There was a time when professionals used to lust after the coveted corner office – it symbolised success, that they had arrived in the world of business. However, in the current global economy, startups are the magical future and entrepreneurship is a bigger dream than becoming a top executive while working for someone else.
Finding that perfect idea, building a successful business and watching it grow is the new mantra of success among business professionals. As the professional dream changes, so do the business environment – the corner office gives way to owning an entire workplace.
For most startups, in their initial stages, creating a successful product or service requires the most investment. The Capital, which is usually hard to come by and limited, is precious and cannot be wasted on designing a workplace in the early stages. Competition is significant, and the need to realise success is even bigger.
A co-working facility, then becomes a boon for many ambitious entrepreneurs and their teams that share the same vision. Such shared working spaces give many new businesses a vital base to operate from, without burning a hole in their pockets.
The corporate office, which has different sections for different departments, does not exist in a co-working space. The design is more open and single-layered, and teams are not distant from each other. Co-working and open floor layouts have proven to improve employee efficiency as well. There is far better synergy among employees and teams.
There usually is no requirement to hold formal meetings in conference rooms in a shared working space – the informal work atmosphere keeps people at ease and can even boost communication among employees.
A conventional workplace would keep a business’s employees closed in, giving them very little opportunity to network and interact with other professionals from different organisations. A co-working environment, where multiple businesses can function alongside each other, sharing the same space and facilities, also allows people to hone their networking skills, and interact with different kinds of people from various businesses.
Another crucial requirement of a startup is the fluidity to expand or contract its size, depending on which stage of funding and product development it is at. Working out of a conventional office space with a fixed size is impractical for such businesses. In a co-working space, a new business can add more employees or reduce its team size in a more economically efficient and flexible manner.
A co-working space offers businesses a more relaxed, accessible environment with the much-needed flexibility to grow or consolidate its operations, without incurring additional setup costs and allows the team to focus on its core business without getting sidetracked with finding a new office space.