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Why Is Co-Working Space Getting Hype?

In recent times, work-from-home and hybrid work culture has gained popularity, and Covid-19 is one of the main reasons for it. People have started thinking that if your work can be done on a laptop, you must have freedom of location. You can work from anywhere, but productivity becomes a concern as distraction increases outside the office. Coworking spaces came to deal with this problem and started offering space for freelancers, startups, and businesses. It provides the flexibility to rent or pay-per-use for the teams and individuals.

For example, you are on a business tour of Mumbai and require a palace for work. Coworking space in Mumbai will help you in getting work done without any distractions and peak productivity. Freelancers and start-up owners are the biggest consumers of the coworking space.

What Is Coworking Space?

It is a space for working professionals and is slightly different from traditional companies. Unlike a typical office space, two people can be from different companies working together. It offers all the features of a traditional office and adds a few more features from its end to the working professional.

A coworking office provides flexibility, and you won’t need to sign a long-term contract like a traditional office. It has all the basic facilities like wifi, printers, tea, coffee, snacks, a conference room, etc. It also has some added facilities like 3D printers and other technology that are not always accessible.

Since people from different offices and domains come to the coworking space, chances of networking increase which may benefit career and business growth. Unlike a traditional office, it is open 24*7 and gives employees time flexibility.

Types of Coworking Space

Coworking spaces come in different shapes & sizes, and multiple factors play a crucial role in it. There are many types of coworking spaces available based on people’s requirements.

  • Open Workspaces

Open workspaces are like traditional office spaces where members from different companies share common areas. People can interact with each other and have the best networking opportunity. A start-up can pick an open workspace where all their employees can sit together and can work with each other.

  • Private Workspaces

Unlike an open workspace, a private workspace is another version of a traditional office. It is designed and built for the large team especially. It helps them to work closely with their team in a dedicated room or area. Companies can share the dedicated area or workspace, and the area is leased or rented by the company.

  • Industry-Specific

Industry-specific coworking space is made for people, who share a common interest or domain. Isn’t it great that two people are working together who share a common interest? It will help them to learn with each other and sharpen their skills. For example, graphics designers or videographers are working under a roof. You can pick the open or private workspace for the industry-specific spaces.

  • Venture/ Incubators

Venture capital space is one of the selective workspaces, and it is placed purposefully to provide a platform to the companies so start-up founders can get funding. A start-up must have finance in its bank account to grow, and venture capitalist offers funding to the start-up owners in exchange for equity in the companies.

Apart from this, there are multiple coworking spaces available, and you book space according to your plan. Office space is available in multiple metropolitan cities, and you can look for coworking space in Mumbai, Gurgaon, Bangalore, etc.

Who Should Use Coworking

Coworking concepts started with freelancers and are popular in the start-up and freelance world. With time, remote and hybrid workers have also started to join the coworking space to thrive in their work. Start-up founders prefer coworking spaces because of the limited budget.

The lease might become a nightmare, and that’s why small businesses prefer coworking space. Business owners didn’t have to invest in setting up and can start immediately. Small business owners are the biggest consumers of coworking space, and it is not surprising at all.

You might have thought that large enterprises haven’t used the coworking space, but let me tell you. They are also used to coworking spaces to fulfill their needs. Nike and many big enterprises have worked with coworking spaces.

In the latest study, it is shown that 38% of users are small businesses, 27% of users are startups, and 16% are freelancers. It is interesting to see that 13% of users are big enterprises. If you are looking for coworking space in Mumbai or any other city, you should consider a few tips before visiting.

The location should be your priority. Look for a coworking space near your home with a good parking area and must be near public transport. The budget should also be on priority, and choose the plan according to your budget. Don’t compromise with the work environment, and look for secure environments.

Wrapping Up!

Coworking space is in demand, and it is increasing continuously. It is a space for the working professional, and unlike traditional office space, members of different companies work together. There are various types of coworking spaces: open workspace, private workspace, industry-specific, etc. If you are also looking for coworking space in Mumbai, visit myHQ. They are present across 10 cities and provide space based on needs.

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