Why coworking spaces are perfect for startups

Coworking spaces have been popping up everywhere especially in the Asia Pacific region. According to a 2017 Cushman & Wakefield report, demand for coworking spaces is now growing 10% to 15% per year. This significant rise in popularity is partly fuelled by the growing number of startups that are joining coworking spaces.

Flexibility

Startups often struggle with finding a work environment that gives them the flexibility to scale their team. If you are a startup founder looking to increase your headcount within the next few months, signing up for a two-year office lease is the last thing you want to do. This explains why an increasing number of startups are moving into coworking spaces. By offering membership options that range from dedicated desks to private offices, coworking spaces can provide the flexibility that so many startups need, especially in the early stages of growth.

Convenience

Another reason that startups are flocking to coworking spaces is that they offer an alternative to the day-to-day inconvenience of managing an office space. What if the time and money that you spent on office managers or general maintenance could instead be channelled towards growing your business? By handling everything from electricity bills to facility management, coworking spaces give startups the opportunity to manage their limited resources more efficiently, so that they can devote all their attention to business matters.

Networking made easy

Since networking is an essential way for startups to build a solid customer base, it makes sense to find a workspace that fosters organic business connections. Coworking spaces are inherently designed to encourage networking and collaboration. It’s very easy for members to strike up a conversation in the pantry over a cup of coffee or during a professional development workshop.

Coworking spaces also organise regular networking events which provide a good platform for startups to build their business contacts and potentially gain new customers. This increased visibility can only be an asset for startups especially if they are looking to generate word-of-mouth for their products or services.

Talent recruitment

For resource-strapped startups that rely on outsourcing, it can often be challenging to build a reliable roster of freelancers and consultants. Since coworking spaces usually attract freelancers across a variety of industries, they can serve as an ideal environment for startups to source talent.

Whether you need help with content creation, graphic design or HR, it’s very likely that you can find a fellow coworking member who can do the job. And if your startup can’t afford to pay for these services, you can always arrange for a skill exchange that benefits both parties.

One such coworking space that provides all of these and more is Inspace. Combining co-working and service office, it’s the perfect destination for growing businesses. It offers a quiet and posh space but at a reasonable price. Not only that, new members are able to ask for email services bundled into their membership which is what a startup will need.

Inspace’s mission is to inspire and enable entrepreneurs and small business owners to grow their ventures and bring prosperity to the community. It has private and semi-private workspaces for businesses with employees, as well as coworking memberships for solo-entrepreneurs, freelancers and remote workers. Offering services like digital transformation from Shopify Partners, Inspace also partners with Google Cloud Premier Partners like PointStar to provide cloud transformation solutions.

Startups and corporations that opt for coworking spaces often find that they provide a unique support system that helps them to scale their business. With all the benefits provided by flexible working, it’s no wonder that more and more startups are breaking away from the traditional office environment.