When start-ups think about their workspace, two options may pop up in their minds: getting a coworking space that is very prevalent these days, or renting a serviced office with a more private working area. Many of our clients have come across these questions time by time nowadays, but the answer is, these two choices are both awesome, ONLY they are fitting different needs, serving different purposes and having their own characteristics! So yes, the struggles are real, let’s open this topic and see if the following views can help you facilitate your decision?
 

Why Coworking Space?

To start-ups, budget control and resource management both play a significant role in their business expansion. Coworking space allows young business owners to meet different kinds of people that could turn into a valuable asset in your future expansion.

A unique characteristic and best thing about coworking space is Flexibility. When you work at a conventional office, you might not be able to come and go as you wish since a standard 1-2 years contract might tie you up. Yet, you won’t have to worry about the commitment period of your coworking space because certain service providers do offer different package plans like Day Pass / Weekly Pass / Monthly Plan (like what BRIDGES does) for start-ups to select. Some people may go for Day Pass for temporary usage, for which you can simply make a phone call or pay on spot then you are all set and good to go. Else, you can pick Monthly Plan with 40 hours usage or unlimited usage, depending on which plan fits you more.

So the concept of coworking space is pretty much like you just come in with your gear and then you can start working. When you have a meeting outside or need some fresh air, you can simply pack up and go outside to stretch your legs. Very flexible and dynamic, especially for those business travellers or green kictstarters.

What About Serviced Office?

Many businessmen go for serviced office for 3 main reasons - Privacy, Getting the Best Ready-to-Use Service at where they work, and having the ability to use a rather Long-Term Office Area for the growing team to locate. For example, for some start-ups or SMEs that value their own privacy a lot like IT, designs or investment industries, possessing their own private working spaces so that easy interpersonal communication can be made is crucial. 

Comparatively, a serviced office is more suitable for those rather matured companies, looking for a fully furnished office space at a prime location to match their brand / company size. Also, they can make use of the glamourous meeting rooms on the same floor next to their offices to meet up with important clients conveniently.

What to Pick?

So basically a well established Business Centre can fulfill both your coworking space and serviced office needs, and you can even make the utmost benefit by using both services at different stages: using the cost-effective and flexible coworking space during your start-up stage, and starting to rent the larger serviced office unit with privacy and decent working environment when your firm is more developed and thus requires a better company image.

No matter what workspace type you will pick based on your status and requirements, it is suggested to find a compatible business centre having both coworking space and serviced office options so you don’t need to troublesomely switch from one service provider to another when you need the other workspace type at a later time.

Another huge benefit a Business Centre like BRIDGES can bring to you is that we will not only offer a prime office space but also take care of all your corporate needs and matters like ours, such as accounting & audit arrangement, tax filing, legal advice arrangement, working visa, trademark for company registration, etc. with our experienced on-site specialists who can come to you and provide face-to-face advice promptly on your different queries.

A New Era of Coworking

Coworking space or shared office space now serves as an entry ticket along with a bunch of benefits for start-ups or entrepreneurs to begin their business journey, find out why below. 

Cost Efficiency

Cost is definitely one of the major concerns when it comes to forming a business. In the start-up stage of a business, a physical and permanent office might not be a necessity, as we're all embracing the WFA trend and coworking space options are plentiful. Instead of renting a sizable office where you will not be in every day, it's much more cost-efficient and practical to rent a pay-per-use coworking space.

Flexibility

The beauty of coworking space is the adaptibility and that's something you cannot find from conventional offices (especially if you're renting a small one). From a work desk for you to concentrate on your laptop to open space for your team to have a casual discussion or a private room for a conference call, your workstation in a coworking space can be readapted immediately. You can effortlessly choose a workspace where it suits the task you're working on at that moment and your need is met seamlessly. 

Exclusivity

Some might doubt the exclusivity of a coworking space since it's a shared workspace. Does it mean free-flow coffee and tea is the only value-added service you'll have? In BRIDGES coworking space, you will enjoy free amenities and many other corporate services and secretarial services*. Let our professional Client Services team know your business needs - whether you need a registered business address or an office assistant to run errands - everything is one question away.
* Surcharge applies

Networking

Working in an open office space with a diverse group of people could be beneficial because nothing is more important than having a strong network when running your business. The easy-going atmosphere of coworking space fosters connection and creates a sense of community because you can always meet someone new - from the coffee machine in the pantry or next to the printer - with different expertise, background and culture! A casual acquaintance might turn into a mutually beneficial relationship eventually and it's always a wonderful option for entrepreneurs or start-uppers to expand their network. 

More younger entrepreneurs are starting their own businesses these days. Different from the past, they do have various channels to know what steps they can take to be a smarter entrepreneur, and get things done in the most cost-effective way.

If you’d like to put more resources into developing your business too, it seems some traditional constant expenses like renting a physical office or miscellaneous fees for maintaining that office can be cut down. You may restructure those resources and put them into buying materials, sourcing a service provider sourcing or investing in product development, etc.

In this article, we’ll explore some efficient ways for a start-up to maximise its benefits under effective financial controls when running a business in HK.
 

Count the Cost

As a start-up, it is crucial to minimise business costs and maximise profits. Rental cost is arguably the highest business cost, especially HK property rent is one of the most expensive in the world. As most business activities take place in core business district (CBD), many ambitious companies including those from China favoured being stationed in this prime district. To take advantage of its significance, there are 3 affordable ways for you to consider :

> Serviced Office: a fully furnished physical office that allows small team work together with privacy, while the pay-as-you-use office support services like printing are flexible to use, however, its rent is higher because of the private unit;

> Coworking Space: a space / compartment where you can come and go freely, to work, share and enjoy networking with like-minded people. This kind of coworking solution is very popular nowadays for people to gather and brainstorm new ideas - the fee is medium to high, offering daily, weekly and monthly access options;

> Virtual Office: a virtual address provided by a professional business centre as your Government’s registered address (e.g. registered as your company’s business address, printed on name card, listed on website, etc.), together with mail handling, call answering and fax forwarding services. This is an excellent choice for start-ups with budget concerns, given that they can enjoy the prestigious address at a minimal cost. There is a high level of flexibility for the start-ups to work whenever and wherever effortlessly - the monthly fee is as low as HK$600 per month in BRIDGES.

In fact, high expenditure of physical office is not quite necessary at the company’s initial stage (especially when the budget control is critical during the start-up period), that’s why the virtual address solution is widely applied in many industries, but of course, picking a good proper address is important, preferably in a grade A building to further elevate your corporate image.

Get the Most Benefits

For start-ups, there are many flexible choices with different value-added services to help grow your business in the market. How to know which service provider is suitable for you? One thing you may take into consideration is their service experience and profundity. Our proficient team provides a full blend of corporate support services along with our business address plans, including phone & mail handling, incorporation packages, company secretarial services, accounting, tax reporting, visa application (work visa / China visa), payroll as well as meeting room usage and coworking space, where you can get all corporate compliance functions under one umbrella. 

For entrepreneurs who are always on the go, virtual office fits perfectly because they could reserve a well-equipped meeting room for their professional meetups. Or book a coworking space with Day Pass / Weekly Pass / Monthly Pass for a decent workspace according to their business needs. Not to mention when they are abroad, all their incoming calls will be answered in their company name by the fully-trained multilingual receptionists here, so no more lost business opportunities.

Last but not least, a prestigious corporate address with company directory signage in a proper commercial building can help facilitate your government application or license acquisition, as well as your working visa application!

Please feel free to shoot an email to us at info@bridges.hk for any support. Or, subscribe to our virtual office service and start growing your business now.