Why Small or Midsize Enterprises/Companies Choose Coworking Spaces

Coworking for Small or Mid-Size Companies – A Perspective

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Coworking spaces are a refreshing change from traditional offices. The facilities and flexibility extended by shared offices make them a preferred choice for freelancers, entrepreneurs, and independent professionals. Interestingly, coworking offers many benefits for small and mid-size companies as well. That is why such companies are making a shift to this digital nomad work culture and leveraging its advantages. Let’s take a look at what makes coworking such a lucrative choice for small and mid-size companies.

5 Reasons why midsize enterprises or companies choose coworking Spaces

  1. Cost-effective solution
  2. Easy scalability option
  3. Proper infrastructure and facilities
  4. Proper infrastructure and facilities
  5. Sourcing and retaining talent

1. Cost-effective solution

Not every company has the luxury of a huge budget for renting out a spacious and fully equipped office space, especially when it’s a small or mid-size company. But every company wants to have its office in a prime business location to create a good impression on potential clients. A coworking space comes across as an ideal solution in such scenarios. With coworking, mid-size, small, and start-up companies can expect to set up an office in the best locations at the fraction of the price needed to rent and maintain a traditional office. For instance, if a company opts for coworking space in Gurgaon instead of renting a traditional office, it can save on the costs in a big manner.

2. Easy scalability option

Whether it’s a small start-up or a mid-size company with a good presence in the industry, the need to scale up or scale down can arise at any time. If a company leases traditional office space, it limits its chances to scale up instantly. In such cases, the company is left with the option of either bearing the burden of renting a larger space or opting for a second office, both of which require a good amount of monetary investment. In the case of scaling down, if a company continues to function out of the same place even after reducing its team, it has to keep on paying the rent for the whole space. In such scenarios, shared office space comes across as a boon. Coworking spaces allow companies to scale up or scale down without having to worry about space constraints at all.

3. Simple and flexible leasing terms

Leasing a traditional office has its own hassles. Companies have to sign legal contracts and deposit a huge security fee before they can start using the office for their business purposes. This is where coworking spaces help you with their plug-and-play option. All that a company has to do is determine the number of seats needed to accommodate the whole team and then look for a good coworking space in the area of their preference. They can start using the workspace right after signing the contract with the people managing the shared office. Almost all shared offices offer both long and short term contracts. So companies can take up a short contract and extend it later if they find the place ideal for their business.

Also Read: Top 5 Hiring Mistakes Small Companies Should Avoid

4. Proper infrastructure and facilities

It’s not enough for small or mid-size companies to just get an office space on lease. They need to add proper infrastructure for the space to become fully functional. This requires money, manpower, and time. Coworking can save companies from all such hassles. Companies can start using their shared office right from the moment they sign the contract and finalize the lease. What’s more, they have the flexibility to select the infrastructure as per their requirements. For instance, they can opt for fixed seats or hot desks. Also, they can opt for an open space, cabins, conference rooms, and all other amenities that are generally found in a traditional office.

5. Sourcing and retaining talent

It is often difficult for small and mid-size companies to source and to retain talent. By opting for coworking, companies can save on their financial resources and utilize that amount to retain talent. Also, millennial workers find coworking to be a really cool idea. By offering the option of a shared office in Gurgaon or other attractive locations, these companies can attract talent. They can even build a network of freelancers to get their works done smoothly and cost-effectively. A coworking space offers ample opportunities to develop networks as such places attract people from different professional backgrounds and with different talents.

The best part is that coworking spaces offer a stress-free environment for their members to work out of. This means companies functioning out of such spaces have a better chance of ensuring a happy workspace for their employees. This often results in better productivity at work, which is what every company wants at the end of the day, isn’t it?

