Coworking Space is the future of work - The Office Pass (TOP)

Coworking is the future of work

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Why Coworking is the future of work?

Coworking has been revolutionizing the landscape of work for quite some time now. The rising phenomenon of coworking spaces offers a clear indication of how things are changing on the workspace front. In 2011, there were less than 1,150 coworking spaces across the world. By 2017, this number jumped up to almost 14,000. This figure in itself indicates why coworking is the future of work.

The growing popularity of shared office spaces

Today coworking is no longer a term that attracts the attention of only start-ups and freelancers. The concept has been enticing corporate houses, e-commerce companies, multi-national companies, and media units to highlight a few. As per a joint report by the Confederation of Indian Industries (CII), property consultant JLL, the shared office space segment in India is expected to attract investments of $400 million by 2018. The potential market size of this segment across India stands at 12-16 million seats. Out of this, 10.3 million is ascribed to large companies, 1.5 million each to SMEs and freelancers, and the remaining 0.1 million to start-ups. The staggering rise of the sector and the potential graph collaborate to point towards one thing: Coworking is the future of work. Let us explore why coworking is being termed so.

The rise of a new workforce

The style of working has evolved over the years. Today more and more people prefer to carry on their work in an independent manner. However, they are not willing to forego the feeling of being connected to a community of like-minded people. Coworking spaces step in to fulfill this need in an apt manner. Coworking helps people to reduce their feeling of being isolated. Moreover, they can go to work every day and meet different people from various backgrounds. Such intermingling at the workplace enables one to share ideas and improve knowledge and skills. At the same time, they can be their own boss.

–The Office Pass, Cyber City, DLF 3, Gurgaon – Coworking spaceThe Office Pass, Cyber City, Gurgaon, India

Coworking is A cost-effective solution

The demand for coworking spaces is primarily driven by a few specific factors. Cost-effectiveness ranks at the top of this list, followed by networking opportunities and flexibility. Currently, there are around 300 shared workspace providers operating in India. The majority of their operations are concentrated around Bengaluru, Mumbai, and Gurgaon, where the demand is at the maximum. For small enterprises, coworking can ensure a cost-saving of around 25-30% (source: Colliers International). So, if a start-up opts for a coworking space Vs taking an office space for rent in Gurgaon, it can mean a substantial saving for the company. The cost-effective location advantage is not just for the small enterprises, but for anyone opting for coworking spaces in general. So, cost-effectiveness is one major point that is expected to fuel the demand for coworking spaces in the future as well.

Also Read: 7 Reasons a Coworking Space Makes Sense for Your Startup

coworking is Flexibility at its best

For any micro organization or a small business trying to gain a foothold in their specific industry, there is often a lot of uncertainty regarding the scale of operations, growth, and cash flow. If they opt for a traditional office, they limit their opportunities of upscaling or down-scaling their operations as per the demands of the business. Coworking spaces provide them this flexibility. For instance, if they hire space for coworking in Cyber City in Gurgaon but later decide to upscale their operations, they can easily do so. The flexibility advantage is not limited to companies or organizations alone but extends to individuals as well. Suppose you opt for a coworking or shared office space for freelancers in Gurgaon but later decide to relocate to another place; all you need to do is look for another coworking space at your preferred location. With the advantages of such flexibility, coworking spaces are sure to continue increasing their popularity in the coming days also.

coworking is multi locations

Multi-national companies and corporate houses often face the need to interact with clients at multiple locations. It is not feasible to hire traditional office spaces at every location. But coworking can provide the perfect solution for this. Suppose a multinational company without a presence in Delhi wants to appoint a few employees there. Instead of renting an office space, it will be viable to go for a few seats in a coworking space in Delhi. This will ensure that the needs of the company are met in an effective manner. With the increasing prices in the real estate market and the crunch for office spaces in lucrative locations, coworking can be the best option for expanding operations across multiple locations.

The bottom line

Coworking is the future of work. So, if you are interested in taking advantage of the same, check out The Office Pass or call 8999 828282 for the very best of services and membership options for a coworking space designed to cater to your specific needs.

