Future of Virtual Office in India
In today’s world, you don’t have to be a professional to make a living. Companies recognize the advantages of mobilizing employees so that they can work remotely instead of going to an office far away from home. Hiring is slowly moving towards a contract-based model. Most people still spend more time commuting to work or in the office than they do at home. Work is mostly time in life, and the need for a community at work is higher than ever.
Automation is conquering the world of enterprise and manufacturing. You have more options than ever before. The incentive and motivation to start your own business are even greater.
As real estate prices continue to rise, more and more businesses are recognizing the need for a more efficient square foot cost of office space and are considering joining or opening coworking spaces.
It’s clear that the future of coworking has never been brighter! Shared office space is the future. Coworking space is essentially a shared workspace. But coworking today means sharing everything.
Read also:
Coworking space business model canvas (coming soon)
Financial Model for Coworking Spaces (Coming Soon)
Problems Coworking Spaces Solve:
1. Waste of unused space and money
2. Office space scalability as your team grows
3. A diverse community to share ideas and get feedback (and maybe find your first client)
4. office maintenance costs
5. Reduce the initial cost of opening an office
6. Home is for procrastination. instead of a home office.
People who use the coworking space:
1. full-time freelancer
2. startup
3. Professionals working on side projects after hours
4. remote worker
Types of coworking spaces:
1. Pure Real Estate: Workplace-as-a-Service Model (BHive, BoldKiln)
2.Education: Office + Course (Electroplating)
3. Equity — Accelerator/Incubator
4. Industry-specific. Dedicated co-working by industry (Campfire)
5. Coworking for large companies/business centers (Regus, Vatika)
6. Coworking Aggregators (Breather, Qdesk, PivotDesk, Kowrk)
7. Coworking Marketplace (PeerSpace)
8. Cafe/restaurant/pub as coworking space (MyHQ, Coworkyard,)
9. Shared apartment (CoHo)
10. Collaborative work for the community. Example: Woman (The Wing)
Important attributes for a successful coworking space:
1. Location: Participate in the ecosystem of your target market. Alternatively, target locations with high demand but very low supply. You are near where public transportation is readily available. Partner/Platform Credits (e.g. AWS, GSuite, etc.)
2. Communities: Building online and offline communities is very important to keep users engaged. Cafeteria/pantry with coffee, snacks, food, and beverages, meeting room, meeting room .
3. Events: Events help you retain existing customers and bring new leads to your region (free advertising).
4. Major Complaints: Poor internet connection, noise level and lack of privacy all have to be considered .
5. Plans and Pricing: Identify your target market and create fixed/flexible plans to suit it
6. Mentor and Investor Network: Mentoring and investing are the biggest challenges for startups.
7. Facilities: People want a positive and productive work environment. Additionally, they like the relaxation zone in the coworking space.
8. Plans and Pricing: Identify your target market and create fixed/flexible plans to suit it.
9. Mentor and Investor Network: Mentoring and investing are the biggest challenges for startups.
10. Facilities: People want a positive and productive work environment. Additionally, they like the relaxation zone in the coworking space.
Buyer Issues:
1.7.24/7 coverage: Many places do not allow her 24/7 office which a customer may need. Rooms can also be sold as day/night shifts for added profit.
2. Rent/Security: Security deposits for rented spaces and rent themselves are very high and paid in advance.
3. Transportation: Commute is a major deciding factor for anyone to choose a coworking space Cost of construction/renovation.
4. Misc: Parking space, electricity, water, office boys, etc
Threats to Independent Co-working Spaces:
1. Big co-working spaces: Awfis (raised $20 M from Sequoia India) and Innov8(raised at a rumored valuation of $2 M) have raised massive funding from VCs and are opening a chain of coworking spaces and expanding into a franchise model.
2. Already established coworking spaces like 91springboard are quickly expanding into a chain of coworking spaces with facilities like work from any office.
3. Global giants like We Work(raised over $4.6 B) are soon entering India.
4. More and more Incubators/Accelerators are setting up and offering free co-working spaces.
5. Joint venture Real estate firms, landlords, and corporations are starting to bring the coworking experience to their buildings as an amenity and hiring coworking space operators to professionally manage them.
Get Radhika Mundhra’s stories in your inbox
Join Medium for free to get updates from this writer.
Opportunities:
1. Many coworking aggregators are emerging. Team up to generate leads.
2. Tier 2 and Tier 3 cities: untapped markets where many professionals are willing to stay and work.
3. Industry-specific coworking spaces — e.g. freelancers only, artists only.
4. Services marketplace for entrepreneurs e.g. in-house design, development, testing, and marketing teams.
5.A platform for managing coworking spaces. Dedicated CRM system to manage your coworking space .
6.Green space in coworking spaces — More and more people are demanding a green ambiance in their coworking spaces and are willing to pay a little more.
7.Investor’s matchmaking: If the main targets are startups, startups are always looking for investors. Build a relationship with investors and support funding.
8.Coworking space for women: A female-centered co-working space that can respond to women’s unique needs with peace of mind.
9.Comparison between long-term and short-term planning: As employees move, many people are looking for a space for a short period of time.
10.Invitation -based co-working space: It makes you feel like a “selected person.” Build an elite class of people working in your space.
11.Crowdfunding to buy/rent a building (Canadian model) and convert it into a coworking space. Excess money, high demand.
12.Co working Reviews: Reviews from people who have or have worked in coworking spaces.
13.Visa programs for co-working, international travelers, and entrepreneurial tour programs such as Entrepreneurs and Hackers’ Paradise.
Tips:
1.The economy for all overbooking is better. Always maintain the floating desk. (It’s like a gym makes money. People sign up, but rarely come.)
2.Start advance reservations for locations 1–2 months ago and start with the maximum capacity.
3.Conference room/conference room usage fee .
4.Target remote employees of organizations based in the world of developers .
5.Sponsor a mentoring session and connect investors to startups .
6.Ingestible/niche category targets: musicians, athletes, artists, gamers .
7.Don’t think, “If you make it, they will come.” Community construction and marketing costs.
8.Members attract more members. Focus on making her happy.
9. Before opening one, try working in several co-working spaces (we offer a day pass and a free trial).
10.Pricing and Features: Don’t over-price your competitors or undercut them.
11.Legal and financial bases are very important. But blend the framework of this article. Avoid paying brokerage fees.
12.Furniture and furnishings: If the owner does not increase the pace, you can get something really good in the used market. Purchase, not rental.
13.Coffee etc can be really expensive. Get a coffee maker! You can also rent one, which is generally much cheaper and allows you to pay per use.
By working in a variety of environments, you can create a network, make friends, save money, learn from others, and concentrate on your main business. The possibilities are really endless. Coworking spaces are not trendy. you are here!
