In many ways, coworking spaces were made for small businesses. Coworking spaces offer flexibility, affordable infrastructures and networking opportunities that are undoubtedly invaluable for small businesses who are starting out in the industry.
Coworking spaces were originally seen as avenues for remote workers, freelancers and digital nomads to do their work whilst fighting isolation. However, that has since changed and coworking spaces today have touched many different types of businesses across various industries, from small startups to companies worth billions. We’ll explore in detail some of the attractive perks that come together with coworking spaces, and how they can benefit small businesses.
Scalable and flexible on-demand
Just like every other up-and-coming enterprise, acquiring a proper base of operations is necessary. And usually, new businesses only have a few yet brilliant individuals on their payroll at the start. However, as time passes and the company grows, its employees are certain to increase in tandem with its development.
As a small business owner, you’d naturally want to opt for a small commercial space to start your operations. Suppose you have a space just enough for your current manpower – but what if your company finds itself needing more people before your lease term ends? As such, finding a flexible arrangement that can adjust to your space requirements is crucial, especially during the beginning when your cash flow still isn’t stable.
Coworking spaces can scale according to your business’s growth pace without having to break any long-term leases. Its flexibility allows you to work on a short-term, monthly basis, which makes them an attractive and viable alternative to traditional office arrangements and their onerous contracts.
Gain more value for less
With traditional commercial spaces, beside the regular rent, the business owners have to handle and pay for the costs incurred from necessary facilities such as broadband, electricity and water.
Coworking spaces, by contrast, already include everything in the monthly rental fee without any additional charges, unless you opt for extra amenities. Apart from that convenience, coworking spaces are also fully-furnished with office essentials by default, such as furniture, internet connectivity, air-conditioning equipment, and more. This complete arrangement undoubtedly saves you a lot of cash that could be better spent improving your business.
Boost overall productivity
Being within the proximity of your coworkers and other professionals undoubtedly enhances one’s productivity. By breaking free of the isolation normally felt when working at home, positive peer pressure is introduced. This welcome influence allows your employees to feel that their work is meaningful, which results in them becoming more focused and driven to complete their tasks on time.
As reported by a study made by Deskmag, an online magazine about coworking, this productivity increase amongst coworkers can reach as high as 74%. By removing the restrictions imposed by the traditional office setting, general productivity is heightened, and communication is also encouraged, allowing ideas to flow freely and lead to potential breakthroughs.
Expansion of networking opportunities
Sharing office space in Singapore with other professionals means an increased possibility of acquiring new talents or, at the very least, getting acquainted with them. By expanding your network, you increase your chances of generating and garnering ideas that could propel your business to greater heights. Many success story began from a simple meeting of minds at coworking spaces. Some of these success stories have now become renowned companies, namely: Instagram, Uber, Indiegogo, and Spotify, to name a few.
Timely attainment of business goals and proper management of one’s capital is key to any business venture’s continued survival. With the benefits provided by a coworking space, these key factors are well taken care of and more.
At Greenhub Singapore, we desire to aid small businesses by making their journey’s beginnings much more uncomplicated and hassle-free. With affordability and value in mind, our modern and green startup office spaces in Singapore are not only well-suited for a coworking setting but also fully-furnished for use and are sure to meet all budget levels.