BOOK A COWORKING TOUR

Top 10 Pain Points for Small Businesses or Companies - The Office Pass

Top 10 Pain Areas of a Small Company

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Starting a small company is exciting, but it comes with its share of challenges. Recognizing and addressing these pain areas early can make your business journey much smoother.

Top 10 Pain Points for Small Businesses

  1. Having insufficient funds
  2. Managing the cash flow
  3. Finding an office space
  4. Acquiring and retaining skilled staff
  5. Marketing on a budget
  6. Handling customer complaints
  7. Lacking support
  8. Dealing with competition
  9. Not having enough knowledge
  10. Protecting your Intellectual Property Rights (IPR)

 

The Office Pass Noida
The Office Pass (TOP) Coworking Space in Noida

1. Having insufficient funds

Lack of sufficient capital is a pain area that most small companies face in the initial years of their establishment. Without enough funds, your business strategies may suffer as it limits the ability to take risks. One way to deal with the issue is to recognize potential funding options like a small business loan, angel investor, venture capitalist, etc.

Another way out is to bootstrap. You can outsource some of the work or opt for a shared office space to reduce expenses.

2. Managing the cash flow

Managing, or to be more precise, ensuring a consistent flow of cash is something that small companies often have to deal with. There may be several reasons why you face cash flow issues, including debts and late payments. With an online payment / invoicing solution it will be easier for you to bill customers in a seamless manner and ensure that cash flows consistently. While buying products and services try and negotiate a longer credit period.

đź’ˇ Are you looking for Coworking space in Gurgaon, Noida or Delhi?. We are just a call away.
Call now: 08999 828282

3. Finding an office space

Finding an appropriate office space is one of the major problems for small businesses. The biggest of all hurdles is created, of course, by funds, or rather the lack of it. With the number of small businesses increasing exponentially over the past few years, the demand for office spaces in prime locations is on a constant rise.

If you are to look for an affordable solution, a shared office will be much cheaper than leasing a property. For instance, if you want to set up your office near metro station in Noida, a shared office will be a less expensive option in comparison to a stand-alone office for rent in Noida.

4. Acquiring and retaining skilled staff

Hiring and retaining talent is a cause of constant worry for any small company. Given that you are low on budget and not yet a brand name, attracting skilled people may be difficult. Convenience and connectivity of workspace is an important criterion for candidates. Here, once again, coworking spaces can come to your rescue.

Consider that you have taken up a shared office for rent near the metro station, as discussed in the earlier example. The money saved in leasing and furnishing the office can go in to acquiring talented staff and paying them well. Again, a shared office is a networking hotspot. As your network grows, it will become easier for you to acquire and retain talent.

5. Marketing on a budget

With competition at a fierce level, no small company today can afford to ignore marketing. But for a small company, the budget can pose a big problem. What you need to do is learn to market your business on a small budget. With technology offering several inexpensive marketing options, like content marketing and email marketing, online marketing there’s no reason to lag behind.

6. Handling customer complaints

For a company to attain success, it’s essential to keep the customers happy. It may not be easy for a small company to deal with customer complaints promptly due to the lack of resources. Instead of being dismissive, you need to listen to your customers, identify the problem, and try to offer a solution along with an apology. It will help matters a lot if your customers feel that they are being taken seriously.

Also Read: How can small Company & Freelancers save cost

7. Lacking support

Most small companies lack support.  As an owner, it may not be possible for you to tide over the problems single-handedly at all times. An unconventional corner to garner support is a coworking space. Say, your company works out of a shared office for small companies in Noida. Being a part of such a space will lead to a greater sense of community. With like-minded individuals working together, you won’t lack support.

8. Dealing with competition

Dealing with big players as competitors can be tough for anyone and two times more for a small business entrepreneur. To stay ahead of the competition, you need to focus on being innovative. When faced with strong competition, think about what you can offer that your competitors can’t. Try to adopt an innovative strategy not just with your product or service but with the marketing strategy as well.

