Who is not worried about increasing real estate prices in Mumbai that too with a hike that is the highest in the world at 5%! (read: https://www.business-standard.com/industry/news/mumbai-to-see-the-highest-rise-in-residential-prices-in-the-world-in-2024-123082300643_1.html), causing wary amongst businesses and start-up community in the financial capital of the country.
Such sharp hikes negatively impacts businesses as it reduces profitability, hinders in growth potential as physical footprint is restricted and makes risk taking such as expansions much more difficult. For start-ups, given that they operate on very tight budgets, difficulty arises in securing an office space which is crucial in the initial stages for ideating and effective working. On the other hand if office space is secured, high rent leads to increase in operational costs - resulting in delayed profitability. Prolonged period of low to no profit for any start-up will ultimately lead to disastrous consequences.
How to save?.......
What if you were to pay a fraction of the market rate and not worry about the overhead costs? Sounds like a good deal doesn't it! - that's coworking for you.
Only pay for what you require - Coworking spaces offers a significant cost advantage over traditional offices. You only pay for the space you need - so if you are a freelancer or a solo-enterprenuer, get a personal desk with all amenities like high-speed internet, office set-up on your desk with comfortable chairs, reception service, etc. Or if you choose to work from home and need a formal space to meet your clients you now have an option to book on hourly basis a conference room. This flexibility in the commercial renting makes the cost of having a workspace much more affordable.
For businesses and SMEs, coworking spaces offers director's cabin and team rooms that can accommodate their workforce, with all the amenities as mentioned above.
No long-term contract - What's great though is that there is no one-year rent agreement clause, rather coworking offers flexibility in the lock-in period as per your requirement. In this way businesses can venture to unfamiliar places when they look to expand towards new markets for experimentation without freezing their capital for one year. Start-ups can test their ideas or take up a workspace for particular projects without worrying about the lock-in period.
Have everything and still save - Even better is that coworking spaces with their aesthetically designed interiors and fully functional office spaces, covers all overhead costs of running a business. From cleaning staff to internet and storage facility (some coworking spaces even offer a break-out space, such as Hour Space www.hourspace.in) every requirement for efficient working is covered.
Need to know more about coworking spaces or finding one, read here: https://www.hourspace.in/post/co-what-working-all-you-need-to-know-about-new-ways-of-working
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