How Entrepreneurs Hit The Jackpot With Coworking Spaces!
The one thing that connects all entrepreneurs is the unpredictability of when an idea will strike their busy minds. They need the flexibility of time, and space, to be able to work effectively and efficiently. Coworking spaces are designed to meet these needs!
But is this the only way entrepreneurs benefit from coworking spaces? Turns out, they have a lot to gain from working in these ‘workplaces of the future’!
How Do Entrepreneurs Benefit From Coworking Spaces?
Coworking spaces fit the bill for many, many reasons.
1. Greater Flexibility
As we said, the chance to work at any time of the day is a necessity for enterprises. Since coworking spaces are open round the clock, this need is always fulfilled. A night owl can come in at 11 pm and stay till the wee hours to complete work. An early riser can come in early, and wrap up by afternoon.
Plus, coworking spaces offer open and private areas to work from, depending on the nature of the project. An entrepreneur can choose the area that suits him/her best!
2. Fewer Responsibilities
Millennial entrepreneurs flock to coworking like birds of a feather because they don’t have to bother about non-functional printers or shortfalls in office stationery – in other words, administrative headaches!
Cleaning the premise, maintaining it or taking care of daily minutiae is managed by the coworking staff. This way the entrepreneur gets to focus only on the one thing that matters – growth!
3. Affordable
It’s just good sense to keep the cash outflow as low as possible, particularly during the first few years after setting up a new business. Renting an independent office space in expensive metros like Mumbai may become a strain on the pockets.
With shared workspaces, you have the choice to rent desks or closed areas at pretty affordable prices. Plus, you have the option to hire space for a day, week or month which reduces the upfront expense substantially.
4. Better Compartmentalisation
Where do founders begin to tinker with ideas? In homes and cafes. However, the ‘casual’ environment in these places might lead to unwanted distractions. For instance, when you are working from home, it is easy to convince yourself that “I’ll-get-back to work in just-a-minute.” That minute stretches to 15 minutes, then 30 and so on.
Also, when working from home, it’s always difficult to ‘switch off’ – since your home is also your workplace!
Coworking spaces offer a more ‘workplace-like’ environment that makes it easy to switch between work and home, ensuring a healthy balance.
The Tactical Benefits That Shared Workplaces Offer Entrepreneurs
Every second at a coworking space is an opportunity for entrepreneurs to network with other hustlers and business owners.
1. Opportunities Abound
What do entrepreneurs look out for most? Opportunities for growth and networking. The diversity of coworking spaces ensures that they have enough of both! They offer a lot of scope for cross-business partnerships.
Additionally, help is always around the corner. If an entrepreneur lacks a particular skill set in his/her team, he/she can always approach someone in the coworking space for some quick advice. That’s what makes coworking spaces unique!
2. Share Knowledge
Access to a wider skill set within a small area is the biggest strategic benefit coworking spaces bring to an entrepreneur’s table, but sharing of extensive knowledge is another.
In a conventional office, a business owner is restricted to limited sources of information. In a shared office space, the sheer diversity of members opens up brand new horizons.
Companies That Were Born Out Of Coworking Spaces
While we could list all the benefits coworking spaces have for entrepreneurs, nothing would say it better than the success stories of businesses that started out in a shared workspace! Here are a few brands that made it big in their respective fields…
1. Uber
The Place: New York
The Coworking Space: The Yard
The Founders: Travis Kalanick and Garrett Camp
More than a decade back in the City of Light and Love, two men struggled to find a taxi. It was that moment that gave birth to Uber – finding a ride through your smartphone.
Travis and Garrett began working on the shared economy platform from a coworking space in New York. When they grew to a team of eight, they shifted to San Francisco and yet another shared workplace – RocketSpace. It is here they nurtured the app that is now used worldwide to hail rides.
2. Instagram
The Place: San Francisco
The Coworking Space: Dogpatch Labs
The Founders: Mike Krieger and Kevin Systrom
Instagram began as a location-based social network. Kevin and Mike called it Burbn. It was while sitting in the conference room of Dogpatch Labs, their coworking space of choice, that Instagram we know came to being. The two realised that it was photo filters of Burbn that performed the best. In eight weeks, the co-founders redesigned the original app and launched Instagram for iOS.
Uber and Instagram are the two most renowned examples of businesses that were fostered by shared work places. The actual list includes names like Hootsuite, Indiegogo and Time-hop, all of which were equally successful.
Coworking Spaces Are Your Answer
For entrepreneurs, tiny chores like getting the printer repaired or finding a good grade Wi-Fi layer over to form a mountain. When you tackle it along with the uncertainties of a new business the climb becomes rigidly uphill.
A coworking spaces mitigates and lessens most of these stumbling blocks. They take away some of the administrative and strategic complications. It is why they are the answer to entrepreneurs and start-ups to building successful businesses.
Additionally, the incredible opportunities for innovation and networking make coworking spaces the ideal environment to establish and grow a business!
If you are looking for a coworking space in Mumbai that offers both private and open work areas, get in touch with us at WorkWise!
