Singapore has become a financial center due to its exceptional seaports that encourage import export enterprise. This has also caused a lack of good office space for rent in the most popular regions. A good solution to this problem can be coworking spaces in Singapore. With this type of space, you can rent a spot in a facility that has Wi-Fi and some other features such as business machines.
Advantages of Coworking Spaces
The biggest advantage is the price. This is usually an economical way to get a semi-private space where you can get some work done each day. Some of these establishments do offer access to copiers, fax machines, and meeting rooms. You can usually pay for your services monthly. Be sure to confirm what services are included in your monthly fee. Ask the price of additional services such as use of a boardroom. Another important question regards whether you'll have to sign a contract for a specified length of time. Some establishments also require an upfront deposit.
Drawbacks of Coworking Spaces
Lack of privacy is the number one concern for an entrepreneur in a coworking space. You may need to have private conversations with business associates where you might discuss technical or financial issues. Imagine trying to do this with a stranger sitting just a few feet away. Many entrepreneurs in Singapore are concerned that someone nearby listening to their conversation could steal an idea or important financial information. Perks like professional conference rooms and video communication studios are almost always extra and in some cases cannot be provided at all.
Though the pay-for-what-you-need workspace is popular now in Singapore, it doesn't offer the ability to grow with your business. Once you reach a certain size, you'll need to upgrade to virtual office space or lease your own individual place and hire employees. Many new entrepreneurs in Singapore also worry that someone could rip-off their ideas and set up their own business. In addition, if you've signed a contract for a period of time, then you can be penalized if you want to end the relationship early and move on.
Alternatives to Co-working Spaces
A popular alternative to co-working spaces is leasing a virtual office space. These generally offer a lot more for the money. For instance, you can add space as you need it and skilled employees are available when you need them. With a virtual office space, you will often be offered access to space in other cities around the world. In fact, any city where the organization supplies virtual office space might be included in your monthly fee. If you travel quite a bit, this can be a tremendous value.
After reviewing all the pros and cons of coworking spaces, the good news is that in Singapore, whatever your decision is, you have great many great options. Servcorp gives you all the features and services you're looking for at one low monthly price, whether you decide to rent a serviced office, a virtual office or coworking space.
Servcorp's coworking spaces are located in the center of Singapore and you can get 30 hours starting from $119. Actually, thanks to Servcorp you don't need to worry about the drawbacks of coworking spaces mentioned earlier, because in addition to sharing workspace you can also access a meeting room, a boardroom or a private office, if you need any of them
If you need to upgrade or change your package, it's easy to go online and do this. Executive meeting rooms are available when you have conferences with investors. You'll have a dedicated receptionist who is bilingual, mail forwarding services, and reliable high-speed Internet, just to name a few. We offer luxury, convenience and all the amenities business owners need in order to succeed. Why not call +65 6690 6162 for a free quote on our office space?