5 Reasons Why Flexible Space Rental is Most Beneficial To Your SME’s Bottom Line
Coworking spaces offer flexible rental and shared workspaces with a suite of office-like amenities such as hot-desks, private meeting rooms and pantries.
Since the first-ever physical co-working space opened in 2005, the concept of it has grown and even evolved rapidly. Core Collective for example, avails coworking to fitness and wellness professionals with fully-equipped gyms, fitness studios as well as treatment and consultation rooms.
There are many reasons why coworking has become the ideal way to go for SME’s all over the world and today we’re discussing five reasons why flexibly space rental is most beneficial to an SME’s bottom line.
Coworking spaces are pay-per-use. This means that space is paid for as it is used, and unlike traditional fixed leases, allows business owners to eliminate rental costs from unused space. The pay-per-use model that co-working space takes after can be particularly beneficial for new or seasonal businesses that might experience initial fluctuations in sales or to help them ramp up in time with minimal loss.
Businesses are meant to grow and flexible space rental helps them do that with ease. Most co-working spaces have different options for rooms that can be rented depending on each business owners’ wants and needs. Whether they need to increase or decrease their space to match their business demands, they can easily do so at a coworking space without having to move locations.
Flexible office rental is usually cheaper and rooms are often fitted-out with all the necessary furniture and equipment a business owner will need - desks and chairs for a desk job worker, gym equipment and shower facilities for a fitness business owner, or treatment beds and consultation sofas for wellness business owners. Other amenities such as printers, cleaning services and washroom facilities, which contribute significantly to the business expenditure, is also covered by the cost of your rent.
Setup costs aren’t the only costs that the rental of coworking space enables. Shared services such as receptionists and appointment bookings can further reduce or even completely eliminate operational costs for a business. Fewer costs = more profit!
4. No Long-Term Commitment
According to Office Spaces, the minimum term that landlords in Singapore accept for office rental is typically two years regardless of whether space is being fully utilized or not. For many entrepreneurs and new business owners, two years might seem like a pretty long commitment.
Flexible space allows business owners to start and conduct their business without having to commit long-term. Amazingly, you can rent space for as little as just a few days. This means that during times of uncertainty, if and when your business needs to take a pause - so can your rent.
5. Indirect Benefits
Where you work largely determines how you work. It’s known that most coworking places encourage a sense of community and positive competition, makes employees happier, and increases their productivity. This ultimately helps businesses maximise their bottom line.
Are you a fitness or wellness business owner looking for flexible space to run your business?
Core Collective is building centres of excellence where the best fitness and wellness professionals collaborate to deliver better service and results for our customers, all under one roof. We help you grow by providing best-in-class support services and facilities, and by fostering collaboration and professional development opportunities.