Category: Uncategorized

Pros and Cons of working from a creative space

The future of work is changing – the cubicle era is slowly being taken over by creative spaces. Whether you are a small startup team or a sole proprietor, co-working spaces are the new hottest office option available in every startup city. Spaces like Ministry of New in Mumbai are the new attractions in town but it’s important to evaluate the pros and cons before choosing any space for your new business.

Pros:

1.Choose membership as per your finances:

YThe major reason for choosing any co-working space is the price. If you are a freelancer, you can still choose to work from a creative environment rather working alone from home. If you are a team of people, feel free to choose the plan which suits your needs the best. For example, if you are looking for a co-working space in Hyderabad iSprout offers multiple instant office plans. No tension to sign a long lease, work with flexibility till you want and get access to all office supplies, even FREE coffee at many places. What better can one ask for?

2.Community and networking:

This is the biggest advantage of working from co-working spaces since you will stay close to the community and get more chance to mingle with similar like-minded people. You might just meet someone with valuable skills or even meet your potential leads, who knows!

3.Move-in-ready, no administrative hassle

If you are starting a new business, 50% of your time might get invested in sorting administrative, legal and financial stuff for your organization. Many co-working spaces offer these help as a part of your plan and take off the burden so that you can focus better on your business. At iSprout we offer payroll services, accounting services, consultancy and a lot more customized to your requirements. The best part is that you don’t have to think before expanding your team from 8 to 10 to 50 since your co-working space will take care of it.

4.Creative and collaborative environment:

No one believes in running businesses traditional ways anymore, it has to be creative. Sometimes it is really boring and de-motivating to brainstorm from a silent cubicle space – isn’t it? Creative space provides very different energy to help you think out of the box. The positive effects are definitely more.

Cons:

1.No Privacy, more distractions:

The ultimate idea of choosing a creative workspace is to increase your productivity but if you are planning to choose the space for your team, ensure you choose a plan that includes access to private meeting rooms as and when required. Sometimes you might need to discuss private official stuff with your team and privacy can be a big issue in such situations. Also, most of the co-working spaces are crowded hence you might need a space to have your alone time to dwell through company-related issues.

2.Conflicts and competitions:

Working with many companies under the same roof mean there are high chances you might come across your competitors too. This could be a positive thing if you can turn it into a collaboration rather than competition. Even if it’s a competition, the best way would be to handle it with maturity.

3.Working hours of Co-working space:

Even though most of the co-working spaces are open 24*7 but don’t forget to double check the timings. Some of the co-working

Tips to start your small business.

Startup craze is still ongoing in India and across the world. If you are reading this, either you
are already running a business or planning to start soon!
But starting a business can always be chaotic and confusing, especially for someone new.Honestly, there is no perfect formula or steps to start a small business, but a few tips and some business advice can always be helpful.

1.Research on your problem:

You might have the right solution to the problem you want to cater but keep your research mode ON forever. Get familiar with other competitors in the market, know about the market leaders, their strategies and if possible connect with them to know more. You might be thinking why would your competitor tell you their secret but that’s the trick. Don’t talk to them about your solution, rather tell them how you are interested to work more towards the problem with them.Understand at every point how worth is investing your time and money towards the problem. You can also start taking feedback on your ideas from your audience.

2.Choose your city:

Everyone might be advising you to make business plans, set up strategies etc but choosing the right city for your business should be your priority. It totally depends on the type of business you plan to start – offline or online and the kind of audience you would be catering to.
If you are planning to start an online business, think where you would like to register your business – since every country has different laws and if your business is open to people across the globe, registering the business in the right country will help you take advantage of tax benefits. If you are looking to start an offline or local business,your audience will play important role in choosing the city.
Sometimes networking and partnering with right people can help you learn and unlearn the most. Hence a lot of entrepreneurs these days are choosing to work from business centers in cities like Hyderabad, Bangalore, Mumbai etc which provides better exposure to such environment.
So choose the city which will provide you the best opportunities as well as comfort.

3.Think about funds:

This might sound bit harsh but if you don’t have any savings or a way to source funds to survive yourself and your business for next one year, don’t take any risk. Most of the entrepreneurs start the business thinking they will be able to raise money from investors but remember no investor will fund your business unless they find it worth it-which completely depends on them! This is one the leading reason why most of the businesses fail within one year since inception.
Bootstrapping is the best option any day but if your business model requires some initial funding, feel free to consult and ask your family and friends. This will lessen your financial burden and give you more time to focus on business only.
If you are already employed, you can also think of working on your business part-timeand slowly take a transition.