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How to Register a Company in India? 8 Simple Steps You Need to Know

How to Register Your Company in India: A Complete Checklist

by | posted in: How to | 0

As an entrepreneur, you need to take many decisions each of which decides the fate and future of your company. Incorporating your business entity under the right structure is one such crucial decision. Registering a company increases its perceived value, makes you eligible for supplier discounts, makes hiring easier and much more. It also protects your brand name from being used by anyone else. So, how do you go about registering your company in India? Here are 8 easy and simple steps.

8 easy steps to register your company in India

  1. Choose a Company Name
  2. Check Website Availability
  3. Apply for a Director Identification Number(DIN)
  4. Register for a Digital Signature Certificate(DSC)
  5. Prepare Registration Application
  6. Draft the Memorandum of Association (MoA) and Articles of Association (AOA)
  7. Send a Physical Copy of the Forms to the RoC
  8. Receive Certificate of Incorporation

Step 1: Choose a Company Name

To register a company in India, you first need a unique company name. Depending on the nature of your business, you can choose 4 – 6 names for your company. The name your company is registered under must be unique and approved by the RoC. You should also ensure that the name does not offend anyone or imply a connection to international or government organizations.

Step 2: Check Website Availability

Today, every company needs a website. So before you register your company, check for the availability of a website with your company name. An easy way to do this is by checking the Indian Ministry of Corporate Affairs website to see if a website with the name you want for your company has been registered by anyone else. Ideally, the .com URL should be available along with the .org and .net variants.

Step 3: Apply for a Director Identification Number(DIN)

Every company needs a director Identification Number or DIN before it can be registered. This is a unique number that identifies a person as the current or intended director of the company. You may apply for the DIN online at the Indian Ministry of Corporate Affairs website by filling in the DSC and DIR-3 forms. Along with these forms, you will also need to submit a passport size photograph, educational qualifications, proof of address and your current occupation.

Step 4: Register for a Digital Signature Certificate(DSC)

The DSC is a digital equivalent of traditionally printed certificates. It can be used to access information and services online, prove your identity, and sign digital documents. A DSC is necessary for all registered companies as the registration applications must be submitted online. Like the DIN, the DSC can also be obtained at the Ministry of Corporate Affairs’ website. The same proof of identification must be submitted for the DIN and DSC.

Step 5: Prepare Registration Application

Form 1A required to register a company is available online at the Ministry of Corporate Affairs’ website. This form may be filled in digitally and submitted to the website. On it, you will need to include the list of shortlisted company names in order of preference and the digital signature. The form is usually processed within 2 working days. If none of the proposed company names are available, the applicant may apply for a new name on the same application. A processing fee of Rs 500 must be paid at the time of submitting the application.

Also Read: LLP or Private Limited Company, Which One Is Better for Me?

Step 6: Draft the Memorandum of Association (MoA) and Articles of Association (AOA)

Next, you will need to draft the company’s business objectives in the form of a Memorandum of Association (MoA) and write down the details of the company’s daily operations in the form of an Articles of Association (AoA). Both documents must be signed by at least 2 members of your company and at least 1 witness.

  • The MoA and AoA must then be vetted online by the Registrar of Companies (RoC) after which they must be printed and notarized. The notarized copy of the documents must then be scanned and filed online with the application and other documents including the:
  • Form1 – Declaration of compliance
  • Form18 – Notice of situation of the registered office of the company
  • Form32 – Particulars of the Company’s Director, Manager, and Secretary

Step 7: Send a Physical Copy of the Forms to the RoC

The completed set of forms and supporting documents must then be filed in duplicate with the RoC. This includes:

  • A stamped copy of the MoA
  • A stamped copy of the AoA
  • Copy of any agreements mentioned in the agreements
  • Copy of the letter from the RoC indicating the availability of company name
  • E Form1
  • Receipt of fees paid for registration

You should file these documents on the website of the Ministry of Corporate Affairs. It has a prompt for you to upload all application materials.

Step 8: Receive Certificate of Incorporation

Once the RoC has vetted your application, you will be issued a Certificate of Incorporation. If you are registering a Public Limited Company, you will also need to obtain a Commencement of Business Certificate.

Congratulations! Your company has been registered!

