5 Benefits of Startups using Co-Working Spaces

5 Benefits of Startups using Co-Working Spaces

5 Benefits of Startups using Co-Working Spaces

 

5 Benefits of Startups using Co-Working Spaces – One of the most expensive things to look at when you are trying to get a location for you to work from is your office space.

When it comes to rental, the cost can go from a few hundred dollars to a few thousand and then there is renovation and maintenance cost. When we look at getting an office space to get work done, gone are the days when you will spend lots on rental just to have your own space. In the recent year, Co-Working spaces have become a very popular choice for businesses that are either just starting out or for those who do not need to have a space for themselves. There are many benefits that you can look into when you think of it against getting your own space.

With the increasing number of startups that are coming up in Singapore, with Singapore being one of the best places in the world to get funds to fund a startup, demand for such spaces have also slowly climbed and got to the point of what we see today.

Let us discuss some of the reasons why you should consider using Co-Working Spaces for your office space instead of renting one on your own:

1. Convenience 

Location is everything when it comes to starting up and being near the important people that you are working with and need help from. If you are to get a convenient location in town it might cost you a bomb just to be close to town where all your customers are. This is also one of the main reason why people use Co-Working spaces. For a fraction of the price of getting your own office, you get a good location and also a good address to show the world that you actually are placed in say a good location like Shenton Way or Robinson Road.

Being centrally located also means that you are close to your service providers and clients and if you are in the service line, be close to your customers so that you can assist them and support them when they need your help. Being close also means that your response time will be much faster than those who do not have their offices conveniently located like yours.

2. Chance to Network with fellow founders

Business Networking is what sets you apart from the rest. For someone with all the contacts that will allow you to reach the correct people that you need to reach, this is what makes you special and what makes your different. To be able to get to someone without having to spend too much energy will be great for you to build your business and focus on what matters. There is a saying that goes that says that its not what you know that is important, its who you know. Because who you know can open doors for you to make sure you break through in your business.

Working in the same place as your other founders means that you are able to spend time with them and build the strong bonds over the formative years of your business. There is also a wide range of startups that are in the same place and same area and you will be able to make good contacts with them over the period of time together.

Co-Working spaces also usually have networking opportunities that will make you meet people from outside the area. Such networking is mainly for the Co-Working space to get more members but you could get the same contacts at the same time, so why not be part of the membership to meet new people.

3. Arrangements are Flexible so is the time there

Most Co-Working spaces allow around the clock access, so you can get in and out and do things until late and you will still be able to enjoy the facilities of the space itself. Prices are also quite a range, so if you are low budget, you could face the wall and pay a really cheap price for a corner seat. If you do have some budget, get yourself a room so that you can lock your things up and also look more professional with your space cut off from the rest.

For teams that are slightly bigger, you could also get a bigger room for everyone to sit in the same space and do work together. 

When there is a need to upgrade or change the level of your membership, it can be done quite easily because there are extra spaces in most Co-Working spaces, so you get to move around quite a bit and for newer spaces, you get free use of their locations when you are starting off!

4. Getting a mentor or a friend

When you are here, there are not just startups or young people around. Sometimes you have businesses that are able to give you tips and also mentor you when you are starting up. Being at a location where there are many people allows you to interact more and find a mentor or even a friend in business. Going alone is tiring and also tough because you will have to explore so many parts of doing business alone. The best way is to get someone to partner you and to work with you on it so that you do not have to hold all the stress on your own shoulders. 

Discussing strategy with someone else and making new friends in a Co-Working space is a great way for you to balance your work life out and that means you will be more recharged to work harder for the next burst of growing your business to where you want it to be. 

5. Save cost 

That is definitely the main reason for anyone to not get their own location and have their own logo plastered on every wall. The cost of getting a Co-Working space is definitely one of the most enticing reasons why people use Co-Working Spaces. There is also the reason of not needing to get renovation of the location which can cost you tens of thousands and when you move out having to tear down everything that you paid to put it up. 

Cost savings can be shifted over to marketing and branding cost, you will be able to grow your business much better with a proper and better use of your funds for revenue generating sections of the business. 


 

5 Benefits of Startups using Co-Working Spaces

K Cloud Accounting is a Singapore based Startup Friendly Accounting firm. Our services include accounting services for startups in Singapore, financial reporting, corporate secretarial, taxation and other related services. 

We have a team of partners that work closely with us to give our startup friends an edge over the rest. 

Contact us to find out more about our services. 

5 Benefits of Startups using Co-Working Spaces

 

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