As a startup founder based in Singapore - one of the top business hubs in Asia's emerging market - should you share an office space or lease one of your own? In these modern days, the traditional office seems to be blurring. We live in an environment that is always evolving, and the concept of where we work is similarly subject to change.
The general attitude towards the manner in which we work is always shifting and thus, an alternative solution of office space keeps on developing to meet those progressing attitudes. This is where flexible office space comes in, gradually being regarded as a cost-efficient solution for startups in Singapore - one of the most expensive countries for office space!
Basically, flexible office space offers businesses in Singapore from all industries of all different sizes (especially beginners) a chance to make breathtaking, modern spaces their homebase, while also offering them unparalleled flexibility. For this reason, we wanted to look more in what ways flexible workspace can actually facilitate the growth of small businesses across the Lion City.
What is a Flexible Workspace?
A flexible workspace incorporates essential aspects like work areas, chairs, and telephone lines, creating a setup that offers various companies a productive and all-in-one space to come work.
Through this flexible workspace, companies can take advantage of the cost effectiveness by utlizing the hot desking options or through remote working. This enables staff to work from various locations when needed, and employees from various organizations can likewise share workspace. Entrepreneurs who opt to work remotely are afforded access to workplaces without committing to strict and long-term contracts.
How Flexible Workspace Assists Startups' Growth?
Budget saving due to flexibility options in terms of plan, cost, and space. Since you're kicking off your startup, you are likely tied for budget - searching for office space that fits within the current financial status of your company, yet you still need a space that bolsters your business development. Yet we know that Singapore's office rental cost is gradually increasing over the years.
The traditional office leasing will involve long term contracts - 3 to 10 years, in which it is highly inflexible that leads to financial risk for your company's growth. Fortunately, when you pick a flexible workspace, you're subscribing to a monthly rental free with everything included in a single bill - be it coworking or private office.
Imagine yourself in a team of less than 10 people, and you're not only paying the space rental, but also need to bear any maintenance or call-out costs. In reality, there are a lot more additional costs associated with a conventional office lease. Sometimes it is hidden. Flexible workspace is unmistakably the more affordable and risk-free choice for startups.
Productivity doesn't cost much, it just takes a great working environment combined with great coworkers alongside and amenities ready to be used at your convenience.
We could say home-working is a money saver solution in the beginning, but, in the long term, it could bring you drawbacks. Some say it's pretty hard to be focused and stay motivated towards work due to the environment which is just the same from the moment you wake up, and you met nobody during work.
So get out from your comfort zone at home and move to a flexible workspace that will bring up the sense of determination and excitement at work. You'll be inspired in an atmosphere filled with like-minded entrepreneurs and go-getters. It can elevate your productivity at work to the next level!
Gain opportunity of networking across different industries and sizes. The benefits are endless! Especially the new players, it will ease the process of searching for talents, finding collaborators, getting partners, establishing your client list, and more. You will definitely put your business at an advantage by placing it in the right workplace.
Surrounding yourself with other entrepreneurs can help offer some relief from when things get rough - particularly if those people are working in the same industry. You'll definitely make significant connections when you work in flexible workspace as it is intended to encourage collaboration and communication either through the workplace design, communal areas, or hot desk areas.
Shared office space holds a lot of opportunities to mingle, connect, and learn - be it happy hours, instructive training, or visitor speaker events. You'll have enhanced access to key players who can help your business grow.
Motivate morale among your team. Going through the day in a friendly and functional workspace is likely to lift your spirits. A shared office space is amazingly designed with beautiful interior, modern furniture, plants, and huge windows that bring in heaps of natural light. All of this works together to inspire joy and makes people excited to go to work.
Employee and employer satisfaction are crucial for startups, who will come up short if they lack the confidence or the will to succeed. Working in a beautifully designed flexible workspace can effectively affect assurance consequently in a split second influencing a small business' odds to develop and thrive.
Optimize services and amenities offered by the flexible workspace, such as receptionists, administrative staff, IT support, photocopy machine, complimentary refreshments, high-speed internet, privacy nooks, meeting rooms, and full kitchenettes.
These services are in fact significant to the development of small businesses as it can accelerate your business processes without you having to pay anything extra.
Apart from that, it will portray legitimacy and professionalism of your business since everything is facilitated. With the additional services of professional administrative and technology being provided by flexible workspace, it is no longer an unattainable luxury for small businesses. Thus, it improves your ability to succeed and grow as a small business.
Establish your brand identity here at a flexible office space. Bear in mind that the benefits of an office space outweigh the savings of home working. By stepping into a shared office space, it will increase your brand awareness and gain offline presence at the hub of all other companies from distinct industries across Singapore.
You're at the start of your journey, the very beginning of your business. It's been something you've wanted to do ever since you can remember, or perhaps it's something you thought of a week ago, in any case, you're beginning. So, escape the garage with these affordable short-term rental solutions!
Explore the various options of flexible workspace across Singapore via online platform or redeem your free consultation from our Space Expert, Jia Yiee for deeper insights on how it will assist your specific business and which location suits you best! All in all, you should find a space that flexes and grows with you, your team, and your business.