A co-working space is basically a shared workplace. It provides an affordable alternative for people who want an office space, especially those who feel isolated or uncomfortable at coffee shops and in home offices. Shared workplaces are known for offering a range of amenities like private rooms for meetings, hot desks, kitchens and more. They also provide a communal setting with occupants who usually consist of small teams, start-ups, entrepreneurs and freelancers that enjoy working in flexible environments.

Cost is another attractive aspect of co-working as the spaces enable people to rent out what they need rather than going for a whole costly office space. Costs vary depending on factors such as membership but flexibility is always guaranteed with options that include daily and monthly fees. Costs may also be based on whether a dedicated or shared desk is being used.

Using co-working spaces

Co-working involves people assembling within neutral spaces while working on different projects and independently or on the same projects in groups. It differs from a traditional office space because people in this type of environment do not typically work for the same organisations.

Co-working spaces provide similar amenities to those that are found in a conventional office and a lot more. The main difference is the aspect of flexibility because people are not required to sign long-term leases when they want to use co-working spaces.

All co-working spaces are likely to have basics such as conference rooms, printers and Wi-Fi as well as some offering snacks, coffee and tea. Some co-working spaces provide resources for start-ups, which may range from professional advisors to digital equipment. A number of spaces have high-tech equipment that people may not typically be able to access. Co-working spaces that are more budget-conscious may offer minimal facilities like Wi-Fi and a desk.

Reasons for co-working popularity

Although working in coffee shops and from home can be flexible and free, it can also be extremely limiting for people who seek to grow their businesses. This is why co-working spaces have made it possible to bridge the gap between commercial offices and sitting in the corner of a café. They provide a suitable space freelancers and SMES and are popular for the following reasons:

• Professionalism – Business owners have a place to meet their clients instead of relying on coffee shops and restaurants.
• Networking – Co-working enables people to connect with other professionals regularly as well as meet with people who have similar backgrounds or work in the same industries.
• Events – It has become increasingly common for co-working spaces to organize workshops and networking events that are beneficial for their members.
• Mentorship – In a large-co-working space, mentoring programs may be offered to members as an incentive.
• Motivation – A dedicated office space away from public spaces or home can significantly enhance productivity.
• Storage – Co-working is useful for people whose businesses require ample server or physical storage.
• Location – Conveniently located working spaces are more accessible than personal residences.
• Branding – Co-working makes it easier to promote brands and gain exposure among clients and other companies.
• Vibrant environment – With contemporary designs and an upbeat atmosphere, a co-working space has the potential to be highly motivating for small businesses and individuals.

Co-working benefits

Co-working spaces go beyond being alternative offices for small businesses. This is a place that gives people somewhere to go to regularly, sit and work with other professionals within a structured environment. It provides an office setting that caters to the level of autonomy that business owners want. More entrepreneurs who work from home are considering the benefits of moving to a co-working space.

One of the appealing elements of starting a business is the chance to escape from the restrictions of an office with no more concerns about rush hour traffic, endless meetings and last-minute projects. Taking the computer to one’s favorite coffee shop or working at home sounds like paradise but it also comes with various challenges.

Some people may not have the motivation they need to follow a schedule everyday or work without supervision. This is why more co-working spaces have been set up to provide a practical option that combines the best of both worlds.

Structure

Working in public spaces such as cafés or from home can be filled with several distractions. It is not easy to work productively when the family, beds, pets and television are around. Separating work from a personal residence enables people to maintain structure in their lives and gives one a good reason to leave the house.

Efficiency

Working within an office environment makes it necessary to interact with other entrepreneurs and workers, which creates a positive mindset and boosts energy. It can help to enhance productivity, focus and confidence. Being around people who are passionate about their projects can motivate others to grow their own businesses.

 Interaction

The reality is that the path to entrepreneurship can be lonely. Working alone can have an adverse impact on mental wellbeing due to constant isolation. Interacting in a work environment is an essential aspect of daily life. Co-working spaces leave people feeling happier, more social and energized without compromising on their independence.

Networking

Working alone also restricts people from connecting with other individuals who can help them professionally. Co-working creates a mix of people who have different solutions and skills, which provides the chance to pick each other’s brains. Co-working spaces are also available for people who prefer an environment that is dominated by their specific industries.