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Are Coworking Spaces Worth It? Know 7 Benefits of Coworking Spaces

Are Coworking Spaces Worth It?

by | posted in: Coworking Spaces | 0

There’s a large segment of the working population that doesn’t work out of traditional offices. Some work from home while others work from coffee shops. Today, there’s a third alternative available- coworking spaces. This is a model that allows individuals to work individually or collaboratively in a shared office environment. Whether you are an entrepreneur, owner of a small company or a freelancer, you can choose to work in such shared office spaces. Of course, just as in a coffee shop, there is a cost involved in choosing to work here. But are coworking offices worth it? Let’s find out.

Coworking Space in Cybercity

Top 7 Benefits Of Coworking Spaces

  1. Higher Productivity
  2. Better Work-Life Balance
  3. Networking
  4. Think Creatively
  5. Get Access to a Number of Facilities
  6. Save Money
  7. Get Fitter

Higher Productivity

There’s no denying that working from home or a coffee shop is relaxed and stress-free. On the flip side, this relaxed vibe can make you lazy at times. You may want to take a nap in the middle of the day or call a friend over. Coworking spaces have a similar stress-free environment but everyone who comes here has a purpose and work to get done. When you see the people around you hard at work, you will be less tempted to give in to yourself and may find yourself being a lot more productive.

Better Work-Life Balance

Working from home means no office hours. If needed, you can go shopping in the morning and get work done at night. This flexibility is alluring but it also blurs the lines between work and personal life. You may even find yourself watching TV while you work. Working a coworking space helps create a distinction between work hours and personal hours. This way, when you’re at work you don’t have to worry about the plumber coming in or when you need to walk the dog.

Networking

For freelancers and entrepreneurs, networking is essential. After all, how else will anyone know about you and your company and your work? People from all fields come together in coworking spaces, making it an ideal space for effective networking. Most of these spaces also regularly organize networking events where you can meet the other people working around you. This gives you an opportunity to get new leads and form new partnerships.

Think Creatively

Artists aren’t the only people who need to think creatively- entrepreneurs do so too. Moving out of your house into a coworking space with its bright color schemes and beautiful décor gives you the inspiration to do just that. It can also keep you from burning out. That’s not all! You may even find ways to improve your productivity when you talk about it to other people in the coworking space.

Also Read: Difference Between Coworking and Shared Office Space for Freelancers

Get Access to a Number of Facilities

You can hold meetings in a coffee shop but when you do so, you have no control over distractions that may occur. Coworking spaces typically have conference rooms and audio-visual rooms where you can hold meetings with potential clients in a professional atmosphere. You also get access to a range of other facilities such as printers, IT support, coffee machines, high-speed internet, etc.

Save Money

It may sound counter-intuitive but spending money to book a table at a coworking space may actually save you money in the long run. At a coffee shop, you can’t simply sit at a table all day without ordering something. So, you get yourself a cup of coffee or two, a sandwich or a muffin to snack on. None of these come cheap and when you multiply the cost by the number of days you work each month, it can be quite exorbitant.

Get Fitter

Working from home and working from coffee shops may not be good for your health. At home, you’re constantly tempted to snack on something while you work. At a coffee shop, you’re consuming calories by the hundreds in the endless stream of coffee. At a coworking space, the tendency to snack is much lesser as seeing everyone around looks hard at work pushes you to focus too. Also, if you choose a shared office space in Gurgaon that is closer to your home, you can even walk to work. This means you can get your daily dose of exercise without trying too hard.

If you are considering a shift from your couch to a coworking space, find one that’s close-by. There are coworking spaces to suit every budget, so don’t simply assume that they’re expensive. Give them a call, find out, and make the right decision.

