Shyam Nagarajan / Reading Time: 3 mins
Being an entrepreneur is great! You're your own boss. You call the shots. You can make your own hours. Which probably accounts for the rise in people seeking self-employment and becoming entrepreneurs over the last few years. According to a GEM survey, there was an increase to 14.9% in entrepreneurial intention when compared to 9% the previous year (source: Economic Times). Even the fear of failure rate has gone down.
Do startups need an office space? Any team goes through the following phases of effectiveness :
A startup too will go through this before you start to see a rhythm working out for you. As a startup, you should optimise the equation that takes you to the “performing” stage as quickly as possible. The first important thing to take care of is the hiring part. Hire the people with the right attitude and intent to ensure that you don't get stuck in the storming phase for too long.
Conflicts can be resolved faster in person. Tension can be sensed when you can see the body language of each other. You can develop better bonding and empathy when you are socially together. This is where a physical space a.k.a office kind of comes and helps you.
At the same time a conventional office can plough through your startup’s bank balance very quickly. Fixing your business to one location can also restrict your access to talent. Employees also prefer flexibility in where they work and hate commuting.
While the conventional office is not necessary for a startup, you do need a physical space that you can use to come together say once or twice a week to be together and to norm together.
This is precisely where coworking spaces fit into the equation.
You might be dreaming about the perfect office at a prime location. But real estate is expensive! And when you're starting out you really don't have the big bucks to spend on a fancy office. Also, maintaining an office and being responsible for the space can take a lot of your time, energy and resources. But, at the same time, you do require a spot where you're inspired to work and create. With a coworking space, you get a functional and dedicated space to work out of, at a location of your choice and most importantly at a price that suits your budget.
As an entrepreneur, your work hours are not fixed. You might be meeting clients the whole morning and will only spend time at your desk after lunch. On another day you might need a desk only for a couple of hours in the morning to prepare for a meeting, as you'll be out the rest of the day. So, taking an office on lease for a year makes absolutely no sense. Instead, you could drop into a coworking space and book a hotdesk as needed and get your work done. You're guaranteed a seat and Wi-Fi. The best part is that you only pay for the hours you use the space, at least with GoFloaters!
When you're running your own business, there'll be a lot of meetings with clients, investors, and even vendors. It helps to have an appropriate space to take these meetings. Thanks to coworking spaces, you can pick a spot at a location that is convenient for you and the person you're meeting with. For a casual meeting with a client, you could pop into a coworking café and make a deal over a pot of tea. If you need to make a presentation to your investors, rent out a professional meeting or conference room at a great location for a couple of hours and wow them. Many of these spaces come equipped with projector and whiteboard—so you don't have to worry about investing in or lugging around your own equipment.
Are you an entrepreneur with a great idea that you want to put into action? Find yourself a coworking space that suits your need, vibe, and budget and get working. Check out our complete list containing every type of coworking space in your city.
If you have a small team then too coworking spaces with a small twist can come in handy. Your team may be distributed and you as the founder discovering the spaces near where your team members live, booking the spaces for them and making payments on a daily basis can be quite taxing. Say hello to GoFloaters Worqpass that provides you the convenience of curating the spaces for your team and giving your entire team with one pass that works across 2100 locations in 21 cities!