The Rapid Growth of Co-working Spaces in Malaysia
The idea of co-working spaces has been around for quite some time, but it’s only in recent years that these spaces have seen an upsurge in popularity in Malaysia. This can partly be attributed to the growing number of entrepreneurs and freelancers who are looking to work away from home or at their own pace.
Co-working spaces provide a conducive environment, where professionals can interact with other like-minded people, and share ideas in a casual and serene atmosphere. Coupled with a fast and reliable internet connection, these spaces offer an agile hub of productivity.
The History of Co-working
The emergence of co-working spaces can be attributed to a software engineer, Brad Neuberg from San Francisco. After experiencing tough financial times while working at a startup in 2005, Neuberg saw the need to establish a place that could offer him both the freedom of working for himself and the support of his community.
Working with his life coach, Neuberg developed a three-part plan which included space that offered the community feeling he desired. It was at this time that the concept of co-working spaces was born.
Today, these areas have transformed into more effective and functional places, thanks to numerous technological advancements. Co-working management software has made it possible to integrate different aspects that control the access, billing, connections, and accounting functions of your business.
Co-working in Malaysia and Internet Connectivity
With the technological developments surrounding co-working, there is one conundrum that you must consider when establishing a co-working space in Malaysia. This is the speed and reliability of your internet connection. You need to ascertain that you can easily operate your management software remotely and beneficially while providing your customers with services that match the value of their money.
A reliable and secure internet connection makes work simpler by putting together the basic components co-workers need to increase their production. Customers easily get upset by unsteady load times and system crashes. Therefore, an enterprise-class internet component is what every co-working space needs to make user experiences seamless.
Benefits of Co-working Spaces for Budding Entrepreneurs or Startups
Over the last few years, entrepreneurs and startups have turned to co-working spaces with a quality internet connection to propel their businesses forward. But why are these spaces so popular? Here are some of the benefits budding entrepreneurs achieve from co-working spaces:
- Reduction of Overhead Costs
One of the biggest challenges budding entrepreneurs and startups face is inadequate capital. Co-workers try to eliminate this challenge by bringing several entrepreneurs into a common space, making it easier for them to share rent expenses.
They also have fully-equipped basic operational tools and equipment. Therefore, you can channel funds meant for purchasing your own equipment during startup into other innovative ventures. It allows you enough time to build yourself solidly as you wait to decide what market fits you perfectly.
- Provision of Networking Opportunities
Another big problem for startups is the limited connections needed for quality performance. Working up the ladder alone can be a daunting task unless you have the hottest invention in town. Co-working spaces link young entrepreneurs with other talented individuals and professionals who would like people to partner with.
These office spaces provide users with communal areas where they can meet during breaks to have light conversations. Linking with others with whom you share similar ideas gives you an easier opportunity to gain clout in your industry.
- Accessibility to Reliable and Cheap Internet Connection
There’s nothing as nagging as a slow and unreliable internet connection. It does not only lower your production but also affects your communication with clients. While you may find it hard and expensive to install quality internet in your office, it is more accessible in most co-working spaces as they have direct links to the best service providers.
When you work from a co-working area that has a reliable connection, you can load websites faster, update your online profiles effortlessly, and book resources on time both locally and internationally.
- More Dynamic Environment
Co-working spaces eliminate the distractions you experience when working from home. They provide you with a professional atmosphere that allows you to focus on your task, which boosts your productivity.
Being surrounded by other like-minded individuals motivates you to work extra hard. Additionally, sharing space with other experts exposes you to more ideas that can make you accomplish other unseen business goals.
- Facilitation of a Flexible Schedule
Unlike other typical offices where your working hours can be limited, co-working spaces allow you to choose your preferred working schedule. Besides, you may stay as long as you wish in your workspace. Since more working hours could translate to more benefits, your business stands higher chances of reaching its peak within the shortest timeframe.
What do Statistics Say About Co-Working Spaces in Malaysia?
Since versatile offices came into the limelight in 2015, co-working spaces have followed, and their growth across the globe continues to surprise many. Allwork.Space projects that the number of co-working spaces worldwide may surpass 40, 000 by 2024.
Contrary to the pandemic expectations that co-working spaces would be reduced, CNBC reported that these office spaces are currently the fastest growing enterprises in real estate. They are expected to increase to about 30% by 2030, from the current 5% of the market value.
According to data released by smallbusinessgenius, more than 3 million co-workers existed by 2019. These interesting statistics project that this figure may grow by double digits by 2022.
A bigger percentage of co-workers comprise IT experts (22%), according to Deskmag. The rest are mainly PR and marketing employees (14%), and consultants (6%). The presence of the many IT experts in these offices further explains why a reliable internet connection is a necessity for any co-working space.
If the above statistics are anything to go by, there’s no doubt that we will continue witnessing the growing trend of co-working spaces in Malaysia. This, together with the unending technological milestones, could be enough to describe co-working spaces as the future of offices.
Complement Your Co-Working Spaces with Quality Internet Connection
Everything in your co-working space narrows down to one question – Does your connectivity inspire co-workers to be more productive? While individuals might shift to co-working spaces to boost their production, poor internet connection may halt their efforts. Contact us today to give your clients the connectivity they deserve.