Vital ways how you can leverage co-working space for your sole-proprietorship business

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A co-work space is a common work environment where people meet, work, network, share ideas and collaborate on projects. These office spaces are wholly independent for a single office or business and bring together entrepreneurs and business experts from many different industries, businesses and areas of expertise. They are great for self-regulating contractors or people who travel frequently, or just anyone interested in finding creative and current places to work.

There are several benefits of joining a co-work space, and they are becoming widely accepted and utilized across the country.

Consider starting a co-work space yourself.

Primarily, you really only need a space and a group of people with a shared interest to get started. Making it into a proper space and even a business, however, is a little more complex.

Here are a few things to consider and get you started toward creating an effective and awesome co-work space when you register sole proprietorship in India.

1. Focus on community, then space

Do your research and be certain that you have the demand for a co-work space. Do not assume that “if you build it, they will come,” as the idea of co-working is new to many people, and a few will need to be sold on the benefits. Create a group on social media or Facebook, and invite as many colleagues and friends to join.

Keep in mind that even if you do not have a major demand for a co-work space, you should still pursue the idea on a smaller scale. Sometimes, it just requires finding a suitable place to meet a few times per month. Starting little and growing into something more impactful is very possible.

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2. Focus on function, then business

Co-work places around the country are broadly known for being very modern, stylish and even artisan, which together creates very creative and energetic environments. This comes at a cost, so you need to think about what to charge for participation in your space.

Of course, one must understand the investment and ongoing expenses before coming up with a budget, but be honest with yourself upfront: Is this a profit centre or an inspiration centre? Many co-work spaces are operated simply to pay your bills, with the idea that the environment and the benefits of bringing so many incredible resources together are all the benefits required.

3. Focus on location

You will want a space that is suitable, safe and easy to find. By nature, co-work spaces work well in older and underutilized premises. Look for space that has been available for a while or is not being used to capacity. You may be able to work a good deal with the landlord or property dealers to secure an economical lease.

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4. Focus on utilities, then furniture

Having a calm and creative environment in which to work is important, but more important is providing the right utilities, specifically high-speed Internet, to your users. Work with the utility corporates, as many may have special arrangements for spaces that are intended to serve the community. Regarding fixtures, if you are on resources, consider taking donated items and even allowing your participants to add decorations.

5. Focus on local, then beyond

Even if your co-work space is not a revenue center for you, you still need to advertise it like a business. Creating the right marketing policy that attracts the right type of people is important. Do not limit yourself to advertising locally, as many traveling businessmen and women look to co-working spaces in destination cities to have a place to work and network with other professionals.

6. Get local help

Contact your state and local chambers of commerce to inquire about help or resources they may be able to provide. Many cities also have small-business development centers (SBDCs) or economic development corporations (EDCs) whose main goal is to provide support and create economic opportunities for businesses. In every case, inquire about available grants that could help you fund startup and ongoing costs.

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7. Consult veteran founders

If you are still insecure about how to carry on, consider contacting other co-working spaces in other cities that serve a similar target market and ask for advice. It is all about association, so most will be willing to help. You can also find a host of information online, including the Co-work Wiki, which provides a slide of useful information and resources to help you along. They provide resources and inspiration too, and if nothing else new view to get you away from the daily grind, monotony and distractions of your office.

What is the legal requirement one needs to fulfill with?

The Building

Laws relating to real estate differ for every city, especially those involving the zoning of residential and commercial spaces. However, there are few broad things one needs to be mindful of before you enter a lease for building your co-working space.

The Business

Every business has certain set of compliance and policies that they need to be aware of and comply with. Ignorance of law is not an excuse!

User Agreement

As of now we have crossed the first couple of hurdles, now for the all-important contract with the users. User Agreement also play a vital role in the co working business.

Conclusion

The future prospects of co-working spaces look bright with demand drivers fuelling the need for high quality workspace with amenities. Some of the limitations being witnessed currently are: Co-working spaces have now moved beyond their initial role of acting as providers of flexible, vibrant workspaces. Today, they are acting as business enablers for start-ups as well as large corporates. The massive increase in space leased by large corporates as highlighted in this report is an indication of their growing importance in Corporate Real Estate.

While concerns on data security remain, the operators are fast trying to address these through additional security measures adopted in areas tailor-made for meeting this requirement. Coworking operators are enabling corporates and entrepreneurs to focus on their core competencies by taking away from them the load of managing real estate.

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