Have a business? This is why you need to be in a co-working space

Times have changed and even the platform from where business is done has not been able to buck this trend. Gone are the days when corporates required massive 5-star hotel-type offices to house their businesses. Instead, co-working spaces are what have increasingly turned into a rage. There are no large companies shifting into these smaller spaces, but as far as SMEs and entrepreneurs are concerned, there is no argument against the fact that small is the best for them as they look to scale up their businesses. In fact, new companies are going for co-working spaces rather than investing a huge sum of money in offices or corporate buildings. 

Looking to serve the growing need for such spaces in India is CEO and Founder, Garage Society, Elaine Tsung who told Zee Business Online, "India is a huge market, a young country with tech-savvy generation. It is certainly a great opportunity for us to expand our co-working business pan Asia. Co-working is not only more fancy, community friendly and eventful, but it is cost effective and flexible too. Therefore, we have all kinds of clients, right from startups to giant MNCs." 

Why co-working is different from regular offices:

1. Larger community:

Co-working spaces offer a much larger community to companies and their employees to exploit. A much larger community than a traditional office atmosphere offers.  In co-working spaces, members get to know each other and other co-workers from different businesses. It helps in discovering resources that bring a NextGen corporate culture. 

Prashant Garg, Country Head, India, Garage Society said, "Co-working is all about community, we don't call ourselves cost-effective; of course we are, but more importantly we create a single roof for like-minded people, providing them one space to grow together. It is not only better for companies but beneficial for an individual's personal development too."

2. Enhancement in productivity:

It allows employees to work side by side with startups and industry innovators. It makes it easier to get new talent on board as it provides motivation and enhances employee productivity. Employees tend to be more motivated when they see others around them working hard and generating great ideas, giving not only the startups but even to large companies another reason, to use co-working spaces over regular old school offices. 

Game rooms at the Garage Society, Gurugram

3. Lively atmosphere:

While companies have been doing all the good work to create a different atmosphere in working conditions but sadly the productivity in co-working spaces wins the race. The dedicated office spaces can’t really generate the same electric atmosphere that’s visible in most co-working spaces.  Co-working keep employees excited for a lively environment, turning professional passions into lucrative and creative lives. 

"We organise live events, games, fests and several campaigns to ensure that we keep our community members lively. This enhances the productivity of all the employees and creates a magical atmosphere in the co-working office,'' mentioned Tsung. 

4. Flexibility and comfort:

Co-working spaces offer more flexibility to companies and their employees. Flexible areas, cost per seat, flexible timings, fancy offices drives the comfort level to the next stage. 

5. Cheaper than regular offices:

"If you would calculate the cost that companies save over the cost of running regular offices, the co-working spaces are 30 per cent more cost effective including what all you get in addition,'' told Garg. 

The co-working spaces are shared by many companies, therefore the cost of running a corporate building is shared among different members. This brings down the overall cost of the office functioning, maintaining the affordability and effectiveness. 

A collaborative work space at Garage Society, Gurugram

6. Suitable for startups:

The co-working spaces are suitable for startups, as they are affordable and cost effective. Startups do not have huge pockets to open regular office with fancy amenities. However co-working spaces rent is chargeable on per seat basis, which turns out highly efficient and cheaper. 

"We provide spaces from 4 to 300 seats. You don't need to pay for what you don't use, this is what makes co-working special. However, no matter how smaller your space is, you enjoy other facilities like, events, community, cafeterias, playing areas, security, power, water supply, other needful zones additionally. 

7. Ad-hoc and other services:

Co-working spaces not only serves you a space to get seated, but it also ensures that you enjoy your work. It provides you all the fancy amenities like, beautiful cafeterias, gaming rooms, gym, fancy corridors, board rooms, hygienic washrooms, cleanliness, beverages, hospitality and more.