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How many startups do you think India must have added in 2017?
You will be surprised to know that, according to the Nasscom Startup Report, India saw an addition of more than 1,000 new companies last year. Yes, it means 1000 startups or entrepreneurs. Today, India has the third largest startup ecosystem in the world, amid growing competition from countries like the UK and Israel.
New hires bring the total number of tech startups to nearly 5,200, making tech qualifications or tech startups the hottest startups. The country also witnessed a rapid increase in business with these startups focused on verticals such as healthcare technology, fintech, e-commerce, and aggregators.
This leads to the next interesting question of how, with limited funding, these new businesses manage office space. With the huge prices of real estate, buying an office space means using funds that can otherwise be used to develop infrastructure, technology, operations, last-mile delivery, etc. And if you thought that the other option of renting a space was better, then a good location would mean higher rents and that in return, blocking not only a certain amount each month, but also paying a security deposit in advance of three to six months namely. in addition to the rent. So this locks in huge funds that can otherwise be used wisely and for more important things.
Therefore, to keep that capital unblocked, we have an option for startups, professionals, small companies or any other business, and that is coworking. Welcome to the era of coworking or, simply put, shared workspaces. These office spaces address the immediate needs of their clients by offering space options ranging from pay-per-day to a limited period, making them affordable. Not only this, for meetings or a daily permanent space, some even offer conference rooms and fixed spaces for their workforce. These options provide flexibility and help save costs as you decide what and how much you need.
Do you want to know more? We bet yes!
Unlike a rented space that comes unfurnished, coworking spaces are not contractual and do not require an initial investment. They come furnished, therefore, move-in-ready and ready to use. They also offer a host of services and benefits such as private cabins, high speed internet, cafeteria, lockers and much more, giving businesses a regular office environment rather than rented office space.
That’s not all, these are just the checked basics, let’s see more benefits.
Choosing your location is one of the greatest benefits of a coworking space. As these locations are located in more than one location, they provide flexibility for companies to have their employees work from any of their convenient spaces. Additionally, coworking spaces can be located in a prime area that gives individual entrepreneurs or small businesses access to pay and work from a prime location. Whereas, if you plan on owning or renting office space, it is a given that the rent is primarily for location and facilities only later.
One of the biggest benefits of a coworking is adding space as you grow. Coworking offers companies the option of continuing to add workspaces as the workforce increases and not on the basis of growth projection, as is the case with a rented office space. Also, in case of meetings with clients or investors, a coworking area appears to be larger, professionally managed and includes basic amenities. Whereas, the latter is restricted to the office space that the company has paid for and the service and amenities according to its willingness to spend at that time.
In addition to startups, these spaces are a boon for freelancers like designers, developers, and writers as they work alongside various like-minded, entrepreneurial, and innovative professionals. The work culture and networking events help people of different origins to collaborate on a single platform that allows the exchange of knowledge and best practices in the market, making them a conducive work environment.
So, are you thinking of buying or renting an office? Think again. When you have the convenience of a workplace that offers a calm, professional and hassle-free environment whenever you want it, why lock down funds? We say, try a coworking space now and let us know what you think about them on our blog, Facebook or Twitter.
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