Working Out the Co-Working Concept: A Paradigm Shift for Startups

Working Out the Co-Working Concept: A Paradigm Shift for Startups

Working Out the Co-Working Concept: A Paradigm Shift for Startups

While the world is in the crossroads between the 2nd and 3rd decade of the 21st century, a dogmatic change in the functioning of the industrial sector is guaranteed to meet the demands of the current time. It is very crucial to have a strong strategy under your sleeve such that your startup doesn’t end up in the ‘valley of death’ of the startup pathway but reaches the ‘break-even’ mark.

Well, don’t get worried at all if you are thinking of venturing the startup game or already plunged into it! There will be tricks under your sleeve as well to win your startup game. One of the most critical issues that haunt the modern-day startups and budding entrepreneurs is to find a proper workplace under a limited budget without compromising the state of the art facilities for your startup.

Co-working, popularly known as ‘hot-desking’ is becoming a new star in the startup domain as it can function as an initial boast that can help your company to thrive in this crucial stage in many ways. To put it into a definition, co-working may be described as a business model, where the workers can work either with collaboration or even independently in a common shared place.

As an example, several biotech startups require similar laboratory set-ups, different management groups require similar board room ambiance. Co-working spaces provide such common requirements to the stakeholders but not costing too much to the individuals. The current boom of incubation centers worldwide bears the testimony to the fact.

That is the reason why more than 70% of co-working spaces have become profitable within two years of operation. There are multiple positive impacts while working in a co-working space; the primary ones can be described as C3—that can be elaborated as:

  • Cost-cutting

  • Collaboration

  • Cultural exchange

While the advantage of cost-cutting is straightforward, the other two advantages have a very large impact.

Collaborative interaction within a co-working space can benefit multiple stakeholders when there is a mutually beneficial goal and no conflict of interest. Even if there is limited scope for collaboration, the cultural and informal interactions between co-working partners may lead to a large networking hub.

Overall, a co-working space provides a comfortable yet competitive breathing space for startups. Now, if we organize the co-working scheme, the order will be as below:

A. Finding a suitable co-working space

B. Organizing it properly

C. Management of the space

D. Improvement of its functioning

The very presence of strong networking websites like LinkedIn, it becomes much easier to get honest opinions from your peers regarding the choice of co-working space based on one’s requirement and budget. As you might expect, the cost varies based on location and facilities provided. Now, when you have chosen your dream co-working space and booked it, one must make a to-do list before starting the shopping for your space. The basic things one should keep in mind while organizing the space are as follows:

Choice of manpower.

It’s the people and their attitude towards co-working what matters to you. So, it’s important to choose a set of good team players with a positive vibe around. In addition, there should be diversity among them based on an academic and professional level to facilitate the mixing of various outlooks on a given matter. 

Space organization.

The workspace should be interaction friendly. Employees are encouraged to interact positively with each other both within the company and also from other companies. To make that collaborative interaction organic, specific space can be devoted to this purpose. A proper monitoring is a must to check whether the interactions are in place. Well, how about a weekly brainstorming over a cup of coffee?

Digital management.

Firstly, a high-speed Wi-Fi connection needs to be installed with appropriate personnel, before one can develop a high-quality website and design a clear cut social media strategy for an aggressive start in the domain. The manner in which you show the interiors of your workplace and the product output on popular social media like Facebook and Instagram, goes a long way to carve a niche for your startup. An up to date monitoring of the website and other social media will help you to note any feedback, positive or negative, coming from your customers or potential customers.

Employee benefit.

Offering perks like health insurance and daycare facilities go a long way to keep your best employees on-board for a longer period. On top of that, if your employees get highlighted periodically on your website, that will be another motivating factor for them. Having a partnership with some decent enough nearby hotel or cafeteria will also be beneficial to attract a lot of interests.

Outreach activity.

Organizing events like summer school, open day, short internship is very helpful in creating a brand name for your co-working space.

Overall, the concept of co-working provides an opportunity to significantly improve the productivity of business startups of any stratum by reducing individual space costs, creating a mutually beneficial environment for an individual as well as collaborative work and enhancing the work-life balance of the employee with a big smile.

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