By Sanil Sachar and Ishaan Khosla
The concept of co-working has been around for a long time before new co-working spaces emerged. Now at every corner, you will find plush offices with facilities that will rival Google or Microsoft’s innovatively constructed offices with high energy oozing through the doors.
Millennials are no stranger to the concept of co-working, having grown up sitting in cafes and libraries either studying, reading or merely passing time. In fact, the concept of constantly interacting with like-minded people such as propagated by coworking spaces isn’t new either, given the advent of social media. Due to the same, there has been a record increase of 10% in office leasing to around 20 million sq. ft. in 2018 already, driven predominantly by co-working operators, as per a recent report by CBRE.
So what is the difference between a co-working space and a regular workspace? The main difference is the 3 E’s populated in co-working spaces, namely, energy, education and evolution. These characteristics make co-working spaces the ideal work environments for entrepreneurs designed by entrepreneurs.
While co-working spaces offer the benefits of low rents, no hassle of utility bills and tailor-made leases, most of their actual benefits are indirect, such as the increase in efficiency, motivation and stimulation offered by them.
If you have tried working out on a gym and attempted to work-out from home, then you will be well aware how much more beneficial the former is. Just like going to a gym to workout, sitting amongst highly driven individuals who spend their days working towards their goals creates an environment which is energetic and motivating.
In fact, co-working spaces prompt you to venture out of your comfort zone by putting you in the same room with people who have different ideas, thoughts and perspectives. Collaboration is one of the biggest benefits of co-working, and finding the right space would mean being able to build your network through exposure to newer organisations, customers, individuals, who could then be your clients, customers and even competitors. Having a co-working space with a diverse mix of professions enables you to see different perspectives and opinions, helping you understand the importance of having a wide network.
For young entrepreneurs, their first office is usually their home, and hence it is important to pick a space which is aesthetically pleasing to the eye, comfortable to work in and has a lucrative location as this will be the sanctuary for your ideas and your brainchild. While it is exciting to venture out on your own, often the journey of being an entrepreneur can be lonely. Co-working spaces organise events, gatherings and workshops, thereby, providing you with an opportunity to engage with others.
When you find your ideal co-working space, you will sign up to be more energised, more educated in your domain and in the end experience an evolution in your thoughts and productivity.
Sanil Sachar and Ishaan Khosla are partners and co-founders of Huddle.