Coworking space has become the most popular office alternative to modern startups. But have you ever wondered why? Here, we’ll explore five reasons for this growing trend.
Unlike renting a whole office, even if it is only one floor of a commercial building, you are not bound to a gripping contract. Coworking spaces charge per hour, day, week, and even months. You can choose which package suits you best. Even better, if you don’t need full access to all the available facilities in the coworking space, you don’t have to pay for them. For instance, you and your colleagues are planning for a meeting in Singapore. And instead of renting a traditional meeting place, which can be costly because it is often too big for a startup, you should look for a coworking space that has a meeting room rental facility.
Fast internet, office devices, free-flowing drinks, and buffet are often the standard amenities you can have in a coworking space. And needless to say, most coworking spaces have the modern interior design, which can give you and your employees cozy vibes. Some even offer more professional services, like business address, phone, and fax services. And the best thing of all, you don’t need to worry about the maintenance fees.
This benefit is still tied to the flexibility reason in the first section. If you rent an office, the lease contract is offered in 5 or 7 years. Meanwhile, you actually never know when you can get the opportunity to scale up your company. In that case, coworking space can be your best alternative because you can simply go to a bigger place with much more complete facilities. No contracts or whatsoever hinder your choice to move out.
Besides, you won’t need to be worried about office equipment since the coworking space owns them. Imagine if you buy them with your company budget, and at some point, you need to move out. Your only option will be to sell your office devices at the lowest price if you still want to get some profits.
Since coworking space is a growing business worldwide. Your choices are not limited. If you get bored with one place, you can always go another and feel a new atmosphere. In fact, if your startup targets a specific market in a particular area, mobility is essential to your business. If you fail in one place, you will need to move to another and start all over again. In that scenario, you will experience the least loss if you use a coworking space than if you rent an office.
If you rent an office, your chances to get to know other businesses are small. You have to generate them by conducting a costly formal event. But if you rent a coworking space, you’ll share the place with other startups. Some may deal in the same field as yours, while others may specialize in completely different industrial sectors. For instance, your startup is struggling with digital marketing, but then you can get to know an agency in that expertise because both of you are using the same coworking space. This scenario is very common to happen. Being around in such an environment increases your opportunities to create new networks and introduce yourself to others.