Profitable fields from Co-Working

Co-working has achieved prominence in the working atmosphere. The mundane conventional office spaces are left with no inspirational quotient to attract employees. On the other hand, the demand for work-from-home opportunities has increased due to its comforting nature. But remote jobs come with a lot of distraction, and uncalled-for engagements which result in less productivity and zero motivation.

Co-working comes into the picture to provide the best of both worlds to working professionals. You can have the flexibility of working from home with all the amenities of an office. The concept of a co-working space is based on acquiring a well-managed office space that is fully furnished and accommodates the basic requirement of a conventional office. The amenities include dedicated booths and personal desks, high-speed internet, meeting rooms, wi-fi, etc.

Hiring an office on rent is beneficial for most businesses considering the modern work culture. New companies stem in a community environment where there are opportunities to interact with other businesses and like-minded people.

In India, co-working is not limited to entrepreneurs and freelancers. Over the last few years, many businesses have started operating from a collaborative office space and were successful. Here is an overview of work fields that are likely to be most profitable from co-working.

1) Startups and small businesses- 

Most of the world’s leading businesses were once startups that found habitat in a co-working space. Co-working space works as an incubator for startups to provide a foundational space from where they can take off their businesses.

With a shared office on rent, co-working can reduce the cost by providing an affordable and flexible workplace to startups. Co-working spaces are the best solution to have a managed office with services like meeting rooms, high-speed internet, and printing facilities.

Also, it provides a platform to meet like-minded people which is helpful for networking and future collaboration.

2) Technology – 

Many tech professionals like app developers, programmers, and coders require a laptop and high-speed internet to fulfill their work commitments. A co-working space provides both. Co-working spaces are mostly well-equipped with tech essentials like wi-fi, projectors, printers, and tech accessories like cables, chargers, and headphones.

Co-working space functions as a managed office for software developers who want a focused time and dedicated space for themselves. Acquiring an office on rent is not only cost-effective but the vast networking opportunities under the same roof, help in unleashing a new perspective for a developer.

3) Marketing and Sales industry- 

Co-working spaces have proved to be a brooding ground for sales and marketing professionals. Industries like sales and marketing have a lot of networking and lead generations involved in it. With other entrepreneurs, startups, and freelancers, chances are high that marketers and salespersons can gain their initial leads nearby in the same premises.

Also, collaborative office space is extremely famous amongst digital marketing professionals. It provides them a space where they can gain meaningful insights from fellow marketing professionals and make their road map and strategy. With minimal expenses and unlimited perks shared office on rent is ideal for digital marketing professionals to sustain a profitable business.

4) Advertising- 

The advertising industry is based on ideation and execution. Apart from providing an office on rent, co-working provides a dedicated space for the advertising agency to contemplate for hours without any disturbance. With flexible working conditions, they can more efficiently reach the culmination of their strategy.

Also, With the help of fellow co-workers from different industries, advertisers can get insights into various business models, case studies, and success stories. This collaborative environment of a co-working space can be detrimental to a great advertising strategy.

Many co-working spaces provide a separate space to organize promotional activities, and meet-ups or even place hoarding at reasonable prices.

5) Finance- 

Finance companies often seek a managed office to cater their services. Additionally, the profile of a financial advisor is such that it can be well carried out virtually. Whether you are a tax professional, financial planner, financial advisor, or investment professional, co-working space is best suited for you.

Renting a co-working space saves a small financing business from locking in a lease contract. Moreover, it projects a professional upscale image of your company in front of the clients.

6) corporate law and advocacy- 

Co-working space can be highly beneficial for law firms of all sizes. With private offices, meeting rooms, and secured connections it aligns with the confidential aspect of law services.

Huge meeting rooms can be potentially utilized for law practice and discussions. If you are a solo practitioner or working in a small firm, co-working spaces are ideal for client-meeting. In addition, you can create great relationships, garner referral sources, and create opportunities to build your network and gain more clients.

7) PR Agencies- 

PR agencies are network-driven businesses where public interaction is at the core. Co-working space can be a thriving platform for any PR agency to maximize its business. With its obvious benefits of projecting a professional environment along with cost-effective logistics, a co-working space is a genuine networking hub.

In addition, space provided by the collaborative spaces and managed offices can be used for media interactions and PR campaigns.

8) Web development and graphic designing- 

Unlike other professionals, web developers and graphic designers must stir their inner creativity which is least possible in the home environment. Co-working space can help give them their creative boost.

The ambiance of shared office space gives a newer angle to your perspective and impetus to your creativity. Additionally, each business you interact with in a collaborative space has the potential of becoming your next client.

The shared office space’s aesthetics, vibe, and environment  can inspire a designer and developer in many ways.

9)Freelancing- 

Being productive and building a network is essential in freelancing jobs. The isolated and dedicated work booths in managed offices with co-working culture, help channel the productive side of you. Being a place where multiple businesses are thriving together, a co-working space gives collaborative partnership opportunities to freelancers.

Moreover, watching other groups working tirelessly for their goals can inspire a freelancer in multiple ways and co-working spaces are loaded with such scenarios. Most of the co-working spaces provide the facilities of a managed office, which are any day a plus for freelancers.

