How Flexible Offices Can Help Startups

The flexible office has changed the way conventional companies in Singapore run their businesses. Many people have called Singapore the new Silicon Valley turning the country to a promising paradise for entrepreneurs. Since Singapore is one of the most expensive places on earth, co working helps startup companies manage their cash flow and investment budget. No long-term leases, no expensive fee for interior design, furnishings or IT equipment. 

Every coworking has its vibe, style, and price that differ from others. You can try them to find what suits the best for your firm’s benefits. Otherwise, some coworking offices offer customers a trial tour to see if you enjoy the place. Flexible offices will be a trend in many years from now, and it can bring you many advantages to improve your business. By reducing insufficient cash flow and boosting productivity, you’re creating a more robust business model to grow and develop. 

Common inclusions

A flexible office is often a coworking space that provides essential office essentials, including working areas, meeting rooms, kitchen, printing devices, and Wi-Fi connections. Many startups enjoy starting their career in coworking because it’s budget-friendly while bringing you lots of business benefits. Working in a coworking space means surrounded by like-minded entrepreneurs, innovators and ambitious leaders.

Two colleagues in a flexible working space sharing the internet.
Typical inclusions such as WiFi make working with customers easy.

Budget-conscious

As a startup founder, managing the company’s budget is one of the most primary tasks to maintain the longevity of the business. The conventional long-term contracts up to many years can be a financial burden for any entrepreneur who starts their businesses. Coworking places will usually accept short-term leases ideal for small size startups. Since most startups bootstrap or use precious angel funding in the first 12 months, setting up within a coworking space will save a significant amount on operating costs which can traditionally be in excess 20% of the company’s budget. 

A company within a flexible office environment working on budget.
Save 20% of the company’s budget by locating in a flexible office.

Flexibility

It’s risky to long-term rent a working place with no clear idea of how your company will grow. An office which is too small or too big can cause money-wasting office moving and desk nightmares.

An entrepreneur in a flexible office.
An entrepreneur can work in a coworking space without worrying about expanding or contracting his office size.

Service optimization

The best thing about coworking is the flexibility to use all kinds of necessary services and amenities. You will have receptionists, meeting rooms, photocopy and printing machines, pantries, working places, high-speed and secure connections. Coworking spaces are usually nicely-designed, which can boost your company’s credibility.

Flexible office tenants working together in a meeting room.
Meeting rooms, photocopy, kitchen are all available in flexible office spaces.

Improve productivity

Running startups at home or private offices can cause boredom and unmotivated atmosphere to your staff because of the lack of human interactions. Some home-based offices do not have enough sunlight, which affects people’s moods. Coworking solves the problem by surrounding tenants with lots of working people. Your employees will focus on their work in a vibrant, lively coworking office.

Team of colleagues in a flexible office environment working productively.
Flexible Office Space Productivity

Opportunities from networking

One more fantastic advantage of working in a coworking is the opportunities it could bring. Networking gives you and your staff more visions and ideas from like-minded entrepreneurs, professionals, founders. When you feel you went the wrong way, talking and discussing with others is a great way to find solutions.

Networking event within a flexible office space.
Flexible Office Networking Event

Networking can also give you a natural chance to present new products or services to your potential B2B customers. Coworking is an ideal place to search for talents that may be more suitable for your company’s startup culture. 

Test markets easier

Over 50 per cent of startups in the first three years fail in operation. So the coworking flexibility to leave after a specific timeframe allows you to “test” the market and keep moving on after the business fails. No terminated tenancy agreements but just lots of experience and lessons learned.

Three friends enjoying building a product together inside a flexible office space.
Test ideas, test new products, work together

What startups fit for coworking?

Because of its open spaces, coworking is not suitable for companies that require privacy and work with sensitive information. Tech startups or startups with young team members fit the best for coworking. They are almost dynamic, innovative, and creative people who enjoy networking events and vibrant workplaces. So by creating a proper working place, you’re attracting suitable talents to add to your company.

(RELATED: All you need to know about flexible office spaces)