Singapore is primed to be the leading financial centre in the world, even getting close enough to compete with Hong Kong, New York, and London. A long-standing favourite of business, Singapore’s government policy is why the country has done so well in the last few years. Another reason the country is attractive to business is that its infrastructure makes navigating the country feasible.
For businesses looking for office space, this infrastructure has made finding appropriate, affordable space easier. The coworking craze, for example, is one office space solution that has made it much easier to lease space on a dime. In addition to the budget, businesses gain many financial advantages from renting a coworking space in Singapore.
Let’s take a closer look at all the financial benefits to be reaped from utilising coworking spaces.
One of the most immediate financial advantages to coworking is that it drastically reduces the amount that businesses pay out on overheads every month. Typically, with most conventional leases, businesses have to pay for rent and then they also have to pay for utilities and amenities. After adding in furniture, businesses eat up their entire budget easily.
Plus, in Singapore’s more popular areas, the cost of leasing office space is expensive. Through the coworking space, renters get desk space with all of the amenities included. Businesses not sure whether they will remain in the area, or start-ups, really benefit from not having to shoulder a lot of costs every month. This affordability lends itself to giving businesses flexibility in deciding when and where they want to do business.
Access To Community
Businesses do not rent a coworking space. They join them. Another major financial benefit relates to the community that is in place once joining. Simply put, this office format encompasses more than just using space for work. Instead, a lot of professionals find that their coworking space doubles as a place to network.
As opposed to signing up for, and paying for, networking events, professionals can build relationships from within the community. Furthermore, some of the better coworking spaces focus on building relationships by hosting social functions that galvanise the community while providing opportunities for professionals to connect on a lighter note. In terms of money spent, if you already belong to the coworking space, these events do not cost a lot or are often free.
The great cost-saving quality of coworking is that it allows you to research and test other markets at a much lower cost. In terms of renting space on daily basis, you could essentially work from more than one office while trying to see whether a new area works for your business. As opposed to having to spend an ungodly amount of money to set up in a new location, coworking offices allow businesses to move around without the hassle that goes along with establishing your business in a new location.
Access To Resources
The other major financial benefit is that the coworking space provides your business with access to resources. In one coworking space, you can find professionals working from a number of industries. Essentially, through networking, it is possible for you to get pricing information related to estimates for contract work, to get and give referrals, and more importantly, find mentors who can help you navigate the coworking scene.
Finally, Singapore’s coworking scene has evolved to cater to businesses in a number of ways that helps them financially. For instance, industry-specific coworking spaces provide business with resources related to their industry. Also, parents with children can benefit from spaces that provide day-care.
Financial Fringe Benefits
Coworking is one of the only office fit outs that actually works for businesses. In addition to being a low-cost alternative to traditional office space, the coworking space establishes a foundation for not only social interaction but also valuable networking opportunities. Moreover, the numerous resources available to those working in the space almost guarantee businesses will benefit financially from their investment.