Hong Kong, with free port trade and low taxes, is a bustling business centre with new opportunities for growth and innovation emerging every day. To stay competitive in this vibrant economic powerhouse, your business needs to be dynamic and flexible to succeed. Traditional office space is extortionately expensive in Hong Kong – it’s actually among the most expensive places in the world to rent commercial space.
Coworking spaces represent a great opportunity for small and medium-sized businesses who want to find a way around these outrageous office costs in Hong Kong. They provide many of the benefits that are usually only accessible to larger companies on the Hong Kong scene at an affordable rate and are available to savvy professionals in any industry. With more providers of coworking spaces entering the market, doing some research and making a coworking comparison based on your business needs is a wise idea.
Let’s take a closer look at some aspects that you need to consider when entering the Hong Kong coworking market.
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Choose The Right Package
The more established coworking providers offer a variety of packages that cater to a variety of businesses. You can choose the one that best suits your budget and operational needs.
Hot desk style coworking packages offer a great combination of flexibility and affordability. These spaces are usually available during business hours and offer desk space on a first come, first served basis. This can be a sensible choice if you enjoy variety and are not too meticulous when it comes to your working environment.
Dedicated desk space usually comes with a higher monthly cost and it is preferable if you enjoy routine and consistency with your working space.
If provided by a premium service both coworking packages come with many additional amenities that are essential for business success. These include easy access to printing and scanning as well as in-house IT support and high-speed internet connections.
Choose The Right Location
It might seem like a trivial point for a highly mobile and flexible workforce but the location of your coworking space can add a great deal of value to your company. Clients and customers will be suitably impressed when they attend meeting with you in a state-of-the-art office with plush furnishings and unique artwork on the walls. They will also recognise the prestigious address if you choose to work from a Hong Kong city centre location like Central or Kowloon. This can bring huge credibility even if you are a small business that is trying to break into your industry.
The right location will also add to your overall work-life balance if your coworking space is in close proximity to amenities like high-end restaurants and shopping. This will also give you the opportunity to meet dynamic and diverse players in the Hong Kong business world over business lunches, meals and drinks. Just make sure to dress appropriately as in Hong Kong, businessmen usually dress the part and wear a jacket and tie most of the time.
Weigh Your Options And Choose Wisely
Selecting the right coworking space can make or break the success of your business. Since your environment has such a large impact on your productivity, you will want to ensure that you can be comfortable and effective in the space you choose. Consider your operational needs and what style of coworking package is best for you. While it is important to spend wisely to keep your costs down, know that there is a great deal of value to be found in investing a little more in better coworking locations. While this might be true of most world cities, this is all the more important in the hard-working business culture of Hong Kong.