4.Talk about your idea:

Many times we think of hiding our business idea fearing the idea might be stolen or jinxed. Well if you are talking to the right people, it will always help you make better decisions. Look for people you know (and don’t know) in your network and never shy to connect with them. If you are new to the city or the market, try attending events organized by many business ventures. Or the best way to meet new like-minded people would be simply taking a day pass at one of the co-working spaces and just go and talk to everyone. Sounds creepy? Well, it’s not creepy anymore….you might just meet your co-founder, mentor or maybe THAT investor!
Talking and discussing your idea with others will give you a different viewpoint to the problem you are trying to solve. This will lead you to take more mature decisions and will lessen the thinking process.

5.Get.Set.Go :

○ Once you are sure to take off, start applying for all the required licenses andbpermits. In the meantime start working on your product or service.
○ Ensure all your all pre-launch marketing stuff are in place at least two weeks before.
○ Share the news with your friends, family and other people in the network.
○ Don’t shy to announce on social media – whether offline or online business,social presence is must today.
○ Most important – don’t forget to set up payment methods in place whether you have started sales or not.

Work hard to build your business. And be patient for success!
.

Why co-working spaces are important for AndhraPradesh?

Amravati is a new capital and infrastructure is not here ….provide fully furnished and serviced office spaces so business can set up quickly.
In 2017 Andhra Pradesh innovation society helped 80 companies to kick-start their dream project in the state. And with new upcoming startup-friendly initiatives, they aim to make Andhra Pradesh new startup-hub of India soon.
APIS has already planned to foster 1000+ new startups in 2019 creating an ecosystem to help them grow and succeed. As JA Chowdary, IT advisor to Hon’ble CM of AP speaks in the Mobile Sparks event last year ,’ Since AP is a new state, the market needs newer,innovative and different products for its people and consumers. But we have no capital or infrastructure in that sense, we are a startup state, and to build this startup state we need to bring in innovative companies and help them succeed in Andhra Pradesh ’.
Sounds like a great opportunity, isn’t’ it? But yes as suggested by JA Chowdary above,Andhra Pradesh still lack in providing the basic ecosystem for the onset and growth of any new business such as infrastructure, funding, human capital which is eventually stopping even the homegrown talent.

How Andhra Pradesh can create startup ecosystem?

  • 1. Enable a city-wide atmosphere of collaboration and cooperation by building co-working spaces where entrepreneurs can feed off each others energy and ideas.This will improve networking, leading to faster growth and overall success for the
    ecosystem.
  • 2.Incentivize living and working for young people in the cities by providing budget rentalplaces, free wifi, regular cultural events etc.
  • 3.Welcome diversity and start city-to-city collaboration for entrepreneurs. This will stophomegrown talent from moving out and will attract more individuals from a widevariety of domains such as financial technology, venture capitalists, fashiontechnology, SaaS etc to come together and innovate. This will also attract fundingfrom investors across the globe resolving the prevailing capital issues.

Why co-working spaces?

Young people are always on the lookout of new spaces to work, live and play. So if I plan on setting up a new startup, as an entrepreneur my priorities would be:

  • 1. Choosing a city where daily expenses are less for survival and have a growing startup ecosystem
  • 2. Working space which I can rent or where I can sit for long hours at a nominal price
  • 3. Networking opportunities with like-minded people
  • 4. Exposure to business and networking events
  • 5. Availability of basic entrepreneurial needs such as secured wifi, unlimited coffee,creative environment, 24*7 open and easily accessible
  • 6. Meet mentors and professionals

Coworking space would fit in these requirements best for any entrepreneur. Especially many
cities in Andhra Pradesh such as it’s de-facto capital Amravati where infrastructure is still not in place, renting a place for new business within budget with startup environment is nearly impossible. Such issues will keep the talent away and even homegrown will choose to move out to a much more happening city such as Bangalore or Chennai. In such situation co-working spaces like iSprout would not only provide you a startup ecosystem within the city but also help you set up your business quickly by providing you with legal and financial consultation.

Today coworking spaces are revolutionizing the way new business works and grow. You can
observe that startups these days are opting to move from traditional set-up to co-working spaces. According to The Art of Co-working report 2017 published by CBRE , there were almost 350 shared office operators in India with the majority of them offering coworking and incubator spaces to start-ups. The diversified culture, mentorship, networking, exceptional support from like-minded entrepreneurs, creative environment, networking events, easy access to startup-community are some of the advantages of working out of a coworking space. There is no reason why a budding entrepreneur would not choose to work from a coworking place where he/she can grow 5x faster.

This is one of the major reason for the increase in number of coworking spaces and incubators in 1,2 tier-cities. With rising real-estate prices, government’s startup innovation societies in cities are shifting their interests to invest and nurture shared spaces to quickly attract more talent in their city or state.

Coworking space is definitely changing the future of work and it’s time we adapt