HONG KONG has been well-known as a hotbed for innovative entrepreneurs and start-up business, including art, design and technology industries. However, you may not know that behind the shining success of business development, Hong Kong employees have paid an excessive amount of effort for all those spectacular accomplishments.
Overworking on regular basis has become a ‘culture’ in Hong Kong. Based on a recent report, nearly 20% of Hong Kong workers are having four to six hours of overtime every single week. It is an extreme case comparing with other Asian countries, like Japan and South Korea. Even a high-paid worker tends to work overtime for following the trend.
Due to the limited support from the Hong Kong Government in labour welfare, especially on standard working hours, people in Hong Kong have thought out of the box and found another their own solution to rescue themselves.
Consequently, Hong Kong people have turned to become a freelancer or the founder of a start-up. In responding to the change of working environment, they are urging for a more flexible working style so that they can no longer suffer from work-life imbalance. All those voices are pointing toward the same answer, a co-working space.
Co-working space isn’t a strange name to Hong Kong people but the reason why they are delighted to work at a co-working space is not only caused by the problem mentioned above. You may be still wondering the root causes of those increasing number of co-working spaces in Hong Kong. Going through the following with us, you may know why.
Work, as well as Life
Hong Kong is an absolutely fast-paced and high-intensity place for workers. The traditional way of office work makes most of us exhausted. It is always treasurable to unplug from work and maintain good physical and mental health. A co-working space certainly enables flexibility in work while co-workers can strike a great balance between work and life. Planning for the best timing to work and having an appropriate resting time schedule after tasks can be easily accomplished as a co-worker.
Overtime culture and working under pressure have costed tons of loss for companies. According to a report in 2016, sick leave or working while tired and stressful accounts for a significant loss of productivity. Lack of efficiency and effectiveness would reduce the growth of business development.
Hong Kong entrepreneurs have realized the importance of a sense of well-being, balance and community together with an inspiring and innovative workplace for their employee. A well-organized co-working space will provide all, but not limited to the above key elements.
Apart from these, one can never ignore the realistic and practical concerns for business development, particularly during the initial phase.
The rental cost in Hong Kong is insanely high. If it is necessary to sign a long-term contract, it will be a risky move. Avoiding such a huge burden, a co-working space provides a high degree of customization for diverse business operators. Free trial day pass following by a short-term contract is what they are looking for. Relieving the rental burden is essential for holding business in Hong Kong, especially for a freelancer or start-up entrepreneur.
For any corporates, it is always the best to locate their main office in the city centre or closer to major business areas which may refer to Central or Sheung Wan in Hong Kong. However, the majority of great spots have already been occupied by enormous firms and government departments. In order to solve this issue, an existing co-working space locating in the main town would definitely be a great choice. Enjoying the benefit of surrounding by talented teams with a high level of convenience is facilitating the foundation and evolution of your own business.
Entering the regional market as a small competitor is the situation faced most of the young entrepreneurs. Each of them has the potential to be a game changer while they must develop a careful resource planning strategy.
For a small-medium sized company or even a solopreneur, a co-working space can provide multiple offers based on their needs and budget. Dedicated desk, part-time or full-time contract or even a virtual office user is all the solution for a rising empire.
Nature of business
The community-like co-working space can be benefitting almost all kinds of business running there. Being surrounded by creative designers, financial planners or physical trainers, everyone can find their ‘love’ here.
Moreover, depending on your business nature, joining a co-working space mostly occupied by your target customers may be an alternative for you to gain insight into their preference and interest too. Realizing the change of the market and the taste of customers will direct you to develop in the right direction.
Stage of business
No matter how smart you are, you may still be struggling in the beginning stage of running a self-operated organization. A start-up business founder usually finds it difficult to spot for mistakes and area of improvement. Co-working space becomes a fascinating place to seek advice and support. Not only the help from the administrative staffs of the co-working space, but the experience and suggestion shared by other members in the co-working space are also priceless to listen and take notes.
The first and foremost essential factor in making your business successful is your own networking. Especially in Hong Kong or China, some even comment that a harmonic relationship built is more valuable than your personal capabilities sometimes.
Constructing strong networking is not a hard task in a co-working place which largely fosters networking with regular events and in-house collaboration. Opening doors for customers, partners and investors will surely ignite your business for growth.
Trend in Hong Kong
After the aggressive move of HSBC taking over 400 desks in a Hong Kong co-working space, it reveals that even Asia-based corporates recognize the value of co-working. Decentralization of a complex business unit can enhance the efficiency and versatility of the operation. Breaking down, then re-organizing a grand venture in a dedicated co-working space may become a trend or even a usual practise in the near future in Hong Kong.
In Hong Kong, one of the most flexible and adaptive countries that I have ever known, people here always discover a better and more eligible living style for themselves. An independent and innovative mind directs them to start a new page at a co-working space where furnishes them with all the key elements they are looking for. Are you tired of your current routine in your office? Switching to a co-working space would be absolutely worth trying for you all.
Come join us at WYND, you can get the best from us.