What is a Coworking Space or Shared Office Space?

What is Coworking Space?

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What is Coworking Space?

Coworking space is an office location where different people assemble in the same space to work independently on different projects. Even small teams who work on different projects assemble in coworking spaces to complete the job on time. The coworking spaces today offer the same amenities as corporate work stations allowing you to work independently. You will get all amenities like Wi-fi, printers, all digital assets, conference rooms and many more at a shared price.

Who uses coworking spaces?

Coworking spaces have spread their wings wider since their existence. Space is no longer a choice just for a freelancer; it has opened doors for many corporate offices that are looking for remote work location assistance for their employees. Alongside, these shared working spaces have turned boon in disguise for the start-up companies. Start-up companies find it difficult to commit to long term leases. The small teams in the start-up companies can handle the projects more focused with less cost, and they also get the opportunity to interact with other teams working in the shared spaces. With the coworking spaces working well with the usual suspects, many large organizations are adopting the concept of utilizing the benefits of shared working spaces wherever possible.

How coworking makes money?

The coworking business model is a bit different from traditional office spaces. It makes money not only from renting the business space but also from memberships, partnerships and establishing different branches across the locality.

Shared Office Space in Golf Course Road Gurgaon

Renting infrastructure

Few shared working spaces earn money just by renting plug and play workstations that are rented to individual users or teams. This remains the primary source of income for many shared spaces. You can also get dedicated cabins on flexible rents.

Renting space

Few flexible work stations with the facilities like conference rooms, meeting rooms earn income by renting out space for meetings, conferences and training workshops.

Virtual office

There are business centers looking for premium work address that business uses for listing, mailing and packages while the employees work from home.

Memberships/ partnerships

This is another popular way of earning money in coworking spaces. Users pay an annual premium membership fee and get access to marquee facilities. These spaces also establish an easy connection between the angel investors and start-up founders, generating a good source of income.

Also Read: What makes a coworking space successful?

Reasons behind their popularity today 

To stay more focused

Choosing a shared space to complete the job can be an expensive option for freelancers. Many are still willing to go for it because they were able to bring their whole sleeves to work. As the working space is occupied by people of a different profession, there is no or less competition for freelancers. It also helps in establishing one’s work identity stronger. They get a scope for making their network stronger by helping each other to build their business.

Gain more job control

The shared office spaces are made accessible to its users 24/7. You are the decision-maker whether to spend the whole day at the workstation hitting the deadlines or take a long break in the mid of the day and resume to work with more focus. They have the freedom to choose between quite a place or an interactive space to work in a shared location.

Feel a part of the community

Many people choose to work in a shared location to make connections with others. Each working space has its own vibe, and managers of these spaces go to great lengths to give a unique experience and meet the needs of the members. In these types of communities, socializing is never forced. You can join the activities in your own interest.

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5 Reasons that make a Coworking Space Successful

What makes a coworking space successful?

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The changing trends in the work style have brought major shifts in different careers. Many professionals today are interested in coworking spaces. These spaces have turned out to be an interactive destination for many professionals working in different sectors. There are different reasons for the success of coworking spaces today.

TOp 5 Reasons that make a coworking space successful

Economical

Affordability is the prime reason behind the popularity of the shared spaces today. Renting these flexible shared spaces will be more economical than renting a commercial building. These spaces bring the art decor along with other essential facilities and amenities like pantry, meeting rooms, conference rooms and many more needed facilities. The spaces can be a great choice for the people who are not willing to invest much in the capital and run tight on budgets. These spaces also have a pay as per you use the feature in place so that you can book spaces that fit your work requirements. This feature makes the option a great value for money.

Flexible Working

Coworking Space in Noida is successful because of its provision for flexible working hours. With flexible work hours, people connect with their remote team whenever they want. They can meet any of their last-minute requirements anytime they want. If you think you are more productive during late hours, you can work as per your flexible timings as these shared spaces are accessible to users 24/7. It will effectively support the work schedule of the clients who work overseas.

Community

Coworking spaces are shared by people working under different backgrounds. They share the same work floor, so the shared spaces bring a mixed pool of talents from the start-up companies, freelancers, home workers, business travelers and many more. Even corporate employees who are looking for remote location assistance will find a place here. This feature of the coworking spaces turns them into a fantastic forum to interact with varied subject experts. The communities can be a great way to get perspective, motivation under the same roof. This community feeling promotes harmony, essential for personal growth. 

Also Read: Facilities to expect in Coworking Spaces

Office Design

Just walk into any coworking space, you will find the ambiance of a high-end office with user-friendly oozes and pleasant vibes. These spaces are embossed with better layouts and appealing designs of the work stations. They have different spaces like personalized spaces, vibrant cafeterias, green open spaces, recreational spaces in-house, along with various dedicated workstations like hot desks, manager cabins, small team rooms and large team rooms, business lounges and conference rooms. These shared spaces facilitate a good work environment and promote the productivity of the people at the office. It adds a feel-good factor for the people using the spaces and promotes healthy living. 

Business

Successful coworking spaces understand at the end of the day, the aim of every user is to run a successful business and generate a good revenue cycle. A business that wants to generate a good revenue cycle, one needs the right revenue channel, and shared working space can be the right juncture for this as it facilitates people to leverage different revenue streams and balance the risk and growth potential before making an informed decision. 

