Benefits of Coworking Spaces: 5 Reasons to Consider Working in a Coworking Space Whether You’re an Entrepreneur or a Freelancer
In this post, we discuss 5 ways choosing any of the coworking spaces in Singapore over working from home is more rewarding whether you’re a freelancer or a solopreneur.
Working from home as an entrepreneur or a freelancer is a much more convenient and cost-effective way to make money than having a traditional office setup. But it can be unproductive and inefficient.
It’s especially true for freelancers. Many of them don’t have a dedicated working area. They usually work from their bedroom, living room or dining room. No matter how hardworking they are, they can lose focus due to the many distractions they have at home. There’s the Xbox, the Playstation, the TV or the audio system. There’s also social media. Since nobody’s there to stop them, they can just play video games, watch a movie or TV show, listen to tunes or chat with friends. They can even just take a nap.
That doesn’t mean there isn’t any place they can go where they can stay focused and be productive. There are many coworking spaces in Singapore that let self-employed folks rent a working area at an affordable price but with great perks.
Read on to learn more about coworking spaces and the five terrific benefits you can enjoy by working in one.
What Is a Coworking Space?
A coworking space is a shared, office-type setup where people can work independently.
People Who Usually Work in Coworking Spaces
- Startup owners who can’t afford to rent new office space or equipment for their newly hired employees
Common Coworking Space Amenities
- Front-desk service
- Fast internet
- IT support
- 24/7 building access
- Office supplies
- Phone booths
- Mail and package handling
- Drinks, like coffee, water and beer
- Bike storage
- Meeting rooms
- Breakout areas
- Event spaces
5 Benefits of Working in the Coworking Spaces in Singapore
The local coworking spaces are excellent places to work. They provide a lot of benefits that are valuable to freelancers, entrepreneurs, startups and students.
To find out just how advantageous it is to work in a coworking space, here are five of the most important perks you’ll get by doing so:
The Community and Networking Opportunities
Being a freelancer or an entrepreneur is hard if you always work by yourself. There’s no one to help you, discuss ideas with or grow your network. With coworking spaces, you still get to work by yourself but you won’t be alone anymore.
From web designers to writers, coworking spaces are often filled with many different types of self-employed individuals. Each can serve as a resource or sounding board for you.
Some coworking spaces host events and give their clients access to advisors, coaches, investors and partners, providing them even more networking opportunities.
Growing and leveraging your network by working in one of the coworking spaces in the country is an effective way to open up endless possibilities for you and your business. Whether it’s a potential client, a mentor or a business partner, you’re sure to meet him or her at the coworking space you’d choose.
Being self-employed, whether you’re running a business or freelancing, entails quite a few overhead costs.
Overhead Cost Examples
- Office equipment
- Office supplies
- Software and service subscriptions
- Travel expenses
- Employee salaries and benefits
- Sales commissions
- Business license fees
- Business insurance
- Legal and accounting fees
- Advertising and marketing costs
- Professional memberships
You don’t have to worry about virtually any of these when you work in a coworking space. Given that all coworking spaces have a wide array of amenities for effectively working remotely, building a business and making it grow, all you need to worry about when you work in a coworking space is producing your best work.
To enjoy everything the coworking space you’d choose has to offer, you need to pay for a membership fee which can be renewed monthly or quarterly depending on the owner’s policy. Most coworking space membership fees cost hundreds to more than a thousand dollars per month, but some coworking spaces have started offering plans that cost less than $100/month.
Even if you have capital to set up an office, it would be a wise business decision to work in a coworking space instead as doing so gives you much more flexibility.
More often than not, startups initially plan to rent an office space. It’s one of the typical ways to start a business because most business owners are on a shoestring budget. But since your company is small, it will still be difficult for you to grow it. You’ll need to stretch your budget as much as possible to take care of your operation expenses but still make a profit.
Coworking spaces give you much more leeway. They offer short-term and long-term leases, allowing you to lease space for as short as three months to as long as 12 months. Depending on the owner’s membership policy, you can even choose monthly renewal.
Once you settle on the payment plan you’re comfortable with, you can take your pick from the various types of working areas coworking spaces offer, including private offices, hot desks and fixed desks.
Couple these with the extensive amenities that coworking spaces provide, you can be sure you can find the perfect working area for you among the coworking spaces in the country.
Coworking spaces strike the right balance between working in a traditional office and working from home. They provide everything you need to work as well as possible, but they don’t have the stuffiness that corporate offices normally have. You’ll be surrounded by people hard at work not because they have to but because they love what they do, giving you that extra boost of motivation. Less formalities and distractions, more productivity.
While everybody knows how important healthy work-life balance is, most traditional workplaces aren’t environments conducive to it. With amenities that promote it, coworking spaces let you do your job in a much healthier environment, giving you a much better chance at success.