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Difference Between Coworking Space vs Home Office - The Office Pass

7 Important StartUp Tips for Women Entrepreneurs in India

by | posted in: Entrepreneur | 0

Being your own boss sounds like a dream for many women. Our society is used to telling a girl what she should and shouldn’t be doing. It is about time you define what society should be thinking about you. That said, being a women entrepreneur of a startup is not an easy task. You are stepping out of the comfort of working for somebody else to shouldering the responsibilities all by yourself, making your own empire from scratch and marching on towards success. There are many problems faced by women entrepreneurs while starting a business in india. Here are some important tips that might help you to become a successful women entrepreneur as mentioned below:-

7 Amazing startup tips for Women Entrepreneurs in India

  1. Your confidence is your best asset
  2. Keep learning and be an expert
  3. Use Networking to your advantage
  4. Find your mentors
  5. Ensure legal compliance
  6. Learn to handle money
  7. Take care of yourself and have fun

1. Your confidence is your best asset

If you are sure that your new idea is bound to be a success, present yourself confidently before everybody, because your confidence is your best asset. The world conditions women to be doubtful and apologetic throughout their lives while it is an admirable quality if a man is a go-getter. Remember, success does not have a gender. Confidence does not have a gender. If the world is judging you, be sure that it is because it needs to learn better. If you are even thinking about being a women entrepreneur, it is proof that you recognize your value. Believe in yourself, know what you want, express it clearly, and be confident every step of the way.

Women enterpreaneur - The Office Pass

đź’ˇ Are you looking for Coworking space in Gurgaon, Noida or Delhi?. We are just a call away.
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2. Keep learning and be an expert

A successful woman entrepreneur is a constant learner. You need to learn your niche, the market, the trends, and your customers. Start-ups become roaring successes only when they know the market like the back of their hands, so it is essential that you keep up with the latest market trends. It is always a good idea to talk to your potential customers and understand their perspective before you start a business. Keeping customers in a feedback loop is also helpful in building better bonds with them. And more importantly, learn about your competition in the field.

3. Use Networking to your advantage

Once you have started your business, you need the right network to keep yourself going. This is where a coworking space can come to your aid. For instance, if you are based out of a shared office in Gurgaon, you will find like-minded people there. Many shared offices conduct networking events for women entrepreneurs and you can use these to your advantage. Before you realize it, you will be the one giving advice to the new start-ups who are coworking in Gurgaon with you. Amazing things happen when women support other women.

4. Find your mentors

As you are starting to take baby steps into your business, it is crucial that you find the right mentors who will guide you through the matrix of entrepreneurship. You should be able to know when you need help and how to accept help judiciously. There might be many unforeseeable challenges when you become a business owner. Studies suggest that people who get the right mentoring overcome such challenges better than others who don’t.

Also Read: Top Reasons Why Women Should Join a Coworking Space Today

5. Ensure legal compliance

This is an area most women entrepreneurs tend to overlook while setting up a company. The primary purpose of corporate laws is to help you avoid troubles, not to deal with troubles after they have happened. For the long-term success of your business, it is important that you ensure legal compliance from the start. Consult professionals even if it is a slightly costly affair, define your company’s legal entity, and have people sign non-disclosure agreements and contracts to protect your valuable ideas.

6. Learn to handle money

Raising money for business can be a challenging step, even more so if you are a woman. Be extremely cautious when you are relying on financing from banks. There are many subsidies available for women under various state and central government schemes. Learn about your options and be persistent with paperwork. Moreover, it is in your best interests to choose a neighborhood coworking office rather than setting up a traditional office. This helps you save a lot on the initial investment, rent, furnishing cost, facilities, and the like.

đź’ˇ Are you looking for Coworking space in Gurgaon, Noida or Delhi?. We are just a call away.
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7. Take care of yourself and have fun

Being your own boss can have its ups and downs. It might add a lot of pressure on you, but do take care of yourself and have fun while working towards success. Unhealthy eating and sleeping habits will only take you so far. You need yourself to be relaxed, healthy and strong to take your dream through the last lap.

The points we’ve discussed above might sound like baby steps, but all these will certainly take you a long way in establishing your brand. So power up and get going. Happy entrepreneurship & happy coworking.

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