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The Office Pass, Cyber City, DLF3, Gurgaon

What its like working in a “Coworking space”?

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Working from home!! It sounds exciting for a short period, but you may find it quite perplexing in the long term. For people who want to enjoy the freedom of independent workers but want to stay more productive during office hours, coworking spaces may turn out to be the right choice. Every business has two sides of the coin, and the coworking industry is not an exception.

Coworking work

The shared spaces in Delhi are accessible on paying membership fees, and these payments are quite flexible as per the user’s individual needs. It can be daily or monthly. You will be part of events held here as well as have access to all the perks in the office space. You can choose to rent a hot desk where you are allowed to work in an open work area or a permanent work station. 

You will have access to perks like shared meeting rooms, coffee machines, cafeteria, and have an opportunity to meet more clients.

Pros of Coworking

Community Building

This is the biggest advantage one will enjoy choosing coworking in Noida over work from home. As you spend most of the time with like-minded professionals, you get to converse with them during the work breaks. Not every conversation you build with others turns productive, but it is sure to strengthen your bond with others. It helps you build the community, which is much needed for the progress of your business.

Proper Office Environment

Everybody would like to make most of their working hours in a day, which turns to be quite impossible for individuals while they work from home. It is ignored, a perfect office chair and work station have a key impact on the person’s productivity. When you choose to work in a perfect office setup, your productivity in a day will see an increase in performance.

Cons of Coworking

Noisy

A noisy environment is a primary drawback of coworking space. You might be distracted by other people’s noise around you. If your job responsibilities need you to work more focus and attention. Rent for a private space in the shared office space.

Also Read: What makes a Coworking Space Successful?

Might be expensive

If you are a self-employed person renting the coworking station may turn a costly option for you. It would help if you outweighed your raise in productivity that raises your income with the expense you pay for memberships before making a choice.

Is coworking right for you?

Reading the pros and cons of the shared spaces, you might have concluded if the option is right for you. Here is my analysis that helps you make an informed decision about your choice, whether you are an individual, SME, or corporate office looking for shared space.

You will be the right person to know what you want from renting a coworking space. It paves an opportunity to build networks and communities that increases your business. If you are in a market where the network turns a key for business growth, it should be the right choice. It is vital to check what your priorities are before jumping into coworking options. Few people like to socialize with people during work breaks but not sacrifice their work hours to attend business seminars, so; you should rent your office spaces accordingly.

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Why Everyone Needs a Reality Check on Coworking?

Why Everyone Needs a Reality Check on Coworking?

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Freelancer workers and entrepreneurs can now enjoy the benefits of working in a fully stocked office without compromising on their benefits as an individual worker.  Co-working start-up companies are finding success by offering their employees a fun and collaborative workspace with incredible amenities. Long term suitability and productivity at the workspace have been brewing problems under the surface. The co-working spaces have incredible perks as well as few drawbacks affecting productivity so a reality check on the co-working space turns quite important before making a choice.

Financial Viability

Shared office spaces are bundled with many amenities like printers, Wi-Fi networks, coffee stations and many other perks. The startup company using the space need not worry about paying huge rentals to set up an office. It is a  financially viable choice even for the corporates who want to extend their operations to distant locations.

Unbeatable Perks & Amenities

Shared spaces bring unbeatable amenities that no startup company can afford. Apart from good internet speeds and plug and play work stations, office spaces also equip on-demand meeting rooms, cafeterias, jogging and gym areas of employees there motivating them for healthy workouts.

Flexible Options

Many companies and individual workers would like to go for a demo before they make shared working space their choice of a work station. Adhering to their requirements, they are many flexible options like desk rentals for a  day or month before taking the final call.

Coworking in Golf Course Road - The Office Pass

Collaboration & Networking

This is a huge benefit your business will enjoy with coworking space rentals. You will be working with many people of different professions under one roof and this gives you a  chance to collaborate with your friend companies that may progress your business and build a strong network with the professionals in the other fields that may turn to help hand for your business in near future.

Also Read: Top 7 Coworking Advantages for Mid-Size Companies

Noisy Affair

As people of different professions working around you. working in a shared space can be a  noisy affair. It may disturb your focus on the work and affect your productivity.

Distractions

People socialize more and discuss non-work related issues and there are chances of more conflicts when you share the same space with others.  Your privacy may be at risk if you happen to share the space with your competitor.

 The reality check 

  • Don’t either fall for the low rentals or amenities the owners of the coworking space offer. Check if the space is noisy to work or many people getting around to socialize as it may impact productivity. Look for the office space that offers soundproof work stations and conference rooms for important meetings.
  • Check if the office is commutable and you have ample working space. searching for parking space in the parking lot or renting a  cab for a longer distance would waste your time.
  • Amenities offered by the coworking space owners look attractive but consider their effect on your productivity which is most important for any business.
  • Check for the extra incentives that coworking space in Noida offers like meet with industry experts through periodic functional sessions. 
  • You can even conduct trail sessions for a few days or weeks to examine favor ability of the workplace as per your work requirements. Check if the place is the noisy or right work environment to gel with your coworkers.

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