Are you downsizing your business? Consider Joining a Co-working Space!
In recent times of entrepreneurial development and growth, accommodation seems to be the core issue when setting up a business. Moreover, affordability becomes an issue, especially in metropolitan cities like Bangalore, where land and office spaces prices are sky-high. The idea of a co-working place of minimal pricing is a perfect alternative to renting a space that will take up unnecessary funds from your pocket, which can be utilized elsewhere to improve or add on to your business instead.
If you are looking to set up your startup in the city of Bangalore consider opting for a co-working in Bangalore. Co-working spaces not only provide you with connections and self-development but also lighten the burden on your pockets. A few other reasons to opt for a co-working space in Bangalore are:
1. Diverse usage: A co-working space can be utilized by anyone belonging to any profession and field. It provides a space to connect with like minds and explore new opportunities in the process of interaction. Anyone from professional business persons, freelancers, a startup to full-fledged companies can hire co-working places to improve efficiency.
2. Economical: Traditional rent/leasing places require a huge sum of deposit with a contract signed. Co-working places cost lesser than average rent accommodation and provide a ‘no commitment’ policy, not bounding the business to a contract of any kind. In Bangalore, Bunchworks co-working spaces provide desks and cabins on a monthly rent scheme and conference rooms on an hourly rent basis.
3. Thriving environment: Studies have shown that employees tend to improve efficiency when put into an environment of shared spaces. It has been observed that the average growth in terms of efficiency reaches one extra point above the average efficiency when employees are in a co-working space.
4. Minimal pressure: In co-working spaces there is a variety of companies and professions packed in a single space, therefore reducing the amount of pressure caused by completion since there is an absence of direct competition. Due to this minimal pressure, employees find a sense of relief and can work stress-free.
5. Sense of self-worth: The process and working of one business differ from another. When an individual works in an environment as diverse as a co-working space, the work one does hold more value in the eyes of the worker. It gives a person a sense of individuality and uniqueness.
6. Facility: Mostly all co-working space, much like Bunchworks co-working spaces provide many add on facilities, such may include:
· Modern design
· Free and fast internet connectivity
· Group events
· Free parking
· Coffee shop
· Conference rooms
· CCTV surveillance
7. Social life: Human beings are born a social animal; a co-working space compliments this particular common quality in humans. Loneliness and the feeling of being alone can hinder the productivity of individuals, leading to a loss in business. When in a co-working set up, individuals feel more connected to a community and interaction takes place on a daily basis, canceling out the loneliness and therefore increasing productivity which results in a positive impact on your business.
8. Convenient location: A centralized location that can be reached easily from any part of the city makes it easier to reach out to the clients and for clients to reach out and conduct meetings.
9. Flexible: Shared spaces provide you with the option of working at your convenience. You can work whenever you want. This factor is suitable for almost everyone since it allows you to take your time and give your maximum efforts to flourish, when and how you want.
10. Adaptable by all personalities: Studies and surveys have shown that people of different personalities, viz. introvert, extrovert, ambivert, and other combinations find co-working spaces comfortable and feasible. This makes co-working space, efficient and convenient for everyone to work in harmony.
11. Personal and work-life balance: Being an ‘open to all place’, co-working spaces provide a work-life balance by promoting comfortable, feasible and pleasant work experience. The phenomenon of working nonstop is not implied in a co-working space, which in turn results in the better mental health of individuals, bringing out their full potential.
12. Lesser responsibilities: One of the major advantages of a co-working space is the reduction in responsibilities of a budding startup. Co-working spaces reduce the stress of setting up a managerial system and maintenance team. It simplifies complicated procedures, which otherwise would require funds and human power in addition to being a tedious task to accomplish. Therefore co-working space takes the burden off your shoulders.
13. Valuable networking: Connections are an essential part of running a successful business. Without connections, it becomes a tedious task, requiring excessive funds and human power to carry out operations that divert a company from its main functions. Co-working spaces provide multiple opportunities to grow your connections, ergo grows your business.
There have been multiple pieces of research conducted on the topic of co-working space which arrived at a positive conclusion, being that co-working spaces have appositive impact on micro and small business which are trying to establish a brand in a market. For a small business, even the smallest of funds saved can be a huge deal. In this modern era, it is advisable to opt for economical spaces, since it not only provides small business a relief from spending on leases, deposits, rent and maintenance and so on but also utilizes the minimum amount of space available presently, especially in a metropolitan city where spaces are not only costly but also hard to find.
In addition to the advantages, co-working spaces provide motivation, since you are surrounded by hardworking individuals, seeing them thrive towards their goal, motivates you to thrive towards your goals. After all the saying “your vibe attracts your tribe” works both ways.