The Growing Phenomenon of Co-working Space.
Shared office spaces are no doubt the new norm in today’s corporate world. But they weren’t always the first choice among entrepreneurs and freelancers. In 1999, the ‘traditional’ idea of workspace had started to tarnish due to the amount of dissatisfaction it caused since it was a restricted place that made individuals feel like they were trapped in boundaries. Bernie DeKoven, a game designer at the time, coined the term ‘co-working’ in order to describe the concept of working together, in an environment of technological development.
It was only in 2005 with the establishment of the first ever shared working space startup unit was established by a software engineer Brad Neuberg in San Francisco. The company was however commenced in 2006.
During the processing of this idea, Neuberg came up with a three-step plan which involved the following:
1. Working on commercial open source projects.
2. Write articles for publications.
3. Establish a space to support the community.
Back in 2005, the idea of shared places was already in action at a café in New York City named Berlin cafe St. Oberholz. This café offered its customers free internet access which naturally attracted the corporate crowd which led to it becoming a place to hold meetings and work amongst others.
Since their establishment, co-working spaces have been growing at a rapid growth rate. These spaces gained popularity within a few years of the idea being introduced. By 2012, shared places had almost taken over the traditional way of working. Many studies indicate that the reason for this rapid growth is that somehow, the productivity rate in these places was higher than the average rate of productivity in traditional workspaces. One thing led to another and today, co-working spaces are regarded as the best option for small businesses, entrepreneurs, freelancers and so on.
The whole idea of co-working spaces revolves around the concept of sharing a given space between people of different professions and ideas. Co-working spaces give everyone a space to work from comfortably at a rather reasonable price. The idea thrives due to various reasons one of them being the difficulty of finding a place, followed up by finding an affordable place.
With increased numbers of budding entrepreneurs and freelancers, especially in a metropolitan city where prices for the smallest spaces stretch over the rooftop, co-working spaces seem to be the most convenient and feasible option.
How do co-working spaces earn money?
Establishments like WeWork earn money through renting out spaces on a monthly or hourly basis. They purchase real estate and rent them out. Real estate may include a whole building or just a couple of floors. Spaces are rented in forms of individual desks, cabins, conference room, etc.
Why do co-working spaces work for startups and other small businesses?
As already established, co-working spaces are affordable and convenient. Apart from the said obvious, co-working spaces also provide various add on facilities like canteens, parking spaces, free wifi and so on. Furthermore, co-working spaces provide a space to connect and make contacts. Studies have shown that people in a co-working environment tend to see their work as more valuable due to the absence of cut-throat competition that can be found in a traditional workplace environment; it makes individuals feel that what they do is unique and hold importance. These establishments are a great place to learn and acquire knowledge. When you share an office space you share much more than just that, you share ideas, innovations, techniques, experiences and so on. It’s been mentioned in several studies that co-working spaces are comfortable for people of every type of personality, be it introverted, extroverted, ambivert or any other personality combination. Moreover, co-working spaces have beautiful corporate office designs and do not require you to sign contracts, which is a major advantage since you are free from commitment and paying deposits. A co-working space is more than just about sharing an office space, it’s also about sharing a social space.
Who can use a co-working space?
Shared spaces can be used by almost everyone. However, it is best suited for small businesses that are looking for a space to grow while cutting down on their funds. Some groups that would benefit from hiring a co-working space would be:
· Travelers: If your business involves traveling on a frequent basis, having a fixed office is not the best option in the books. Try hiring spaces on the go!
· Entrepreneurs: Small businesses on the ladder of growth can find it difficult to rent places, shared spaces help establish a base for their businesses.
· Independent worker: If you work as alone or as a sole proprietor, shared places are very much convenient.
· Businesses with very few employees: A business with more than one and less than let’s say fifteen employees can also hire these spaces.
· Freelancers: An artist who works as a freelancer doesn’t necessarily need a permanent space. Co-working spaces are the right investment option in these cases.
Other than these if one desires to be in a community set up while working, they can opt for shared spaces, instead of work at home office spaces.
Where can I find a co-working space in the city of Bangalore?
Bunchworks co-working space located in Shanti Nagar is providing co-working spaces at a minimal and affordable price.
Address: Ground floor, Andree Capitol,8/1 Andree Rd, Shanti Nagar Bangalore 27 (Behind Axis Bank)
Contact: +91 9845014388
Multiple establishments are providing shared working places, the industry is growing at a rather rapid rate. As of 2019, there is an increase in the demand for shared office space franchises. Many people want to opt for the industry itself. In spite of large establishments like WeWork dominating the market, dozens of small establishments earn the desirable amount of profits.