In Bangladesh, a rapidly growing startup and entrepreneurial culture has been leading to a rising demand for convenient and cost-effective workspaces. Coworking spaces, which offer shared environments where individuals from various fields can work independently or collaboratively, have become the solution, and in some cases, they are even becoming the norm. Coworking spaces, which usually cater to freelancers and start-ups, have also attracted large companies and non-profit organizations. The idea of coworking has become even more acceptable since the advent of COVID-19.
If you are considering renting a desk or an office in a coworking space in Dhaka, you need to first ask yourself a few preliminary questions.
- Are you a freelancer or a professional with a start-up?
- Will it be financially feasible for you to rent a coworking space in the long and the short runs?
- Will the cost be offset by new networking opportunities you will find in the coworking space?
- Will this reduce the cost and time spent otherwise commuting to and from work?
- Could a coworking space mean saving on operational costs, at least for the time-being?
- Can the saved costs and benefits be fruitful for the business?
Dhaka has also embraced this trend for quite some time now, with spaces like HubDhaka, Bonik Coworking Space, Ink Studio, Colab Dhaka, and Moar cropping up in prime areas of the city, such as Gulshan, Banani, Uttara, and Dhanmondi.
Many of the coworking spaces combine community support with affordability. These serve as a home for creative entrepreneurs and offer workshops and courses to support start-ups. Some of these spaces are also started to ease the burden on other entrepreneurs who struggle to find affordable office spaces in the capital. Similarly, there are other coworking spaces that are focused on helping start-ups grow by providing networking events, legal and technical support, and access to investors.
There are a range of benefits that coworking spaces offer, a major one being cost-sharing. These spaces allow small to medium business entrepreneurs to share costs like rent and utilities, which would otherwise eat away at their capital. Saving on operational costs means that start-ups can focus on setting up their business. Other benefits will include flexibility, a sense of community, and the networking opportunities that can arise from being in a shared environment. Many companies also use conference rooms for private meetings, further adding to the appeal of coworking spaces as a business solution.
However, there are naturally some drawbacks to renting a coworking space. One challenge in Bangladesh is that coworking spaces sometimes do not cater to the specific needs of industries such as those in the creative or sports-related businesses. Additionally, businesses often face limitations with flexible working hours, and the time-based booking of meeting rooms can often cause scheduling issues. Coworking spaces may also lack the level of individual freedom or client impressiveness that some businesses look for, even though the benefits might sometimes outweigh the issues.
The coworking space industry in Bangladesh is particularly centered in Dhaka currently, and it still has room for growth. While earlier coworking spaces were mainly focused on larger businesses, it is slowly shifting towards catering to young entrepreneurs and start-ups. This new focus is offering fresh opportunities and suggests that future coworking spaces could move beyond the typical business model. The coworking space trend is intended for long-term growth, offering an essential and affordable solution for the evolving workforce of Dhaka. These spaces are convenient and also serve as hubs for collaboration, fostering networking and community building among professionals.
