A startup is nothing less than a dream for its creator…. A dream always running in the back of your mind, keeping you occupied from dusk to dawn. Its success is all you can think about as you talk to someone, as you eat, walk, go to a party, or wake up in the middle of the night to work out that additional feature.
But hardly do we ever realize that a startup needs more than just passion. For success, it also needs clear-headedness and far-sightedness. It might appear to be a worthwhile idea to begin your start-up as a garage operation or from a friend’s basement, but co-working spaces and plug-&-play offices offer a lot more than just a corporate address to your venture. Here are seven reasons why your dream deserves a co-working space:
Essential services: Start-ups characteristically require a ton of indispensable services to scale their business. This includes infrastructural facilities such as 24×7 high-speed internet access, power supply, private offices, legal and HR service, and utility areas such as conference rooms. As co-working spaces are created while keeping a start-up’s extensive requirements in mind, they end up being its one-stop destination. Also, the plug-&-play offices offer a full suite of conveniences along with a swanky work address. This makes them more cost-effective than setting up the same facilities for yourself in a small rented office or even at home.
Low start-up and operational cost: The most promising start-ups often start off with the lowest amount of initial capital. It is even possible for a budding entrepreneur to draw a salary lower than his/her employees. These co-working spaces allow a start-up to minimize their expenses by common pooling of resources. They can avail the desired seats at a cost-effective rate and can make use of utility areas and services by paying only when they require them. These factors greatly reduce operational costs of a start-up while giving it the right push and image.
Agility: The start-up ecosystem has quite an agile landscape. The opportunities within are short-lived and demand an entrepreneur to be swift in terms of operations. On the other hand, finding a suitable property is quite an exhaustive process and also demands multiple procedural obligations and paperwork. Co-working spaces and plug-&-play offices have quick registration and onboarding which prevent start-ups from losing time, and thereby opportunities.
Mentoring & Networking: The key to a successful start-up is not just the innovativeness of its product, but also its go-to-market strategy and industry connections. Top co-working facilities frequently organize networking events and also help in finding suitable industry mentors for the start-up. They also hold occasional workshops as per the needs of a start-up.
Additional help: Entrepreneurs also enjoy cooperation from other start-ups at these co-working places. They collaborate with each other to offer their domain knowledge and even extend their network to someone in need. Such interactions increase the business contacts right from the initial level and also offer unparalleled exposure which would otherwise just not be possible. What’s more? Co-working spaces also offer a regular office-like ambiance, complete with regular interactive sessions, celebrations etc. which can really give that motivational boost to the small staff of a start-up.
Expand as you grow: Private offices, more often than not, become a burden for start-ups. The limited floor area quickly becomes restrictive when a start-up begins gaining traction. Moreover, pausing operations can become too big of a risk to take at a crucial juncture. In contrast to this, at aforementioned places, business owners can avail additional seats or book an extra office effortlessly and scale up just in time. Zero infrastructural investment, moreover, provides them higher mobility during unfavorable market conditions.
Raising investment: Co-working spaces are always on the radar of investors. A hub full of promising start-ups, investors always keep an eye on co-working spaces and plug-&-play offices and everything that is happening there. Operating through a co-working space can directly convert into an investment opportunity knocking at your doorstep.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of the publication