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Singapore houses one of the most expensive real estate markets. It’s great for the property investors but poses serious challenge for the cash-lean budding startups in the island. But things are changing fast in the Asian country. Today Singapore has paved the way for many co-working spaces that assure professional and highly affordable office space for new ventures. In fact, the Singapore government has offered funds to build more shared working spaces to encourage the enterprising millennials. The Singapore CBD hosts the lion’s share of co-working spaces in the island and tech startups are one of the largest occupiers here.
The co-working spaces here are much cheaper compared to buying or renting independent commercial spaces and also guarantee free access to many crucial office amenities. Here are some tips on how to find the best co-working space in Singapore for your tech startup.
Consider your needs
Not every co-working space is created same and hence all the shared offices won’t be equally suitable for your startup. Thus, you should be clear about your needs first before finalizing a shared office.
- How much space would you need to accommodate all your employees?
- Are you looking to incorporate a couple of more employees sometime soon?
- What would be the most preferred office location for you and your employees?
- Would you need to organize business events?
- Would it be better if the location offers learning opportunities?
- Would you need private rooms for confidential meetings with clients?
Know where to find
A good lot of NUS alumni have their own tech startups today. Given the economical benefits of shared offices, chances are high that most of them have their ventures perched in a co-working location. So, check out with your seniors and see if they recommend you some potential shared office in Singapore CBD.
Otherwise, you can check out shared office space in Singapore online. There are websites that particularly specialize in commercial locations and has got a designated section for co-working buildings. These websites feature the properties with pictures and compact descriptions to help you with an informed decision.
What are the lease options offered by the shared working space? It’s better to settle with a reliable location that extends month-to-month agreement. This way, you can leave the office the next month only if it does not suit you. If it does not offer monthly agreements, there should be at least a 3-month lease facility.
Check the location personally
This is one of the most important tips for choosing best co-working space for your startup. Experts always advise taking a complete tour of the office space to understand the actual physical environment of the location. There are a number of things you have to check. For example, a shared office might claim to provide free internet but you have to verify whether it offers enough bandwidth for your business. Here are some of the things you should check personally.
Ergonomic & comfortable furniture– When you are starting a new venture, longer working hours are the most common. Ergonomic working environ is crucial here to ensure you don’t hurt your back and neck while working overtime.
Adequate lighting– Make sure the location is equipped with sufficient lighting for optimum productivity.
Easy ventilation– takes a deep breath and check whether it feels stuffy inside. If so, its better you get out and look for another co-working space. A claustrophobic environment is unhealthy and does not allow easy flow of production.
Tech amenities-Don’t forget the quality of the printers, copiers, scanners, internet and other shared tech amenities offered by the co-working space.
Talk to the professionals– You must interact with other businesses in the shared location to get a feel of the overall community and professional environment. Do they look friendly enough? Do they seem serious about work? If you don’t feel comfortable in their presence, look elsewhere.
Educational & networking opportunities– It’s amazing if your co-working space often hosts networking & social events as well as provide business workshops for tech startups.
You must also check out the breakout spaces and private nooks. Then, obviously it’s simply great if your chosen shared office assures a nice kitchen well-stocked with pastries and cookies.
Make sure to study at least 4-5 potential locations first prior to signing up the agreement.