Flexible terms

Anyone who is considering a traditional office is probably aware of the hassle that comes with factors such as utility bills, infrastructure and long-term leases. Co-working spaces handle all these factors and allow their members to rent on more flexible and shorter terms.

Support

It is normal for small business owners to be anxious or have doubts about their ventures. Being surrounded by other entrepreneurs is useful for support, encouragement and gathering resourceful ideas.

Co-working spaces for freelances and startups

Freelancers

Freelancers are generally people who are hired by various individuals and organizations to perform certain tasks that they are qualified for. A freelancer is not usually permanently employed and is not restricted to office conditions. Since they typically work remotely, a co-working place is an excellent option for them.

Co-working is the ideal choice for freelancers because it gives them the flexibility of determining their own schedules and hours without being isolated. A shared space creates a communal feeling for people who usually have to work alone in a coffee shop or at home.

Startups

Any startup will enjoy the flexibility that a co-working space offers. These types of spaces are not associated with the commitments and costs of conventional office leases. Co-working also gives small teams an opportunity to interact in the space. Additionally, it can help entrepreneurs connect with like-mined individuals by being at the right place at the right time.

Co-working in Singapore

People are no longer compelled to choose between running their businesses from home and working at corporate offices. A co-working space provides the perfect space for both these elements. This innovative solution has transformed the way people work in Singapore since it was introduced. The spaces have increased rapidly over the years.

 1. The Great Room

Located in Ngee Ann City, Centennial Tower and One George Street, among others, it features luxurious furnishing, complimentary breakfast meals throughout the week and even massages at the start of the working week. Over time, workers can look forward to fresh cookies. There are several events to participate in, ranging from workshops to masterclasses. Hot desk costs $750 while dedicated desk charges begin at $2500.

 2. The Hive

With locations such as Lavender and New Bridge Road, The Hive is ideal for frequent travelers and costs upwards of $390 and $400 for hot and dedicated desk respectively. It hosts a range of networking events for novice and established entrepreneurs.

 3. Collision 8

Located along 1 North Bridge Road, the space is versatile enough to accommodate various entrepreneurs and serves as a haven for innovators with its inspiring atmosphere and emphasis on experiments. Members can access the premises from as low as $490.

 4. WeWork

The international location has hundreds of locations and is popular for its vibrant eccentric environment. Locations include Robinson Road and Beach Centre. Costs range from $500 to $825.

 5. Just Co

With prices starting under $400, Just Co is not only an attractive working space, it is also provides entertainment via an arcade and ping pong table for people to unwind. It is centrally located with options that include Mac Donald House, Robinson Road and Raffles Quay.

 6. Trehaus

This space caters to family-oriented people as it provides convenient facilities for working parents. Children have plenty to keep them occupied while their parents work. Located at Claymore Connect, Orchard, charges begin at the competitive rate of $500.

 7. The Working Capitol

From $255, the beautiful and calming space is ideal for anyone who values minimalism and serenity. It offers great facilities and amenities that include a sauna. People can enjoy this working paradise on Robinson Road and Keong Saik Road.

 8. ClubCo

ClubCo is a trendy space that is open to all types of entrepreneurs and professionals. $400 for the initial three months gives people complete access to the all the facilities available at the convenient address of #01-05/06, 20 Cross Street, Level 1 atrium China Square Central.

 9. Carrot Patch

With a cool name like Carrot Patch, a fun working environment is guaranteed. Located at Henderson Road, workspace seekers can look forward to great amenities along with a creative hub for tech enthusiasts. Prices begin at $25 for a day of productivity and entertainment.

 10. Wotso

Tucked away in the CBD, the bright working space goes straight to the point with a functional and minimalistic environment. The office even accommodates pets and is located on Cecil Street.

 11. Found8

Prime locations include Amoy Street and Cuppage Road. This workspace offers value for money with features that go beyond desks and beverages. It provides valuable access to collaborators, mentors, advisors and prospective clients.

 12. Silo

Yet another centrally located co-working space, Silo on Temple Street is spacious and also has discreet rooms for conversations and personal meetings.