Coworking is the need of the hour, but why is it expected to be cheap?
Along with several thousand startups, SMEs and freelancers, even corporates have started to accept Coworking spaces as a viable and affordable alternative to renting their own work space. There are several reasons for this, namely the benefits that coworking spaces offer - which include:
- Flexibility and relative cost savings
- No gestation period, quicker time to market
- Enhance Productivity & HR Satisfaction
- Collaboration & Community
- Easy Team Expansion
It is no wonder that several companies like BuzzFeed, YouGov, and State Street chose the Redbrick Offices Super Office product, which is custom-built for you. It has all the benefits and flexibility of a shared space, while having the privacy & customisation required by your business. You want one?
I often get challenged by price concious customers about why our mothly prices appear high compared to renting the space on their own. In this post, I am shedding light on why coworking spaces are, and should be, an affordable luxury.
As an example, we are comparing the cost of a typical 20-seater work space requirement in Andheri, Mumbai.
The cost savings may not look like much, but they are (and in most cases should be) comparable to costs of renting - no matter what size. There are further benefits to be had from coworking, which are difficult to quantify, but count for a lot more.
- Quality of product/services. Due to economies of scale, large format coworking spaces like Redbrick Offices can provide a better quality for lower cost than what it would cost most businesses to get the same quality product / service.
- Flexibility, Hassle-free, One-Stop Shop. The flexibility to up-scale / downsize is one. All hassles of running and managing the space are outsourced, so you can be productive and generate more business. We provide a trusted network of service providers, negotiate good rates for you and don't charge referral fees - all leading to cost savings for you.
- Community. There is a huge intangible benefit of community. Businesses that work in community led environments enjoy higher staff retention, employee satisfaction and a high collaboration and innovation score. You never know who you're going to meet. Read my blog on the importance of community here.
The cost of coworking isn't always, and should always be cheaper than the cost of the traditional rental model. If price is your main criteria, there are several operators with low-cost options, but the services and product will generally also reflect the lower cost. If you are looking for high quality, high availability and coworking that just works, feel free to register your interest on our website.
If you still don't know what to look for when choosing your own office, you can read my previous blog on the topic here.