Coworking spaces offer flexible rental and shared workspaces with a suite of office-like amenities such as hot desks, team rooms, meeting rooms and pantries.
Since the first-ever physical coworking space opened in 2005, the concept of co sharing has grown and even evolved rapidly. Found8 for example, avails coworking to startups, corporate teams, entrepreneurs and freelancers with a well-furnished office space, personal rooms, business support, and a tight-knit community.
There are many reasons why coworking has become the ideal way to go for SMEs all over the world. Today, we’re discussing five reasons why flexible space rental is the most beneficial to your SMEs bottom line.
Coworking spaces are pay-per-use. This means that space is paid for as it is used, and unlike traditional fixed leases, allows business owners to eliminate rental costs from unused space. The pay-per-use model that coworking spaces take after can be particularly favourable for new or seasonal businesses that might experience initial fluctuations in sales or to help them ramp up in time with minimal loss.
Businesses are meant to grow and flexible space rental helps them do that with ease. Most coworking spaces have different options for rooms that can be rented depending on each business owners’ wants and needs. From small to big rooms to accommodate 2 to 20 persons or meetings rooms for guests, a coworking space can easily fulfil changing business demands without having them move locations.
Flexible office rental is usually cheaper and rooms are often fitted-out with all the necessary furniture and equipment a business owner will need. Expect wide desks and ergonomic chairs for the desk job worker, phone booths and various meeting rooms for privacy, and spacious lounge areas for when you have guests over. Other amenities such as printers, cleaning services and bathroom facilities, which contribute significantly to the business expenditure, is also covered by the cost of your rent.
Setup costs aren’t the only costs that the rental of coworking space enables. Shared services such as receptionists and appointment bookings can further reduce or even completely eliminate operational costs for a business. Fewer costs = more profit!
4. No Long-Term Commitment
According to Office Spaces, the minimum term that landlords in Singapore accept for office rental is typically two years regardless of whether space is being fully utilised or not. For many entrepreneurs and startup founders, two years might seem like a pretty long commitment.
Flexible space allows business owners to start and conduct their business without having to commit long-term. Amazingly, you can rent space for as little as just a few days. This means that during times of uncertainty, if and when your business needs to take a pause - so can your rent.
5. Bonus Benefits
Where you work largely determines how you work. It’s known that most coworking places encourage a sense of community and positive competition, makes employees happier, and increases their productivity. This ultimately helps businesses maximise their bottom line.
Are you a startup entrepreneur, freelancer, or corporate company looking for a coworking space to run your business?
Found8 is the leading coworking space provider and community that enables our game-changing members to collaborate and grow by providing the right network and environment. We help you grow your business by connecting you to wide-ranging expert advice and best practices from the Google network, and introducing startups to VCs.