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Ways to Leverage Co-Working Space For Your Business

With the increased competition in the field of business today, one has to do whatever it takes to survive. Up to the mark strategies, perfect management of resources and continuous expansion are just a few of the many steps involved in the process of developing a successful business. Today, many small business owners understand the importance of sole-proprietorship. This mode of ownership is quite sustainable for new businesses that cannot sustain a large-scale business yet.

As the whole point of sole-proprietorship is based on sustainability, working on the management of their resources is always a priority. Hence, co-working spaces are the best option, to begin with, a sustainable working space.

A co-working space refers to an office where various individuals and professionals work. The concept of co-working spaces has experienced quite some popularity in today’s times. The employees find themselves working in a much more connected and professionally networked environment. According to one’s finances and needs, the co-working office caters to all the needs of any business or individual who avails their services.

For sole-proprietorship too, the idea and implementation of co-working spaces fit in perfectly. It is well known how the efforts required businesses with sole-proprietorship are way more in terms of resources and work. In such cases, the boosting of resources, money, improved professional networks and a good working aura provided by a co-working space is the perfect fit for the growth of all businesses. Since such office spaces are much more affordable than traditional offices where only one business resides, small business owners are actively pursuing this innovative way of working.

Ways to leverage co-working space for your business

With a resource as full of potential as the co-working spaces, one needs to know how to leverage it as much as possible. If you are a business owner, here are a few reasons why co-working spaces might be your best choice of office space yet, and how you can leverage it:

  1. Business location

All business owners understand the importance of the location of a business. Since the location of your business is so important, it is natural for you to wish your business to be situated in the heart of your area, i.e., the busiest part of the city.

However, for business involving sole-proprietorship, this only seems like a distant dream. Situating your business in your desired location is next to impossible for small businesses since the costs in such areas are in the sky. Such businesses can never afford to buy a traditional office in such places. However, Even a co-working space in the most popular parts of Delhi is extremely affordable. Since the cost of the office is divided amongst the various businesses, the total payment comes down significantly as compared to the traditional offices.

  1. Sustainable facilities

Another common issue that a business with sole-proprietorship faces is the lack of quality in its facilities. Since most of their money goes into other vital areas of work, there is not much left to work on the types of equipment and the quality of facilities that the employees are provided with. 

With a co-working office, the unique concept of grouping comes in. the various businesses who are in particular office space use all the facilities and equipment together. Since many businesses and professionals use these services, the cost that one business has to pay for it comes down to a comfortable amount. Various facilities such as a good internet connection, vending machines, conference, and gaming rooms are provided in good co-working spaces. Hence, even the sole-proprietorship businesses can avail the benefits at a significantly low cost. 

  1. Resources and socialization

On normal days, a sole-proprietorship business would not even consider installing a game room or an extra lavish lounge in their office space. However, with the co-working office spaces, all the resources come pre-installed. Since many professionals and businesses avail of the services, the cost is extremely affordable too. This happens to be a win-win situation for both the business owner as well as the employee.

Apart from that, the co-working office spaces also help various businesses to expand their contacts in the field. The sharing environment promotes socialization and healthy teamwork, which in turn strengthens the skills of your employees in general. The various resources available and network of socialization are grouped together to provide businesses with the perfect premise to flourish.

  1. Constant motivation

It is well known that the growth of a business stops when there is no room for innovation and adaptability. Stepping in the same office every day, sitting in the same cubicle until the work is finished, and then returning home – this boring work schedule is unlikely to yield any form of motivation or innovation for your employees.

In a co-working space, the dynamics are pretty different. Your employees step into the office every day, knowing that they get to interact with various professionals from different fields. They talk to them in their break time and broaden their perspective. This increase in their knowledge and the positive aura of the workforce would constantly motivate your employees to work in a more effective way than they ever could.

  1. Broadened opportunities

As highlighted previously, if you opt to work in a co-working office – you have to work with different professionals and businesses under the same roof and within the same walls.

The key to moving forward in the field of business is strong business connections. There are high chances that you would come across another business that would complement the services that you offer to the public in some way or the other. By working beside them, you can work on broadening the scope of your business too. Getting to know other businesses is always a wise decision if one has the aim to expand.

  1. Qualities up costs down

It is well known that the clients would judge your services the moment they step into your office. A ragged wall, unfurnished chairs, and an old table do not provide the potential or existing clients with the aura that they desire. However, an attractive design, modern architecture, and up-to-date technology would definitely increase your chances of winning the client’s trust.

One of the major issues that sole-proprietorship businesses face is financial management. If you are in the same shoes, you can relate to the fact that you would love to improve the quality of your office – but can’t, because you do not have the resources or the fund. In such cases, the co-working offices show up as a lifesaver. They provide the best design to the office at a very low cost since many businesses share the same space.

  1. Hassle-free hiring

If you own a sole-proprietorship business, you must be aware of the hassles around hiring professionals for various tasks. Contacting them, interviewing and reviewing them, and then proceeding to finalize – it is never an easy task.

However, if you work in a co-working office, chances are that you already have a professional that you are looking out for under the same roof. Since you would have worked beside them for quite some time, it would be easier for you to trust them with the services that they provide. 

Even if you do not work with someone who belongs to the particular field of work that you wish to avail services from, chances are that someone from your co-working office knows someone who can be of use to you. This establishment of contacts and hiring from within the working space is much more beneficial than hiring a complete stranger for work. 

Conclusion

We are blessed to be born in times of constant innovation in every field that exists. The innovative concept of co-working space holds tremendous potential to boost up and grow any business, provided one knows how to make use of it to the best of its potential. Although with the usage of resources as enough potential as coworking spaces, any startup, or sole proprietor can benefit from it. And will be in gain in terms of long term capital when compared to any other traditional office space and old school ways of work. Just one needs to know how to leverage it properly. 

Prateek Agarwal

Prateek Agarwal

I am Practicing Chartered Accountant from Jaipur and in practice for more than 9 years. I writes mainly for GST and Finance.

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