If you are a startup based in Hong Kong, you’ll no doubt be worried about how you are ever going to afford the high commercial rents to get your own startup office space.
Maybe you have seen how small the office sizes are for your budget, or finding a centrally-located space is proving impossible.
More and more Hong Kong startups are looking to coworking spaces as a base, which allows them to concentrate on growing their business without the financial stress of a rental contract.
What exactly is a coworking space?
A coworking space is a shared workplace that individuals or companies utilise to conduct their business – either in their own city if they don’t have an office, or in another city while they are travelling.
Coworking spaces can be used for either a daily, weekly, or monthly fee, and offer facilities such as private meeting rooms, a kitchen, and social spaces.
Why should Hong Kong startups use a coworking space?
Using a Hong Kong coworking space takes away a lot of the pressure when you are starting out and growing your business.
Coworking spaces allow Hong Kong startups to work in a professional environment where you can network and learn from others, without a long-term commitment or high upfront costs.
Since renting and setting up your own startup office can take a huge chunk of your cash flow, this can cause a lot of stress and be a waste of money specially if you are still trying to land on your feet.
How can Hong Kong startups choose the right coworking space?
With so many Hong Kong coworking spaces available, it is worthwhile doing some research into the different options. You should also visit the spaces with some of your team to get a feel for the working environment.
Here are some points to consider when looking at Hong Kong coworking spaces:
Facilities will vary depending on the size of each coworking space, so it’s best to chat with your team about what facilities will be useful to you.
Some things that may be important to you are:
— Free tea/coffee/water
— On-site cafe
— Social area (with games or activities for break time)
— Rooftop bar (for socialising)
— Skype rooms
— Meeting rooms & conference facilities
Hong Kong coworking spaces often organise weekly events such as seminars and networking sessions. An active community is a fantastic way to meet people and bounce ideas off.
A lot of Hong Kong coworking spaces utilise hot desks on a first come-first served basis.
If you are going to be using the space for a long period of time, then you may be able to pay extra to have your own dedicated work area for your team so you can organise your space for better productivity.
You should also check that the coworking space has private meeting areas that you can book for team or client meetings.
A central location that is easily accessible by your team, and close to cafes and restaurants is a wise idea.
Most Hong Kong coworking spaces offer a monthly fee that is considerably cheaper than paying weekly. Make sure to check what this fee includes, such as free printing, private meeting room use, or free drinks.
When is it time to upgrade to a bigger coworking space or move into your own office?
Making the decision to upgrade from your current coworking situation can come about for a few reasons:
— Your team has expanded, and you simply need more space.
— You want to move to a coworking space that has better facilities or community.
— You can now afford to rent your own office space.
While moving into your own startup office will certainly feel satisfying, do remember that this is a costly process and you need to make sure that you have enough money coming in to be able to meet the monthly rent and bill payments.
Moving into a bigger coworking space means that you are still able to be in control of your finances in a central location and gives you the chance to connect with new people who may help you scale up your business.
Want to find the perfect venue space for your upcoming corporate event? Why not get in touch with Garage Society? There might just be some great event locations for you!