đź’ˇ Are you looking for Coworking space in Gurgaon, Noida or Delhi?. We are just a call away.
Call now: 08999 828282

9. Not having enough knowledge

One particular pain area of small companies is not having enough knowledge in every aspect of running the business. But without proper knowledge, your business may suffer. In this case, coworking can come to your rescue. Suppose you opt for a shared office space for rent in Noida; such a place will have professionals from different backgrounds coworking in it. Interacting with them can help you to learn new things and solve your problems.

10. Protecting your Intellectual Property Rights (IPR)

Intellectual Property, which includes copyrights, trademarks, patents, etc. are crucial business assets that need to be protected. Often small business owners ignore or fail to do so. Either they are unaware of the things that need to be protected or they are intimidated by the process involved in doing so. As such, they remain open to the risk of having their ideas or creations stolen. To steer clear of such issues, educate yourself about the IP rights and take remedial actions at the earliest.

Starting and running a small business is not a cakewalk. However, with the right support, measures, and strategies, you can attend to the pain areas of your organization and make it successful. If your company is looking for a Coworking Space in Noida, try TheOfficePass.com or call 8999 828282.

BOOK A COWORKING TOUR

Coworking space provider "The Office Pass" set to expand operations

Coworking Space provider “The Office Pass” Set To Expand Operations

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Gurgaon based Coworking space provider The Office Pass (TOP) is set to expand operations. Over the next 12 months, the company hopes to open a new Coworking center every 45-60 days. Based on the underlining micro-market, these centers will be in three formats i.e., small (< 100 members), mid (100-300 members) and large (> 300 members).

The next 3-4 Coworking spaces from the company will come up in Gurgaon, offering monthly memberships in the price range of INR 6,000 to 16,000/- per desk. The Office Pass focuses on Coworking spaces for Freelancers and Small companies who remain below the radar for most developers, property agents and owners.

As per Aditya Verma, Founder & CEO, The Office Pass, “Our 1st center has helped validate many hypotheses that we had, before starting the business. Neighborhood office has emerged as the biggest used case among Coworkers. Our members prefer an office near to their place of residence/business and these Coworkers account for over 55% of our current membership. We want to capture this un-serviced segment and open multiple offices at strategic locations versus 1-2 big offices in the CBD area”.

The Office Pass’s upcoming Coworking space in Gurgaon

UNIT ECONOMICS OF COWORKING BUSINESS

The unit economics of a coworking business is favorable, with a gross margin of over 50%, making a strong case for sustainable growth with limited external capital. The use of technology can further improve this margin. The company launched an Online Booking & Payment Platform that allows existing & new coworkers to book office space, meeting & conference rooms through a 100% online experience, which reduces manpower dependence.

THE OFFICE PASS – BUSINESS MODEL DIFFERENTIATION  

“We are expanding our network in a capital-light model, using technology with the objective to expand profitably. In our model, a significant cost is borne by property owners, which allows us to expand without the need for huge capital infusion. We focus on making each office profitable within a reasonable time. We believe this is the only way to scale the Coworking business in India.” says Aditya.

Also Read: The Office Pass – Best Coworking Space in Noida

WHO SHOULD USE COWORKING SPACE?

Finding an office is a major challenge for Micro, Small & Medium Enterprise (MSME) and freelancers due to their inability to get into a long lease and block money in security deposits. Many of them are forced to work from home and in cafes, reducing their productivity. This segment remains below the radar for developers, agents & property owners who find it difficult to service this segment in a cost-effective manner. The Office Pass aims to solve this problem by offering flexible terms & the use of technology.

NEW COWORKING SPACES FROM “THE OFFICE PASS”

Apart from the existing Coworking space at Sohna Road, Gurgaon; The Office Pass (TOP) is due to open new Coworking spaces at DLF Phase 3, Sector 74A & Sector 39 – all in Gurgaon. This approach is in line with the company’s stated objective to connect companies & professionals with high-quality office space within 5 km.

