When starting a new business, one important asset that business owners must acquire is a base of operations. Despite its myriad benefits, owning a physical office space will almost always be a concern for entrepreneurs as it requires a hefty investment. Once other related necessities are added to the mix, such as office furniture and the usual basic amenities like electricity, water, and network connectivity, the total cost can be staggering.
Aside from the traditional workspaces, there’s another ideal option for budding business owners: coworking office spaces in Singapore. In this context, its affordability and flexibility are its main highlight for entrepreneurs who don’t possess a massive capital to tap into. In addition, these working arrangements also provide additional benefits that help stimulate productivity and collaborative innovation. If you’re still wondering what about a coworking office that makes it the ideal solution for aspiring entrepreneurs, we’re here to uncover that – and more.
Low-Cost Yet All-Inclusive
While the usual commercial office space typically does not include the common office necessities, coworking spaces boast a complete and all-inclusive working environment that entrepreneurs can utilise right from the get-go. As an example, serviced/fitted offices ideal for coworking in Singapore already contain the following:
- Air-conditioning and other utilities
- Free access to high-speed fibre optic network connectivity
- DDI phone lines
- Call answering and reception services
- Free access to WiFi in common areas
- Daily housekeeping services
- Complimentary coffee and tea beverages
- Amenities such as meeting rooms and video-conferencing facilities
- 24/7 access
Hence, coworking space is not only a convenient option, but is also a cost-effective approach that allows entrepreneurs to save capital for more important parts of the business.
Another notable difference is the rent duration. For coworking offices, they can be rented starting from an hourly duration up to a monthly basis. In contrast, a commercial lease in Singapore can last up to 5 to 6 years for large offices and 2 to 3 years for smaller ones. Such flexibility allows one to move to another space according to the needs and growth rate of your business.
Offering Collaboration And Expands Your Network
Besides being a workplace trend, coworking spaces intend to be part of something bigger: a social movement. According to the Coworking Manifesto, an online document signed by members of more than 1,7000 working spaces, it articulates the mission and values the coworking movement aspires to see in fruition, including collaboration, learning and community.
Coworking spaces are designed to offer a platform where a diverse group of freelancers, independent professionals, entrepreneurs and startup companies can work together in a shared, communal setting. Naturally, being in the same physical space offers an opportunity for members to socialise and network, even if they may come from different companies or even industries.
Apart from networking opportunities, a culture of collaboration is often celebrated. It is the norm for members to help each other out, and there are many opportunities to do so. Small talk over breaks and other chance meetings have the potential to provide insights and ideas for both your employees and those other entrepreneurs. This could then lead to breakthroughs for both parties or, better yet, the addition of a new key member to your venture.
Enhancing Productivity and Innovation
Coworking, in a nutshell, is working independently, together. Unlike working at home and traditional offices, coworking spaces allow you to choose between socialisation and solitude.
The most emblematic characteristic of coworking spaces would be their communal spaces that subtly encourage interaction among members, regardless of whether they are from the same or different companies. Shared game areas, coffee bars, lounges, kitchens, or open-air benching are perfect for lively conversation and forging connections with like-minded peers. When it’s time for concentration and undisturbed works, designated quiet corners such as meeting rooms, sound-proofing booths or personal work pods serve as dedicated areas for members to double down and maximise productivity.
This flexibility allows you to find an environment that meets both your needs and work requirements, effectively boosting productivity and job satisfaction.
Sense of Community
An attribute that sets coworking spaces apart from traditional offices is their sense of community. Each coworking space has its own unique culture that has been carefully and deliberately crafted by their respective space managers. This is reflected in their innovative space design, aesthetic and amenities provided.
In addition, these spaces also hold regular events where members can interact, build relationships (for and outside of work) and learn from each other. Such events can be business networking events or something as simple as an exercise activity! Community managers use such events to not only value add the coworking experience, but also to offer you a platform to kickstart and strengthen your relationship with other members.
With the reasons listed above and more, coworking spaces have proved to be the perfect answer to an entrepreneur’s office needs. At Greenhub Singapore, we wish to aid your business get off the ground and begin its journey towards success. With affordability and value in mind, our green and modern startup office spaces in Singapore are well-suited for a coworking setting and sure to meet all budget levels.