Coworking space is a private workspace for the communities such as freelancers, startups with limited employees, work from home professionals, independent contractors, and research fellows in exchange for the monetary fee.
How coworking space is different from an incubator or accelerator?
An incubator is where startups are nurtured by giving office space, mentorship, investment support, training, and other shared resources until the startup idea is fully grown. It is like taking care of the baby bird until it is ready to fly and take care of its own. The accelerator comes into play after the startups have a distinct vision and roadmap for the goals.
They provide mentorship, investment in return for equity, office space.
Co working space in Delhi is apart from these two. It provides office space and community connections for startups, freelance workers, and other working professionals who want to work together and remain independent. They should provide a monetary fee to the renters depending upon the resource and space’s size.
How profitable is coworking space?
As there is an increase in the number of coworking-space, it poses a question of whether they profit from it. Yes, they do.
The three crucial people in this business are the landlords, coworking operators, and professionals.
The coworking trend has attracted many real estate people by leasing the space to the coworking operators. Sometimes the landlord himself enters the market and self-operates the shared space.
It benefits the owners by not acquiring to loss by closing the deal faster. And also attracting more prominent MNC for higher revenues.
Even though there is a growth in demand for coworking space, a Survey shows that nearly all spaces are profitable only after one or two years. Most revenues are generated by renting out desks, where the price is varied according to a different package. Another way is to rent meeting rooms and event spaces to non-membership people.
Factors such as:
- Advertising and word-of-mouth play an integral part in expanding the business.
- Opening a coworking space in big cities increase the revenue
- Bigger space, refreshments, and a space to thrive in different communities would increase the membership subscription.
Working professionals such as freelancers and work from home professionals benefit from quiet spaces. They also have the opportunity to interact with people without getting succumbed to loneliness.
Providing helping hand to startups
The coworking space provides benefits such as:
- Flexible working hours
- Providing office space
- Meeting new clients
- Networking with professional and exchanging new ideas
Having said all this, Finally, it is safe to say that the trend of coworking space in Noida is going to rise tremendously in the coming future. The demand is high, but the supply is not met. The number would increase, drawing the attention of big corporates, investors, and the government, who sees it as a grand opportunity to encourage new ideas, talents, and profit.
The working model might change according to domain leveraging comforts to the working class.