–Open communication. One can easily communicate and share opinions with other business owners of common interests.
–Social Interaction: One can easily be introduced to a potential business partner who can fit in their team.
–Business Opportunity. One can easily get connected with the potential investors who will really look into your business profile, provide business consultation or even investment capital to their matched businesses.
Equipment and layout
–Flexible workplace with built in desks, office equipment, and high speed internet.
–Services provided are parcel and mail handling, printing services and virtual phone assistance.
–Facilities are open and free to use by all the co-workers. They can enjoy using meeting room for meet up session with clients, lockers to store individual items and pantry with snacks and coffees.
–Open and relax design, encourage collaboration/interactions and creativity that provide coworkers with wide range of networking.
Flexibility of scaling up and down a business
–Easy to scale up and down, especially during this critical movement control period, they can easily move to a new place to sustain their business.
-Multiple choices for employer, such as hot desks for freelancers and fixed desks for long term employees.
Pricing
–Economic and affordable as employee can work in a professional environment without high up-front costs. Lessen the burden of overhead.
-Save cost on purchasing all the equipment and furniture, utilities and maintenance as all these are to be done by the co-working space owner.
Rental Commitment/ Lease Terms
–Flexible payment term, rates are of monthly, daily or even hourly rate.
Employee Impact
–Employee-driven and friendly workplace, can combine and share ideas and opinions.
–More relaxing environment as compared to traditional office’s formal workplace.
-Offer built in management so co-workers will not need to distract their attention to focus on office management task.
Figure 1.1: Common Area in Co-working Space
Figure 1.2: Meeting Room furnished with Air Conditioning
Figure 1.3: Auto built in desk with electric sockets for each seats
Serviced Office
Networking
-Less social networking as investors, potential business partners and etc will not visit their serviced office if there is no any invitation.
-Less space as the office layout is not open.
Equipment and layout
-Enjoy fully furnished flexible workplace equipped with IT infrastructure and etc.
-Private and not relaxing corporate related layout decided by the branch manager.
Flexibility of scaling up and down a business
-Scalability is not flexible as the size of the office is fixed.
-When your business grows further, you may have insufficient space.
-If you were to downsize your team, you still need to bear with the same amount of rental.
Pricing
-More expensive as compare to co-working space, but the monthly rental still includes all the utilities and facilities usage.
Rental Commitment/ Lease Terms
-Longer lease term, which can be up to 1 year.
Employee Impact
-Lesser networking leads to lack of global exploration of employees.
-Employees will work like a robot and continue doing the same task day by day, less social interaction.
Figure 1.4: Serviced Office
Traditional Office
Networking
– Networking cannot be achieved within the confined walls of traditional offices where you know everyone in the office well.
-Separation occurs as Cubicles offices create barriers between employees, this will indirectly discourage collaboration and communication between them.
Equipment and layout
-Company owner decides all the designs and equipment /facilities.
-Business oriented design of layout.
Flexibility of scaling up and down a business
-Unable to scale up or down a business as the size of the office is fixed.
Pricing
-Most expensive, as the owner will need to bear with the monthly installments, utility usage and the cost for maintenance of office equipment.
Rental Commitment/ Lease Terms
-Longest, with a minimum of 3 years lease term.
Employee Impact
-Stiff and crowded atmosphere which will lead to more stressful working environment.
-Lack of open space or area that can let them actually sit down relaxingly and come out with creative ideas or solutions.
– The employee will focus more on office management tasks as running and managing an office may take away focus from projects.
Coworking Space Vs Serviced Office Vs Traditional Office
Co-working Space
Networking
–Open communication. One can easily communicate and share opinions with other business owners of common interests.
–Social Interaction: One can easily be introduced to a potential business partner who can fit in their team.
–Business Opportunity. One can easily get connected with the potential investors who will really look into your business profile, provide business consultation or even investment capital to their matched businesses.
Equipment and layout
–Flexible workplace with built in desks, office equipment, and high speed internet.
–Services provided are parcel and mail handling, printing services and virtual phone assistance.
–Facilities are open and free to use by all the co-workers. They can enjoy using meeting room for meet up session with clients, lockers to store individual items and pantry with snacks and coffees.
–Open and relax design, encourage collaboration/interactions and creativity that provide coworkers with wide range of networking.
Flexibility of scaling up and down a business
–Easy to scale up and down, especially during this critical movement control period, they can easily move to a new place to sustain their business.
-Multiple choices for employer, such as hot desks for freelancers and fixed desks for long term employees.
Pricing
–Economic and affordable as employee can work in a professional environment without high up-front costs. Lessen the burden of overhead.
-Save cost on purchasing all the equipment and furniture, utilities and maintenance as all these are to be done by the co-working space owner.
Rental Commitment/ Lease Terms
–Flexible payment term, rates are of monthly, daily or even hourly rate.
Employee Impact
–Employee-driven and friendly workplace, can combine and share ideas and opinions.
–More relaxing environment as compared to traditional office’s formal workplace.
-Offer built in management so co-workers will not need to distract their attention to focus on office management task.
Serviced Office
Networking
-Less social networking as investors, potential business partners and etc will not visit their serviced office if there is no any invitation.
-Less space as the office layout is not open.
Equipment and layout
-Enjoy fully furnished flexible workplace equipped with IT infrastructure and etc.
-Private and not relaxing corporate related layout decided by the branch manager.
Flexibility of scaling up and down a business
-Scalability is not flexible as the size of the office is fixed.
-When your business grows further, you may have insufficient space.
-If you were to downsize your team, you still need to bear with the same amount of rental.
Pricing
-More expensive as compare to co-working space, but the monthly rental still includes all the utilities and facilities usage.
Rental Commitment/ Lease Terms
-Longer lease term, which can be up to 1 year.
Employee Impact
-Lesser networking leads to lack of global exploration of employees.
-Employees will work like a robot and continue doing the same task day by day, less social interaction.
Traditional Office
Networking
– Networking cannot be achieved within the confined walls of traditional offices where you know everyone in the office well.
-Separation occurs as Cubicles offices create barriers between employees, this will indirectly discourage collaboration and communication between them.
Equipment and layout
-Company owner decides all the designs and equipment /facilities.
-Business oriented design of layout.
Flexibility of scaling up and down a business
-Unable to scale up or down a business as the size of the office is fixed.
Pricing
-Most expensive, as the owner will need to bear with the monthly installments, utility usage and the cost for maintenance of office equipment.
Rental Commitment/ Lease Terms
-Longest, with a minimum of 3 years lease term.
Employee Impact
-Stiff and crowded atmosphere which will lead to more stressful working environment.
-Lack of open space or area that can let them actually sit down relaxingly and come out with creative ideas or solutions.
– The employee will focus more on office management tasks as running and managing an office may take away focus from projects.
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