Most office-goers in India, waste precious time and money in commuting to work. If they are able to work from high quality, yet affordable, office near-by, it will solve a big productivity problem for Indian companies.

BOOK A COWORKING TOUR

6 Major Differences Between Coworking Space and Traditional Office

Coworking Space helps with things that you miss in a traditional Office

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There’s more to a coworking space than just being an affordable option to working in a professional environment. The flexible atmosphere of coworking offers a lot of things that you miss in a traditional office. No wonder, this new age concept of working together with people from various backgrounds is attracting all kinds of professionals, including freelancers, techno nomads, solopreneurs, entrepreneurs, and individuals. Here is a quick comparison between Coworking Vs Traditional Office.

6 Major Differences Between Coworking Space Vs Traditional Office

Multiple Opportunities for collaboration

Whether you are a freelancer or an entrepreneur trying to carve out your niche, collaboration can give a big boost to your business. While a traditional office provides you limited chances of collaboration, the scene can be quite different in a coworking space.

A Coworking space is a hub of professionals coming from different fields of work and having different capabilities. When you are a part of such a varied group, you get multiple opportunities to collaborate with the right people and take your business to new levels.

Access to talent

Regardless of whether you want to fly solo or go ahead with a team, a shared office is one of the best places to access talent. When you are surrounded by a group of talented individuals working near you, the possibility of finding talent is paramount.

For instance, if you are working out of a coworking space and are looking for a graphic designer or a CA, the chances of finding one or getting a reference of one from your Coworker is quite high. They would be glad to service a fellow Coworker and grow their business and network. But the same may not hold true in the case of a traditional office.

No colleagues to compete for growth

When you are part of a shared office, it leads to a greater sense of community. The same can be missing in a traditional office. The main reason is that when you work for the same organization, there can be an underlying feeling of competition among colleagues. But the same isn’t true of coworking spaces. Imagine that you are part of an affordable shared office in Noida. The coworking circle at such a place will have like-minded individuals working to make a mark in their own line of work.

Such people are less likely to harbour a competitive feeling against you and are more likely to have a helpful attitude. As part of a group of individuals, each trying to fulfill their work aspirations in a passionate manner, you will find more support and a feeling of community from your Coworkers.

Informal networking prospects

Considering that you work in a traditional office, think about the people with whom you interact day-in and day-out at your workplace. These people will be your colleagues who work for the same company as you, right?

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

Now imagine that you work out of a coworking office in Gurgaon. Such a place will have dozens of people, if not more, belonging to different professional backgrounds and working for different organizations or dealing with their individual businesses.

cost effective office options for small companies

It will be akin to an ecosystem of professionals, each of whom can turn into an informal business network. You need not have to network in a structured manner. Having daily encounters with some of these people can pay a rich dividend for your business, sooner or later.

Can you expect to find such networking possibilities in your traditional office? We don’t think so.

Diversity in work environment<

A traditional office is a place where you are bound to work with the same set of people in a fixed setup. Since all of you will be working for the same company, there won’t be much diversity in the work environment.

In a coworking environment, you work along with a diverse set of people. Such a setup can turn into an ecosystem of innovation and creativity. You will be able to bounce ideas off such diverse individuals and sharpen your creativity.

In other words, the diverse work environment in a shared office can turn into a breeding ground for your creative persona.

Valuable expertise at an arm’s length

As part of a traditional office, you will be interacting with your colleagues and exchanging information. This can be limiting in some ways as you will interact with a set of people whose line of work is similar to yours.

Now, consider that you are a freelancer coworking in an office for rent in Noida. What you can expect to find there is a heterogeneous mixture of individuals with all kinds of professional expertise. This provides you the opportunity to learn new things.

When you rub shoulders with different professionals, you get to learn new things. In other words, your Noida coworking or shared office space for freelancers can double up as your learning ground for new skills. Where can you expect to find such expertise in a traditional office?

What’s more? The non-traditional office environment and the flexibility to work from a location of your choice come as added benefits when you choose a shared office space. That’s the icing on the cake for sure, isn’t that?

BOOK A COWORKING TOUR