The concept of coworking can be traced back to Berlin, 1995. Back then, such spaces were known as hackerspaces and accommodated people with common interests and objectives. These places enabled people to collaborate and socialise.
Today’s coworking theatre is a derivative of the hackerspaces, which came to the US in 1999. If you don’t know what is a coworking space – it is an office space where employees belonging to different organisations and companies work under one roof and room.
History of coworking spaces
Software engineer Brad Neuberg is said to be the individual who introduced the coworking environment in 2005. The San Francisco Coworking Space was first of its kind. Germany became the second country to open coworking spaces with St. Oberholz in the same year.
Global coworking spaces in 2018
In 2018, there were more than 16,000 coworking spaces worldwide. This number is expected to become 25,000+ by the end of 2022.
Coworking in India
India is the 2nd largest market for coworking spaces in the Asia Pacific after China. By 2020, around 16 million Indians are expected to work in such offices. In 2018, Bengaluru, Mumbai, and Delhi NCR had an estimated 4.1, 2.8, and 2.9 million sq. ft. of coworking spaces.
CAs can gain fruitful experience when using coworking space rather than setting up their own office.
Reasons a coworking space is ideal for start-ups
Cost effective
One of the primary benefits of co-working spaces is that they are cost efficient. You become a tenant and pay only a minuscule rent, which can be comparatively higher if you rent a full-fledged office space. You also don’t incur any expenses to set up your office.
Such a benefit can be superbly beneficial for start-ups. Such businesses may not have the funds to rent a proper office space that accommodates all of their employees. A small Business Loan for Chartered Accountants from NBFCs like Bajaj Finserv can provide the necessary funds to establish a start-up.
No hassle to set up
As mentioned above, you don’t need to spend anything to establish your businesses. Everything needed for you to become operation is already provided with coworking spaces. Hence, you also don’t have to go through the hassles of arranging furniture, electrical equipment, etc.
Possibilities to scale quickly
Another exceptional benefit of coworking spaces is that tenants can scale their start-ups faster albeit sustainably. A sudden need of more workforce or equipment may arise without any notice. In such cases, a traditional office may seem futile. On the other hand, coworking spaces always have the solution to accommodate expanding businesses.
Additional read: Why should CAs provide management consultancy to their clients
Networking opportunities
A coworking space gives you the opportunity to network with individuals working in other spheres. Start-ups can gain significantly from such spaces as they can broaden their network more conveniently and holistically.
Plus, there is ample scope of interacting and socialising with other while making new acquaintances at the same time.
Advice from experienced professionals
Apart from networking, individuals also get to come across others who have plenty of experience and knowledge of other fields. Coworking spaces are managed by professionals who can help one to tread the right path.
Hence, start-ups can come across resources and individuals who can benefit their business exceptionally, which can help them expand quickly.
Now that you know what is a coworking space, there is no more worry to setting up an office for your start-up. You can rent one easily online and begin your operations.
