Having an office space for your business contributes toward fixed costs — expenses that exists regardless of profit. Combining this with continuously increasing rent prices in prime urban locations, it is no wonder that businesses are veering away from workspace rentals.
Today, many startups and small businesses, especially those in highly urbanized regions such as Singapore, are gravitating toward shared and serviced offices. Such places commonly take the form of coworking spaces where multiple companies and organizations work in the same space.
Here is why the shared workspace is now the go-to choice of today.
1. It helps minimize office costs.
The rent associated with a shared space is much less than that for a fixed office space of your own, despite also being located in the same prime area. Moreover, a coworking space already comes fully furnished with desks, chairs, and other essential office equipment, such as printers and photocopiers, with some even offering free snacks and coffee or tea.
Other essentials, such as utilities and internet access, are also included in the package already. With everything offered, a coworking space is not only more affordable but also a better value for money. If you are still building your business and do not yet have many employees, a coworking space is especially beneficial for you.
2. It promotes collaboration and cooperation.
It’s a fact that not everybody considers themselves to be sociable. In fact, many individuals prefer working alone and undisturbed for most of the day. However, the reality today is that anyone who wishes to succeed in any career should be able to get along with other people and work with them toward a common goal.
This is what working in a shared office space can help impart in both yourself and your people. Working in an exposed environment, alongside many people from all walks of life, makes you more comfortable around people and helps hone social skills.
This also greatly benefits employees, who will find themselves better able to adapt to different working environments, especially those that promote cooperation and collaboration. Naturally, all of these interactions will contribute to a greater ability to cooperate with one another to further the good of the business.
3. It sets a foundation for the future.
One of the most advantageous things about a coworking space is that it is easy to scale up as your business — and the number of employees — grows. For instance, if it is just you and a business partner, you can opt for a small table only. As your team starts growing, you can then get a conference room, then maybe multiple meeting rooms once you have more than a dozen people in your team.
All of these are located in just one coworking space, meaning you need not keep changing your location or spending on office improvements as your company grows. Thus, having your office in the same location throughout its growing period can provide a sense of stability, even as many things about your company keep changing. Thus, when you finally move out and get your own office space that is big enough for all of your people, you leave with a sense of satisfaction and fulfillment.
A coworking space gives your business plenty of much-needed benefits and opportunities. Take this opportunity to grow your business to new heights without the large costs, and avail of space in a shared office.