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!
Read also: Affordable Office Spaces: Singapore's Top Workspaces Under SGD 3,000
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?
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!
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.
Read also: Which Coworking Spaces Across Singapore Will You Fit Into?
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.
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.
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.