The evolving start-up ecospace demands an environment where creativity and innovation are fostered. Additionally, start-up founders need access to workspaces with 24/7 availability at an efficient cost. They also look for access to accelerators, investors, mentors, and a network to further develop and execute their brilliant ideas.

Well-planned co-working places like DevX, WeWork, 91Springboard and CoWrks offer amenities designed to support the entrepreneur through their start-up journey with flexible seating plans, focused networking and showcase events, start-up incubator and accelerator facilities, tie-ups with providers of email, server hosting, and other office productivity tools.

It’s no wonder then, that many start-ups are gravitating toward coworking spaces to set up their businesses.

Creating Communities of Like-Minded People

We all know the power of a network to grow and expand our business. Working amidst like-minded people who are talented individuals and companies, and wanting to collaborate and grow, encourages productivity. 

Coworking spaces create both formal and informal networking events, in addition to the numerous discussions possible at the shared facilities to help you build your professional communities. You may find the photographer for your product shoot or the CA to maintain your company financials or the IPR attorney to protect your idea during a casual evening tea or formal cofounder catchup.

You may also find your Tech or Marketing co-founders for your start-up and collaboration partners where you share a common target market or geography during such networking events. 

An Attractive Address for your Business

Every business needs an attractive business, preferably located in a central business district. However, as a start-up, you often have limited resources and cannot afford a prime area business address.

Coworking spaces are located in these central business districts and offer the options of both physical and virtual registered office addresses at affordable packages. Coworking spaces have a well-defined process for your start-up to utilize this facility in line with regulatory compliance.

This eliminates the need for negotiating with a landlord or using a residential address for an office or paying a premium price to lease/own office property.

Flexible Seating as per requirements

Start-ups start small – mostly you and your co-founders – and then ramp up your teams as you grow. You need elastic workspaces that scale as per need and the ability to add on facilities as required. 

Coworking spaces offer highly flexible and scalable seating plans and amenities where your start-up engages on a pay-per-use model with defined or even no lock-in periods as per choice. Most coworking spaces offer these plans on a monthly basis and a long-term commitment can allow for reduced prices.

Many coworking spaces offer options of flexible, dedicated, cubicle and cabin spaces as per the requirements of your team. Coworking spaces also offer meeting rooms of different sizes with facilities for presenting, conferences, and brainstorming. 

Low investment costs to setup office

Traditionally, when starting a business, you needed to plan investments for an office, office equipment, network and power utilities, furniture, etc. Many of these have a minimum lock-in period and the facilities are not fully utilized to capacity during initial days – even while you are paying for it.

Your start-up initial costs are often on a shoestring budget, and initial investments are often focused on building your product or service capabilities. You cannot afford additional investments or costs at this stage

Coworking spaces offer a complete setup of office space with furniture, shared equipment, high-speed internet, and utilities all at one fixed monthly cost, with no lock-in periods. It is all calculated on a per per-seat, allowing you to pay only what you use.

Access Passes for the traveling force

Start-up founders often need to travel to meet prospective clients, vendors, and investors. These meetings are often held in coffeehouses or business restaurants, which are not the ideal environment for such meetings.

Many established coworking spaces having a pan-India presence, offer membership access to all their office locations with all their amenities and facilities. This allows you to conduct your meetings in a professional environment without distractions and even impress your guests towards building a stronger partnership. 

Access to the start-up ecosystem

As a start-up, you need access to mentors, advisors, and investors to validate your ideas, build your business plans and seek funds for business growth and expansion.

In addition to the community network mentioned earlier in this article, coworking spaces are tied up with a collective of external mentors, advisors, venture capitalists and angel investors. Membership with these coworking spaces allows access to these collectives through pitch events, meet-a-mentor sessions, advisory hours, etc. These allow you to better plan your business, know when to ask for investment and how much, and build your pitch for maximum effect.

A complete ecosystem you’re your startup

Coworking spaces are great for your new start-up, as they deliver a hybrid of both an environment with all amenities and an experience that enhances work productivity. This combination you to create and launch your businesses through formal and informal networking opportunities, shared amenities, affordable offices, and flexible schedules with 24/7 access to these facilities. 

You can find almost everything you want for your start-up at a coworking space – cofounders, collaborators, customers, vendors, and advisors. And to find the right coworking space for your startup, Wybrid has all the information in one place to help you choose.