Yes of course they are!
Unlike the traditional box you are put in at a typical work place, co-working space allow you to interact with other people.
Here are a few of the benefit of co-working spaces:
Lower cost and no fixed cost commitment
Most of the co-working spaces charge on a daily or monthly rate as compared to fixed office spaces which are usually tied down to a mid-term to long-term contract. This is especially helpful when you are just at the early stages of your startup journey and still testing out the feasibility of your idea.
It is seen that people who work at co-working spaces are more productive. This is supported by a study done by Georgetown university. In their research, they found that people thrive better with co-working spaces compared to those who work at regular offices. This may be due to the fact that most co-working occupants cited that they have more job control due to the flexibility of working late nights to going back early to work from home.
The ability to rotate their work station and not be fixed to one work station also gives people new perspective due to the change of the environment.
Help from community and potential partnerships
In each of the co-working spaces, you will see a diverse group of people from different industries coming together.
This might be one of the most useful resource for your start up as there is a wealth of knowledge around you to tap on. Most of the members are entrepreneurs like you and they will be more open to help and provide advice. In addition, startups could lead to collaborations and partnerships for certain
Many co-working spaces have basic facilities catered to the members’ business needs. Most of them have printing and mailing services. However more established co-working spaces go the extra mile and provide additional services like childcare services for working parents.
Most of the co-working spaces in Singapore have proper work desks and have meeting room and conference rooms for members to utilize.
Now you can say goodbye to unconducive café environments for meetings with clients and suppliers and have a professional space to do your dealings. The professional environment will also leave a more lasting impression on your clients and increase your credibility.
Most co-working spaces host events from industry talks to networking sessions for members from the same space to know each other better.
This can create great opportunities to know individuals from different background and gather business contacts for future reference.
In addition, industry talks allow new start-ups to keep abreast with the industry and gain expert knowledge on the field that they are on. This can be useful especially for new start-ups who just started entering the industry.
Many of the co-working spaces are nested at prime locations at a fraction of the price of fixed office rentals. One great example is The Great Room which is located along George Street and nested at the heart of the CBD. This brings about convenience for entrepreneurs when meeting business contacts or possible investors in that area.