spaces allow you to customize your space as per your requirements and provide you with an epitome of services, facilities and common spaces which you otherwise would not get in a typical lease agreement without burning a hole in your pocket.
Hassle free – from hospitality to catering to Wi-Fi and electricity
Co-working spaces are well equipped and established premises, designed to meet the needs of business owners and working professionals. Subsequently, there are usually facilities available for the use of professionals, including: meeting rooms, conference call facilities, fast internet, a serviced front desk and social spaces. For a small start-up, these are facilities one would not usually be able to access unless they rented their own space. It means that you can offer your clients and employees an experience that you would not otherwise have access to.
Networking – potential growth of business, possible collaborations.
Exposure to communicate with other companies, open possibilities of brand collaboration and rapid growth of business. Networking is a big advantage of co-working spaces. It provides opportunities to make productive growth in the business.
Cost effective
Co-working spaces are great for new businesses because one does not need to pay the costs associated with renting out their own office and setting up the space with furniture, fixtures and other amenities. Co-working spaces generally come equipped with office equipment such as printers, kitchenware,electricity etc. Ultimately, this means one has access to good quality working essentials that they may not otherwise have.
The pandemic has enforced the adoption of the new form of working. The co-working model has solidified itself as the future of work as originations of all sizes have begun to realize the benefits of a collaborative space and an innovative environment that the hybrid culture brings with it. Companies have reimagined their operations strategy and the role of offices in creating aconducive, safe, productive, and enjoyable atmosphere and work lives for employees.
