Co-working spaces in Bangalore are like a time-share plan for business centres and office complexes. The idea is to lease the same office infrastructure and resources to different members as and when they need it, for short periods such as a few hours or a day.
In addition to flexible working hours, coworking spaces also encourage innovation and networking by bringing together like-minded startups, entrepreneurs, freelancers and large companies, all under one roof. It’s an appealing alternative to the traditional office that you rent by the month.
Serviced offices are office suites or business centres with offices that are fully equipped and managed by the business centre. You simply rent a serviced office and pay a single bill that includes the rent and all other services and facilities. This can include everything from furnishings to wi-fi, electricity, water, food and beverages, cleaning services, and all the other office expenses and overheads that you would normally pay for individually.
#1. Affordability – One reason why startups prefer coworking spaces is because of the cost factor. They provide more flexible working options at an affordable cost.
For a tech startup, the cost of setting up an office in Bengaluru could range from $25,359 to $30,081 per annum, while operating out of co-working space would save these startups anywhere between 72% to 76%, as per a Knight Frank report.
Another coworking advantage is that you just need to pay by the hour for only those services or facilities that you use. For example, you could only pay to use a café area or a desk with wifi for 2 hours, while others pay monthly fees for all day access to a wide array of services that you hardly ever use. There are also monthly subscriptions for the same.
#2. Networking – Coworking spaces in Bangalore offer you plenty of opportunities for networking and meeting. This is especially important for startups, since proper networking will take you a long way in Bangalore’s vibrant startup scene. You never know who you’ll meet and how you might be able to collaborate, and what sort of benefits it will generate for your company and business.
#3. Mentors – Coworking spaces tend to attract the best minds and most successful startups in a city. Getting direct daily access to these mentors means you can get high quality advice on a wide range of subjects that are very important for you.
#4. Business Synergies – Also, the business synergies that startups and entrepreneurs have when you cowork can be hugely beneficial to everyone involved.For example, a digital marketing agency coworking with other startups can get a lot of clients in the same space. All their clients will likewise be more successful at generating online leads and sales, while also learning from the close interaction with online marketing experts.
Now throw in designers, app developers, SaaS platforms, call centres, biotech startups, branches of large global corporate businesses, and all kinds of strategic partners, all in the same coworking space. This is why a coworking hub is an ideal recipe for a rising tide that lifts all boats.
#4. Virtual Office and Address: One of the top advantages of coworking space is that it can be your business address, and you can use it as a virtual office. A freelancer, startup, entrepreneur or a company outside Bangalore may not be able to afford a full-time Bangalore office space in a high-end location like tech hotspots and business parks on Outer Ring Road and office complexes in UB City, WTC, MG Road, Diamond District and other prime locations.
But when you sign up for coworking, you get a professional Bangalore business address in such locations without having to pay the huge amounts of monthly rental that big companies pay.
Want to cowork? Take a free trial – One day free at the Evoma co-working centre in Borewell Road, Whitefield, Bangalore. Contact us now to book your free co-working space @Evoma for a day.
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2 thoughts on “Coworking Spaces in Bangalore vs. Serviced Offices and Rentals”
Nice articles always makes it easy to understand the topic, thanks for sharing about coworking spaces and their advantages, it will surely help freelancers and entrepreneurs to find a good workspace.
Welcome, Sai. Very true that coworking is helpful for freelancers and entrepreneurs struggling to find a good workspace within their budget. That’s why we want more people to be aware of the benefits of coworking, and I’m glad you’re also doing the same.