Benefits of Co-working Space

The Fringe Benefits of Co-working Space

By: Sunder Singh
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The co-working office has long been a staple of the international business landscape. Like the international community, many see co-working as more than a trend in Singapore, but a staple of fledgling group of professionals who flock to these places to work. As professionals find alternative methods for office space, co-working is definitely a viable solution.

Co-working is a shared space office plan that places professionals at hot desks or dedicated desks depending on the person’s need. Of the many benefits, reduced overhead is the primary motivator in moving from traditional office space to a co-working space. Other benefits include the opportunity to network and collaborate with other professionals

To learn more about the fringe benefits to co-working, keep reading below.

Less Responsibility

For start-ups and the self-employed, co-working alleviates a lot of the stress associated with managing an office. Conventional leases require professionals commit to at least a year, and they are also held to every stipulation in the lease. Furthermore, as a tenant, your utilities and other office amenities are your responsibility. Even in the smallest office space, this is still a lot of responsibility as it relates to paying bills and managing a budget.

With a co-working space, the professional is only responsible for paying for the use of the facility. If you decide that you no longer want to use the space, then you only have to leave with your belongings. You do not have to worry about storage or selling office furniture. Click on this website link to see how Servcorp’s Singapore co-working spaces work.

Increased Mobility

Because you are not responsible for moving an entire structure with co-working spaces, you have more flexibility in terms of being able to fluidly move from space to space. This mobility works especially well with start-ups because it allows professionals to easily move from location to location with ease because you only need to transport your personal equipment, which usually is no more than a computer. Furthermore, this mobility also allows businesses looking to expand the opportunity to test markets without expending a whole lot of resources.

Flexible Leasing Terms

The greatest benefit to co-working spaces is that the leasing terms are some of the most flexible in office leasing. Many co-working offices only require as little as a month’s commitment, so if let’s say you decide to move on six months down the line, you are not tied to a protracted lease that can bind you to a place for at least a year. This is especially great for startups who might know the climate of the area and are still trying to find their way in the market.

With some of the larger leasing organisations, the co-working space leases can be transferable so if you decide to move on you can transfer the lease to another location. The same applies to if you need to expand to a virtual office or an executive suite. These leases are flexible enough to allow you scalability in case your business grows significantly.

Nurturing Environment

Another great benefit for your business is the fact co-working is the hub of the start-up. For this reason, co-working space focus on nurturing business development, and at all stages. As a part of any package, professionals can take part in incubator or accelerator programs that help grow the business. In addition to networking and collaborating opportunities, the co-working spot is a cocoon that nurtures businesses to develop and improve. In fact, some pretty big names got their start with co-working. Instagram, ZipRecruiter and Uber all have their start in the co-working set-up.

Co-Working’s Abundant Benefits

Co-working has so many benefits for professionals who might need mentoring or even encouragement from others. These professional enclaves provide flexibility and mobility for professionals who need to move from location to location without being bound by a complicated contract. More importantly, the co-working community is a benefit to professionals who need moral support and professional guidance.

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