Co-working spaces in Singaporeis a booming business. They are swiftly replacing private offices. The chic and cozy atmosphere is refreshing to see. The work culture is getting transformed, yielding to collaboration quotient. Another workplace structure along the lines of co-working space is shared workspace. The latter is pretty familiar in the corporate world.
Co-working space is not synonymous with shared workspace. Though they sound very close and mean similar things, there is a fine line of difference. We will define both these terms, for the sake of better understanding. After we understood the differences, we can decide on what is the best option according to your profile.
Co-working space is perfect for start-ups and entrepreneurs who seek a better option to working from home. These spaces are quickly populated by freelancers, who are trying to get their name not. These freelancers are seldom tied to a specific business or brand.
Found8 co-working spaces in Singapore allows these start-ups and freelancers to stay lean, which is crucial during initial phase of business. It offers an inexpensive space for community and collaboration. The electric atmosphere keeps you excited and energetic. For most part, the space is comprised of hot desks and open desk space.
Shared workspace usually houses more established businesses. They featured tons of amenities to cater to the needs of larger players. Nevertheless, it’s not that the bigger businesses don’t use co-working space or vice versa. For now, this is how reality works, when it comes to shared workspace vs. co-working space.
As a matter of fact, corporate cowering is on the rise, considering the cost benefits. But bigger brands that need more equipment and expensive looking furniture pay the premium for shared workspace. They can double up as executive suites, with amenities like kitchen, food courts and reception services.
Difference in lease
Co-working space is leased to members on basis of 3-6 months contract. Shared offices with executive suites don’t leisure unless for a minimum of 12 months. The documents required to process the lease are more demanding in case of shared workspace. You need to show longer standing in business for shared workspace.
What’s best for freelancers & start-ups?
If you are a freelancer or startup, we suggest opting for co-working space. The core values of such a space are community, collaboration and accessibility. The space will most probably have a community manager to handle the interactions. Take advantage of the benefits on offer. Community in such spaces doesn’t just mean Ping-Pong and happy hours.
The cost of co-working space is affordable for freelancers and startups. For a hot desk, you will have to pay $300 – $500 every month. A dedicated desk with unlimited access costs upwards of $600 per month. In addition, work pod cost upwards of $650 in the heart of Singapore.
Bottomline: At the minimum, co-working spaces gives you a clean desk, WiFi access and perks like coke or coffee. It’s a good way to escape working at home or cafes. When you want to start lean, co-working space is your ticket.