Coworking spaces are a refreshing change from traditional offices. The facilities and flexibility extended by shared offices make them a preferred choice for freelancers, entrepreneurs, and independent professionals. Interestingly, coworking offers many benefits for small and mid-size companies as well. That is why such companies are making a shift to this digital nomad work culture and leveraging its advantages. Let’s take a look at what makes coworking such a lucrative choice for small and mid-size companies.
5 Reasons why midsize enterprises or companies choose coworking Spaces
- Cost-effective solution
- Easy scalability option
- Proper infrastructure and facilities
- Proper infrastructure and facilities
- Sourcing and retaining talent
1. Cost-effective solution
Not every company has the luxury of a huge budget for renting out a spacious and fully equipped office space, especially when it’s a small or mid-size company. But every company wants to have its office in a prime business location to create a good impression on potential clients. A coworking space comes across as an ideal solution in such scenarios. With coworking, mid-size, small, and start-up companies can expect to set up an office in the best locations at the fraction of the price needed to rent and maintain a traditional office. For instance, if a company opts for coworking space in Gurgaon instead of renting a traditional office, it can save on the costs in a big manner.
2. Easy scalability option
Whether it’s a small start-up or a mid-size company with a good presence in the industry, the need to scale up or scale down can arise at any time. If a company leases traditional office space, it limits its chances to scale up instantly. In such cases, the company is left with the option of either bearing the burden of renting a larger space or opting for a second office, both of which require a good amount of monetary investment. In the case of scaling down, if a company continues to function out of the same place even after reducing its team, it has to keep on paying the rent for the whole space. In such scenarios, shared office space comes across as a boon. Coworking spaces allow companies to scale up or scale down without having to worry about space constraints at all.
3. Simple and flexible leasing terms
Leasing a traditional office has its own hassles. Companies have to sign legal contracts and deposit a huge security fee before they can start using the office for their business purposes. This is where coworking spaces help you with their plug-and-play option. All that a company has to do is determine the number of seats needed to accommodate the whole team and then look for a good coworking space in the area of their preference. They can start using the workspace right after signing the contract with the people managing the shared office. Almost all shared offices offer both long and short term contracts. So companies can take up a short contract and extend it later if they find the place ideal for their business.
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4. Proper infrastructure and facilities
It’s not enough for small or mid-size companies to just get an office space on lease. They need to add proper infrastructure for the space to become fully functional. This requires money, manpower, and time. Coworking can save companies from all such hassles. Companies can start using their shared office right from the moment they sign the contract and finalize the lease. What’s more, they have the flexibility to select the infrastructure as per their requirements. For instance, they can opt for fixed seats or hot desks. Also, they can opt for an open space, cabins, conference rooms, and all other amenities that are generally found in a traditional office.
5. Sourcing and retaining talent
It is often difficult for small and mid-size companies to source and to retain talent. By opting for coworking, companies can save on their financial resources and utilize that amount to retain talent. Also, millennial workers find coworking to be a really cool idea. By offering the option of a shared office in Gurgaon or other attractive locations, these companies can attract talent. They can even build a network of freelancers to get their works done smoothly and cost-effectively. A coworking space offers ample opportunities to develop networks as such places attract people from different professional backgrounds and with different talents.
The best part is that coworking spaces offer a stress-free environment for their members to work out of. This means companies functioning out of such spaces have a better chance of ensuring a happy workspace for their employees. This often results in better productivity at work, which is what every company wants at the end of the day, isn’t it?
