It is easy to find reasons why entrepreneurs love Hong Kong. It is an extremely dynamic and exciting place, full of new opportunities and big ideas. The consumer market is knowledgeable, forward thinking, and adventurous. The people here love new products, especially tech and they’re keen to experiment with innovative gadgets and computing tools.
In fact, there’s only one major reason why Hong Kong might be an unsuitable home for a new business. Unfortunately, it’s a pretty big obstacle for many. In 2016, the region was awarded the dubious honour of the most expensive place on the planet to rent office space. To put it in perspective, New York came second, but it was still 76% cheaper than Hong Kong.
So, the big question is, how do so many small businesses continue to survive here and how can you be one of them?
Getting to Grips with Coworking
Coworking is based on a very simple concept. It centres on the idea that shared workspaces are beneficial for businesses and professionals. They are advantageous because the costs are shared among many users and this makes them very affordable. They also support collaboration and innovative thinking, as many like-minded people are brought together.
Instead of renting a private office, tenants pay a small fee for round the clock access to a fully equipped corporate suite. It includes high-speed broadband, ergonomic furniture, beautifully designed décor, IT support teams, telephone services, and more. For entrepreneurs and business owners, coworking in Hong Kong is a chance to work at peak performance, for less.
Chasing the Local Talent
Not only are coworking spaces a great way to reduce expenses and make running a business in Hong Kong more affordable, they put you right at the heart of the action. Usually, these facilities are located in the prestigious retail, financial, and corporate districts of the city. They provide close contact with consumers and a fast connection to investors and suppliers.
So, there are few environments as useful for networking and scouting out new talent. Whether you’re looking to schmooze with influential figures, strike up profitable deals, or just pick up a skilled recruit, you can do it in a coworking space. The tenants of these offices have chosen to operate out of a space which encourages communication. Get to know your neighbours.
Aiming High and Dreaming Big
While not everybody is willing to share space, there are some clear advantages. When you share the office and its resources, you also share the cost. The logistical expenses shrink and, as such, your options start to multiply. While it’s not always possible for smaller ventures to afford a premium private office, luxury becomes attainable when sharing.
So, don’t limit the reach of your business. Search for a new home in the most impressive parts of Hong Kong. When you’ve got a corporate address which looks great on paper, you’re likely to attract more attention from investors. The best talent in the region will make itself available to you because ambitious, skilled recruits value status and prestige.
Why Your Next Office Should Be Shared
The idea of shared workspaces is still relatively new, even in Hong Kong where coworking has been popular for some time. It can be difficult to let go of the feeling that traditional and private is the only option, but a business revolution is currently taking place.
Entrepreneurs and small business owners are waking up to the idea that brand stability and operational independence aren’t mutually exclusive. You can have both. Whether you work from a private office with flexible terms or you decide to give coworking a try, the secret to success is mobility.