If you plan to incubate your startup in a coworking space, what aspects you should consider? Might you be planning to convert the idea you once had into a reality by planning to launch a startup? You must go for it.
However, you know what? Should you hire a traditional office set-up or should you buy it?
You need to think of the consequences you will have to face before building up a startup. Nowadays, you have one more option. Let me introduce you to the co-working space which will give you some relief from your thoughts as well as from those boring thoughts of the traditional 9-5 routine.
Before you move ahead, don’t forget to read our article about the pros & cons of coworking space. That article will help you to understand how it can affect your business so that you can make an informed decision.
What is in the Box?
Before we take a dip into the benefits of coworking spaces in a startup, we will discuss the points that one should ponder over before starting a startup. It will help us to reach a better understanding of the co-working space. After all, you might be keeping at stake your income at your present job for this dream of yours. So, we need to have a detailed study of all the things that will affect your startup.
Now when finally you have decided to build up your startup or should we say an Enterprise? Then I am sure you must have done the relevant research on the requirements. If not then here we shall understand the nuances and one of the ideas to consider. The idea is of incubating your startup in a coworking space.
On Your Marks: The Essence
Before putting your dream idea into reality, you will have to do an extensive research and then check if your idea will survive in this neck to neck competitive world or not. If you think it is strong enough, then you can move forward to the next step but if you think it is not going to survive then it is best to have a clear vision. Risking for an idea you are not sure might not be a wise option.
Now once you have done the research, the next thing to work on is to know your competitors. They form an important piece of information before you extend your startup plan. So, gather all possible information and find your competitors in the market.
Analyze their strategy and then plan your idea accordingly. Once you are out in the market, you cannot afford to look back. You have to face your contemporaries and empower your startup to survive.
The next important thing is how to fund the capital? How much money do you need to support your idea? You will have to invest a lot in your startup initially at least till the point until you have made an image in the market.
So, capital becomes an important factor as many ideas get buried before their launch owing to lack of capital sustenance. This brings us to the modern idea of coworking spaces. This idea puts itself as an alternative to the capital-intensive idea of hiring or owning traditional office spaces.
In coworking space business model, independent entrepreneurs and workers share a workspace. It helps you to a great extent during the nascent stages of your startup.
Of course, you would like to manage your money which you have been saving for probably years to feed your idea. For this, you would aim for a workplace from where you can handle all the work and think of more ideas to drive your startup through the initial hurricane.
Coworking space is a shared space where individuals of different backgrounds can work together according to their comfort. It is usually an office where people from different work backgrounds share the office space.
Coworking space has become a trend nowadays in many cities, especially Bangalore. People in the initial stage of starting their startup, freelancers, entrepreneurs, and much more now prefer this instead of an office.
It has its benefits which make it easier for such people to work according to their comfort and time. While we are at this, do not forget to check out the 170+ list of coworking spaces in India.
The main reason to work in such an office is that it is affordable, cheaper than renting the entire office for a startup just on its developing phase. So, it is wiser and advisable to choose a co-working space for your startup and use the money which you save from renting a costlier office into other important things which need more funding for the development of your project or startup.
Saving on the Infrastructure Cost
Working in these spaces will save you from buying the office supplies which you would have needed for your work. Coworking space provides you with these wherewithals, so you save some money on this aspect. You just have to select a coworking space, find your place and start working. You will be provided with the necessities of the office by the owner or the manager of the coworking space.
The Accessibility: Time Restrictions Fades Away
You can work according to your time, which means in coworking space you do not have strictures of traditional 9 to 5 timings. You can work whenever you want and however you want, 24 X 7. No stringent “office rules” are applied here.
Therefore, you have more control on your tasks and the projects. However, a word of caution is that too much autonomy brings complacency and cripples productivity unlike when you follow structured routines. Therefore, one must have some sort of limited structured routine to avoid non-productivity.
Bringing Meaning to Your Work
The professionals who use coworking spaces find their work meaningful. The coworking spaces have members from different backgrounds and professions who are workings for different enterprises, projects, and projects.
The best thing about this set-up is that you get to learn many things from entrepreneurs, freelancers and other independent professional who are part of the community in a variety of different ways. Sometimes you might come across someone who is from the same field as yours.
It will help you to nurture and share your ideas and learn from them and will also give them a chance to learn from you. This mutual learning certainly helps in the build up of a startup.
Growth of Your Startup
It indirectly helps them to grow individually as well as help their startup to rise to a different level. For people who work from home, the feeling of working in an office like environment by joining these coworking spaces give a meaning to their work.
People in traditional offices are usually devoid of this enterprising life as they miss out on many aspects. Also, for people who are working from home, it is an experience to have and live a corporate life without any restriction.
Motivation and Positivity
Working in a coworking space also motivates and increases positivity through your initial hard and struggling period. The mutual sharing of knowledge, experience and learning with other professionals boosts your confidence.
With no internal politics affecting your morale, you also encounter little or no direct competition. Your positivity and motivation remain intact. You can bring your whole self to work. You do not feel the pressure. You need not have a work persona to fit in.
Helpful Environment: The Networking
While sharing a coworking space, you tend to build your startup in a culture and environment that is helpful. Different coworkers have unique skill sets, and you encounter many opportunities to help each other.
Also, you tend to develop strong community feeling and a network with associate professionals. The coworking spaces offer you a communal space, and it is one of the biggest reasons why people pay to work in such spaces.
A coworking space will offer you a unique vibe and positive environment with a network of various professional that may offer some value addition to the knowledge and experience you already have.
A dependable source
You while building up your startup in a coworking space encounter and get reinforced with certain niche values such as collaboration, community, sustainability and learning. The managers of the coworking space try and build a positive environment. Together with the communal network, it becomes a concrete source for your startup.
Flexibility and Freedom
Nothing is forced on you. You do not want to socialize in a coworking space; it is up to you. You as a member can decide when to interact and when not to. However, research on coworking spaces divulges that despite a few people interacting less with co-workers yet they experience an inbuilt sense of identity with the community. At the same time, too much of socializing might become a time wasting habit for you.
Coworking spaces, in essence, mean membership based workspaces. Here, diverse and independent professionals such as remote workers and freelancers work together. Therefore, coworking spaces are a communal setting that is shared by different professionals, unlike the traditional offices.
These are a few aspects one should consider before bringing the idea of building a startup to reality. You have many advantages that come while you plan to incubate your startup in coworking space.
However, the three Ds- Discipline, Determination, and Dedication along with your passion will form the anchor and platform for your startup to take some shape.