Co-working space is the agreement done between various workers from different organization or company shares office spaces, allowing cost savings and widget through the use of common infrastructures. It is the business services that involves individuals working independently or co-operating in shared office space. Co-working space is the perfect option because it gives the aptitude to scale up or scale down in team members, there are low set-up costs due to sharing of common infrastructures. Co-working was first introduced by Sunshine Suites. The company opened its doors in October 2001, founded by Cheni Yerushalmi and Joe Raby.
A co-working space is a work-home where you have the freedom to work how you like. The famous companies that started in a co-working space are as follows:-
There are many benefits of co-working space for startup and they are as follows:-
- Interactions of like-minded people – as there will be same office or company workers where they can discuss and work in good environment.
- Social interactions become more strong – from various offices and companies people come there to work and it helps to develop the social interaction skill.
- Networking opportunities – there will be people from different places who will have many ideas and knowledge to develop a network for work.
- Communication skills are build – many people from various background stay there and work and a friendly relation is created as well as there will be an adequate communication skills too.
- Balance of work-life – without any stress, we can work there, which helps to balance our work-life.
- Effective solution for costs – as there will be many staffs from one company who can share the same infrastructure and share the money to be paid for the place, etc.
Co-working space is not only about the physical place but also establishing a community. Its rapid growth has been seen as a feasible way for city planners to address the decline of high street retail in urban areas. Its benefit can already be experienced outside of the physical spaces, and it is recommended to start with building a coworking community first before considering opening a co-working place. Co-working is perspicuous from business accelerators, incubators and executive suites. These spaces do not fit into the co-working pattern because they often miss the social, co-operatives and informal aspects of the process. Often, a co-working facility will offer a number of options to suit individual needs. In co-working space, management practices are closer to that of a co-operative, including a focus on community rather than profit. I did a small survey where 80% of the people agreed for co-working space is effective. “Co-working is a more exciting way to work, than getting it alone.”