Signing a permanent office lease is a big threat even for big organizations. It’s tough to identify how much space you will require in a year or two. And, if something goes wrong, you could be left with vacant desks and serious bills to pay. Similarly, entrepreneurs don’t feel like paying for real estate until they are sure that the project is going to fly.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Signingapermanentofficeleaseisabigthreatevenforbigorganizations.It’stough to identify how much space you will require in a year or two. And, ifsomethinggoeswrong,youcouldbeleftwithvacantdesksandseriousbillstopay.Similarly,entrepreneursdon’tfeellikepayingforrealestateuntiltheyaresure that theprojectisgoingtofly.
Attheinstanceofstartingup,expensesofsettingupanofficecanbeamainstumblingblockforentrepreneurs.Butthesedays’startupsarefindingrent- freeworkspaces.Thereareacceleratorswhichprovidethisabilitytostartups, usuallyinswapoverequity.
Hereare3 typesofworkspacesthatentrepreneurscangetfor free:
Tosupportfiscaldevelopment,chamberofcommerceinafewcitiesofferfree office space with the help of local government and businesses. The programs needfreeofficespacewiththeassistanceoflocalgovernmentandbusinesses. Theseprogramsneedentrepreneurstoputforwardabusinessideaandshowits growthpotential.
Possessing physical office space is very legitimizing. Meeting with business peopleand accountants in the freeoffice spacerather than athomemakesa hugedifference.Startupsare alsostimulatedtotakepart ingroupevents.
Co-working spaces provide an office-like atmosphere free of cost to entrepreneurs, generally lone founders who would otherwise be working from their homes. Organizations interested in aiming entrepreneurs run thesecompetencies, and some have an application process. The shared space also gives a routine to entrepreneurs and keeps them from going unoccupied at home. But these are unlike regular office. Most co-working spaces have big tables, making it difficult to make phone calls or hold meetings due to noise level.Youalsocannotaddemployeeseasilybecauseofinadequatespaceandshortageofdedicateddesks.
Todevelopentrepreneurshiponcampus,alotofuniversitiesprovidefreeofficespacethroughon-campusincubatorprograms.Claimantsmustofferapractical business strategy to meet the criteria for space, and nearly every universityincubators need that at least one member of the startup be an alumnus orstudent.
BangaloreSurpassesDemand for OfficeSpace
Cushman&Wakefield’s(C&W)andGlobalRealEstateInstitute’s(GRI)yearly report ‘Embracing Change – Scripting the prospect of Indian Real Estate estimationsthetotalcommercialoffice spacerequirement tobejustabout 200millionsq.ftintheleading7citiesasagainstaslightlyhighersupplyof243millionsq ft.
The report considered demand and supply for Mumbai, NCR, Chennai, Bangalore, Pune, Hyderabad and Kolkata in which Cushman & Wakefield