A country progresses the most when it has a majority of its workforce engaged in the service sector. And India is no exception. The service sector in our country certainly needs a push. And for that to happen, entrepreneurs in the service sector need a great working environment like coworking. But first, let us understand the situation.
What are the problems that service-oriented startups and businesses face today?
Lack of funds
Getting funding for your business idea is even tougher than coming up with a novel idea. Specifically for service providers, investment is paramount because they need to update the technology they use from time to time to serve their customers in the best way possible. In a traditional office, you are confined to the four walls of isolation from potential investors and more cost-effective solutions for your business operations.
High migration rate of workers
A grass is always greener on the other side. Hence, retaining employees becomes challenging at the initial stages of any business. Since yours is a service-oriented business which operates solely from laptops, you need a decent salary budget to keep your team content. High labor migration rate compromises your operational consistency and declines overall productivity.
Lack of flexibility
Traditional rented offices usually do not offer you flexi-time facility. However, the same is key for satisfaction at work and more productivity.
Lack of efficient administration
A business has several areas that need to be managed professionally. Marketing, sales, finance, collection, operations, you name it! As beginners in the field of service-delivery, you may feel overwhelmed with your inept administration, causing frustration.
Lack of network
As a service provider, what you need the most is a healthy network of contact to get referrals and leads. But getting an entry into an ever-so-competitive market seems daunting, to say the least.
How can coworking help the ailing service providers?
Affordable rented space
Since lack of enough funds is one of your primary concerns, coworking hubs help you cut down on your operational costs. You get a nice working space at a much lower price than a traditional office. Also, you will not have to manage the nitty gritty of business administration, letting you free to focus on the productive, bread-winning tasks.
Interacting with a vast community of different businesses helps you exchange thoughts and come up with unique ideas which benefit your business and may as well make you more efficient.
Flexibility of time
Most coworking spaces are available for 24 hours. This helps you unwind from stress workload whenever you want to, and get back to working at your day’s most productive hours.
Independence of location for teams
Not all service startups are small. If you do all the right things, your rapid growth impends. It is then that you can make your teams independent of location and time. This increases their job satisfaction and hence helps reduce labor migration rates.
No business can survive without a fair dose of networking. Coworking throws this problem right out of the way because networking is all coworking is about. You routinely meet new people, work with them, refer them to your acquaintances and the cycle continues. This is why if you are in a tight spot in terms of generating a sizeable network for your business, switching to a coworking setup is the first thing you should do to fix it.
Try our space
In case you are need of an amazing coworking space to help your business grow, we would be happy to help! Take a tour at Hustle Cowork to see the positive difference we can bring to your service providing abilities. Let us know in the comments below what your challenges and worries are, operating as a service-providing business.