How coworking spaces are boosting growth for startups

Post on August 7, 2023

Every year, more companies are moving their teams into coworking spaces, and it’s not hard to see why. The workbuddy team asked our clients how their coworking space has helped them grow, and we’ve summed up their answers here: 
 

1.) Affordable short-term office space:
 

When startups and small businesses seek office space, they are usually met with limited options: either unaffordable rates or contracts starting at a minimum of 3 to 5 years - a commitment they aren’t in the position to make.

Coworking spaces offer the short-term, flexible leases that startups need. And together with the additional services and amenities provided, rent works out to be affordable for most small businesses, even at city centre locations.   

2.) Low startup costs: 

Coworking spaces provide shared access to amenities like printers, virtual conferencing facilities, phones, office supplies, fridges, coffee machines and more. This allows startups to save on large capital investments that they would otherwise have to make if they were leasing a new office space. 

Plus, beautiful spaces with reception areas, coffee bars and all these additional touches impact how the business is perceived by clients and investors. Unique spaces help startups and small businesses differentiate themselves from competitors and impress clients and new talent alike.

Read: Top 5 Coworking Spaces in Singapore for Teams

3.) Enhanced productivity:

Startups and small businesses often report a noticeable difference in productivity when they move their team from home offices/ coffee shops to an office space. Apparently, the closer the proximity to colleagues, the more impactful the collaboration, as this Harvard study shows. 

Other studies show that people tend to be more productive in coworking spaces because they are surrounded by other people who are also working. And better equipment, such as ergonomic chairs, helps provide the comfort needed for people to stay focused for a longer time.

4.) Easy access to talent:

Startups and small businesses often have to dip into freelance talent pools to help fill gaps in their expertise or their team. And the great thing about coworking spaces is that they are a favourite among freelancers and solopreneurs. There are many instances of companies finding the talent they need at a coworking cafe or event. 

In fact, that has been the main goal of coworking spaces since the beginning: to foster collaboration. Coworking spaces bring a wide variety of people into the same space, opening up a plethora of mutually beneficial opportunities. And most spaces facilitate networking by organising social events.
 

5.) Flexible office space:

In the early stages of business when profits and expenses are in flux, startups need office space that can adjust along with their cash flow. Coworking spaces meet that need by providing flexible lease options. 

Startups and small businesses can scale up to a bigger space, or scale down to a smaller space as needed within the same coworking space without breaking expensive long-term leases. In fact, companies with a remote or hybrid team can simply book meeting rooms as and when they need to meet. No long-term commitment is required. 

6.) A happier team: 

Our clients also reported that their team seems happier after moving into a coworking space. This is likely due to a combination of a well-designed space, ergonomic furniture, fun events, opportunities to socialise and a sense of community.

Plus, having a dedicated workspace also helps with work-life balance. Employee pulse survey platform Officevibe reported that 60% of the people surveyed are more relaxed at home since starting at a coworking space. They now have a time and place to work and a separate time and place to relax. 

For startups and small businesses, a happy team makes a big difference. In the early stages, startups often require a lot from their team without the means to offer financial benefits right away. Moving to a coworking space is an affordable way to give the team perks and provide what they need to thrive. 



We hope this narrows down your search for the best coworking space in Singapore according to your needs! As a member of workbuddy, you get access to all of the best coworking spaces in Singapore with a single pass, so you can try a few before you settle on one. Plus, the first week is on us. Download the workbuddy app for your free trial.