10) Childcare- 

The number of child-friendly co-working spaces is increasing and offers childcare facilities to customers. This provides a booming space for childcare professionals to start their businesses and services.

Parents with remote jobs are keen to engage in work with the assurance that their children are around them and learning new activities. Childcare professionals can leverage this trust and establish their services in a co-working space.

11) Creative fields- 

Writers, bloggers, dancers, and storytellers are always in search of new ideas. The collaborative environment of a co-working space works as a platform where people from various walks of life work in the same environment.

Creative writers can have a dedicated space without distraction which aids in the productivity and imagination of their creative process. Actors or story writers can leverage the facilities of a co-working space to organize a dedicated workshop for prospective learners.

Bloggers and writers can generate a whole factory of ideas while interacting and communicating with fellow co-workers. Moreover, a co-working space generates an opportunity for creators to find collaborators or sponsors for their projects.

12) Education and training-

All learners today desire a break from the conventional setup of teaching and training institutions and want to indulge in interactive and open learning. A managed office in a co-working environment provides an exciting place for students to learn in a community and find their career path.

In addition, a co-working space offers an ecosystem of professionals in every field who can be resource persons or guest speakers for different education programs. Education institutes and the Training industry can gravitate a larger community to a co-working space with its mentorship opportunity.

13)Event industry- 

The event industry and collaborative spaces are complementary. Whereas co-working spaces look for events to build their community, event professionals are constantly in search of a professional environment where they can organize a community-based event.

Also, the maximum amount of work in the event industry is field based, thus collaborative, and managed offices can fulfill their requirement of a temporary office. Event organizers are highly benefited from a co-working space as it is less expensive, eliminates nearly all the logistics, and provides an enthusiastic and professional ambiance to the host for free.

14)Leisure and Entertainment- 

For businesses that are into entertainment and leisure activities, co-working spaces can offer customized and tailor-made spaces to run their activities. A rented office’s meeting rooms and conference halls can be used for press conferences and interviews. The seasonal fluctuations in the leisure and hospitality industry can be tackled by temporary rental offices.

Compared to traditional office spaces the infectious energy of a co-working space contributes to creative inspiration. The networking opportunities can immensely contribute to the professional growth of a company and even lead to potential partnerships.

15)Real estate- 

The concept of shared offices is quite popular in the real estate industry. Companies that don’t want to commit to long-term leases and are open to a cost-effective office structure are rapidly adopting the co-working culture.

With a co-working space increasing the size of a company becomes easier and the required infrastructure is available without affecting the cost of operation. Most of the real estate and construction businesses are technology-centered and can easily be accommodated in shared space offices.

16) Content Marketing Industry- 

The industry of content creation is experiencing considerable growth. Influencers are often indulged in affiliate marketing for which they keep on searching for trendy, modern, and unique spaces. Influencers can leverage the overall potential of co-working spaces by renting different spaces based on their needs.

The energetic atmosphere of shared office space helps enhance their productivity. Content creators and influencers can produce diversified quality content using collaborative office spaces. 

17) Retail Industry-

Co-working space has a huge base of potential consumers for retailers. A retail business can completely avoid leasing a store and buying expensive equipment by renting a shared co-working space. Entrepreneurs who are targeting the retail industry can save the requirement of large funding to set up a store. Instead, they can leverage the shared office space with a minimal membership cost.

Most of the co-working spaces have pantries and dining areas for their members. These segments can be a probable market area to sell and promote goods and services. Additionally, retail entrepreneurs can find networking opportunities to grow their businesses.

18) Digital Nomads and Travelers-

Digital nomads, researchers, and travel bloggers are often in need of a temporary workstation. Co-working space can provide them with a space to sit, contemplate and create by exposing a wide range of amenities to them. Rented office spaces give affordable access to the internet, seating space, and pantries which are perfect for travelers.

Moreover, it works as a gateway to indulge and interact with like-minded people who can contribute to your journey with their ideas, knowledge, and suggestions.

19) MSMEs

Micro, small and medium enterprises find growing difficult due to their cost-intensive nature. Co-working spaces are a collaborative, cost-effective, and flexible way to grow with minimal investment and funding. Additionally, shared office spaces can provide the customer support which MSMEs look for.

The all-inclusive nature of co-working spaces can shed the burden of fulfilling the tasks like cleaning, organizing, and security. As many individuals are working in different fields, the co-working space is full of networking opportunities where MSMEs sell, market, and promote their stuff.

Apart from the MSMEs, many big corporate houses are also engaging remote workers in co-working spaces. Companies who want to retain and expand their employee base, are targeting co-working spaces as a cost-effective office to accommodate their workforce.

20) Health-

The health industry is growing fast in India. Along with big health institutions, many solo practitioners aspire to have a place where they can start their consulting practices without investing large funds.

Co-working spaces provide a considerable place that can be transformed into a waiting room, exam room, and consulting space. Mental health experts, caregivers, physicians, and specialized doctors can practice freely and more efficiently without having to worry about infrastructure, cleaning, parking, etc. This in turn results in more attention toward the patients.

In recent years a new style of work has emerged. Companies are paying more attention to work-life balance. And employees are embracing the new hybrid mode of work which eases the obligation to strict hours of work. It is an ideal time for businesses to shift their focus from tiresome logistics to a managed office that is customized and tailor-made as per their requirements.