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Rise of Co-Working and Emerging Business Challenges

02-08-2024 03:25 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: YourRetailCoach

Rise of Co-Working and Emerging Business Challenges

Rise of Co-Working and Emerging Business Challenges

The rising popularity of co-working spaces as a commercial avenue has also brought many new, unseen challenges for businesses in this sector. Business consulting firm ( ) YRC has come out with certain relevant insights on this topic in this communiqu茅 addressing aspiring entrepreneurs who are thinking of starting a co-working business and looking for co-working business solutions.

饾棤饾棽饾棶饾椈饾椂饾椈饾棿 饾椉饾棾 饾棖饾椉-饾棯饾椉饾椏饾椄饾椂饾椈饾棿

Co-working spaces can be considered as clubs or gyms but for work. Like in gyms or clubs, people go for specific reasons and purposes, in co-working, people go for work at a common place. A co-working space is a common office environment equipped with fundamental assets and services required for routine office and professional work. Subscribers to co-working spaces can go as individuals or in groups (or as enterprises) and use the setup and services to do their work. The service providers charge fees for the letting use of their office infrastructure and services. Co-working is an ideal working space solution for freelancers, independent professionals, solopreneurs, and startups.

饾槉饾槹饾槷饾槷饾槹饾槸饾槶饾樅 饾槯饾槹饾樁饾槸饾槬 饾槾饾槮饾槼饾樂饾槳饾槫饾槮饾槾 饾槳饾槸 饾槫饾槹-饾樃饾槹饾槼饾槵饾槳饾槸饾槰 饾槩饾槼饾槼饾槩饾槸饾槰饾槮饾槷饾槮饾槸饾樀饾槾:

路 Fully-furnished office space
路 Air-Conditioning
路 Coffee and refreshment
路 Restrooms
路 Individual workstations
路 Meeting/conference rooms
路 Private offices
路 Wi-Fi Internet
路 Security, CCTV surveillance

饾棩饾椂饾榾饾棽 饾椉饾棾 饾棖饾椉-饾棯饾椉饾椏饾椄饾椂饾椈饾棿: 饾棓 饾棨饾槀饾椂饾棸饾椄 饾棢饾椉饾椉饾椄

Co-working is one of the finest examples of contemporary working style. It is essentially a working space with office amenities for a limited number of individuals or small teams. Within that range, users of co-working may include freelancers, remote employees, startups, businesses ( ) (for specific purposes like meetings), solopreneurs, and independently-working professionals.

The need for workspace services was an evolving one. As economies grow, trade and commerce also begin to thrive. New businesses emerge which give rise to the need for services. Both businesses and service providers (remote employees, freelancers, or even small startups and others) need a workspace. Co-working fulfils this need.

Co-working industry is also driven by many internal and external factors. For example, setting up a new office space in another city could be more expensive than hiring a co-working space to accommodate a small team of remote employees while still getting their services. This is the internal side of the decision. The external side could be a lack of real estate space in the desired city or commercially unfeasible leases and rentals.

饾棙饾椇饾棽饾椏饾棿饾椂饾椈饾棿 饾棖饾椀饾棶饾椆饾椆饾棽饾椈饾棿饾棽饾榾 饾椂饾椈 饾棖饾椉-饾棯饾椉饾椏饾椄饾椂饾椈饾棿 饾棔饾槀饾榾饾椂饾椈饾棽饾榾饾榾

饾棓饾棸饾椌饾槀饾椂饾榾饾椂饾榿饾椂饾椉饾椈: Albeit the demand for co-working is growing on the global scale it is often not enough if markets are taken individually. This problem is acute in mid-tier cities that are slowly opening up to a co-working culture. Other related challenges are inconsistency in subscriptions and a low number of startups with co-working necessities.

饾棩饾棽饾榿饾棽饾椈饾榿饾椂饾椉饾椈: In more mature markets, competition makes it difficult to retain clients in co-working. The lucrativeness in these markets attracts new players who would have studied their competitors very well and come up with better amenities and services, pricing, and other elements.

饾棖饾椉饾椇饾椇饾槀饾椈饾椂饾榿饾槅 饾椌饾槀饾椉饾榿饾椂饾棽饾椈饾榿: The community factor is a strong USP for co-working spaces. But it can be hard to hold on to this community quotient. Not all markets are big enough to commercially justify catering to one or two segments. Opening up to multiple segments dilutes the community quotient.

饾棨饾槀饾棶饾椈饾榿饾槀饾椇 饾椉饾棾 饾棻饾椂饾槂饾棽饾椏饾榾饾棽 饾棾饾棶饾棸饾椂饾椆饾椂饾榿饾椂饾棽饾榾: Co-working spaces must provide an extensive range of amenities and services to meet the fundamental as well as diverse office/working needs of their clients. As the quantum of facilities offered go up it also begins to weigh heavily on the CAPEX and OPEX requirements. Offering customisation, which is a powerful USP in co-working, makes the costs swell further.

饾棩饾椉饾棷饾槀饾榾饾榿 饾椇饾棶饾椂饾椈饾榿饾棽饾椈饾棶饾椈饾棸饾棽: Co-working spaces are a reflection of a contemporary working culture as mini versions of those sophisticated corporate powerhouse offices. Even minimalism needs to be of premium quality in co-working spaces. Maintaining the entire gamut of assets and service systems can spiral out of hand without SOPs ( ) for co-working business facilities management and housekeeping.

饾棡饾棽饾棽饾椊饾椂饾椈饾棿 饾槀饾椊 饾槃饾椂饾榿饾椀 饾榿饾棽饾棸饾椀饾椈饾椉饾椆饾椉饾棿饾槅: Technology is part of today's work culture. Whether it is high-speed internet, cloud printing, remote conference systems, or any other feature that is available in modern-day offices, co-working needs to not only provide the same but also keep up with the latest versions of those technologies as per prevailing usage trends. This calls for dedicated teams for respective domains.

For enquiries on co-working business consulting services by YRC, Get advise for Retail Business Consulting :

Your Retail Coach

Phone: +91-9860-426-700
Empowering Retail & E-commerce businesses worldwide.

YRC is a Management Consulting Company, especially for the B-C Sector.
Our expertise lies into designing of Standard Operating Procedures (SOPs), Franchise Development, Strategy & Operations services, Process Audits & Training.
We help companies to organise their operations and expand through best management practices.

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