Instead of leasing traditional offices, they would do better to rent an office in a coworking space where they can enjoy the bundle of facilities along with convenience for effective and efficient working
COVID-19 has brought countless business to a standstill. Some economists are comparing the events transpiring today to those of the late 1920s and the 1930s. The word “depression” is now being. For small business and new startups the impact can be profound. Many have closed their offices at least until the lockdown is lifted. Of those that have closed for the time being, some may never reopen.
Formany entrepreneurs who have invested in office spaces the loss have been huge. They owe rent on their offices and yet many cannot use those spaces especially where customers visited, and deals were made. It will take time for normalcy to return. Startups that want to mitigate risks like those witnessed today have a suitable recourse. Instead of leasing traditional offices, they would do better to rent an office in a coworking space where they can enjoy the bundle of facilities along with convenience for effective and efficient working.
A coworking space has many advantages over traditional offices. Such an area has every amenity a startup needs. It has high-speed internet, conference rooms, offices, and cubicles, plush interiors, meeting rooms, projectors, espresso machines and most importantly other driven professionals. While renting a large office is a sunk cost, leasing a place in a coworking space offers flexibility. Coworking spaces are nimble and agile. Their adaptability makes them ideal for startups whose rapid growth demands additional resources reasonably quickly. As startups count on innovation to grow their business, they need access to the best talent and ecosystem. Such talent and favourable environment are found in abundance in coworking spaces.
Once the Lockdown is Lifted
Once the lockdown is lifted and normalcy returns, many startups will have to examine how they will work. They should pay serious consideration to renting space in a coworking. Co-Working spaces are home to many start-Ups and SMEs. These companies are connected. A distinct advantage of leasing offices in coworking spaces is that such facilities have zero downtime. For instance, when the lockdowns is lifted, it will take several days for traditional businesses to get up to speed. Startups operating from traditional offices will take some time to reach the same level of efficiency they had before the lockdown. They may need to re-install infrastructure and procure supplies. On the other hand, startups with offices in coworking spaces will hit the ground running once the lockdown ends because coworking spaces don’t have an off-day. Even during the current lockdown, many are being managed by a minimal staff.Once the lockdown ends, companies with offices in coworking spaces will rapidly reach the same level of efficiency they had before the COVID-19 pandemic. The same cannot be