Win-Win! Space sharing is the way to go

Sharing a space with others (i.e. space sharing) to study or work in is a rather new concept to the market. Businesses have rarely thought of renting out their unused space to users other than their main customer base. People do not know that they can rent a space to use for short periods of time.

Now, it is time to embrace this concept. Space sharing presents a win-win situation, for both the space providers and the users.

Unsure why this is so? Let us break it down for you!

For Providers

Most businesses do not utilise 100% of their space. For instance, tuition centres are often empty in the morning as classes only start during after-school hours. An office is usually not fully occupied as some employees, especially salespeople, are out meeting clients.

Why not make better use of these unused spaces?

Here are some benefits for space providers if they were to engage in the space sharing concept:

  1. Recover Costs

Businesses can rent out their unused space and share it with users who may utilise it for short-term purposes. This way, they can earn some money from the otherwise wasted space.

This is actually pretty similar to Grab’s GrabHitch concept, which allows road users to earn some money through sharing a ride with people going along the same route. Through this service, drivers will be able to save on their travelling costs or recover some petrol costs.

Similarly, earnings from renting out part of a space can be used to cover some electricity or miscellaneous costs for businesses. That being said, businesses must understand that the space must be reasonably priced to attract potential users.

  1. Brand Exposure

By renting out your space through a space sharing website, you are leveraging on another platform for your business to reach out to your target market. The website may even reach a different set of potential customers from your business’s usual advertisements.

Even though the space sharing website may reach out to users who are not your business’s usual target market, you would get your brand name out there. For businesses like tuition centres and cafes, it offers a chance for word-of-mouth marketing.

Think about it, it serves as an additional advertising venue to help your business gain exposure, and it is one that comes at a lower cost (in fact you can earn extra revenue).

For users

  1. Cost-effective alternative

Space sharing presents a more cost-effective way to utilise space for short-term purposes. Instead of having to rent an office that is expensive and binds you for at least a year, why not try renting a space only when you really need it?

If you find yourself going out to meet clients more often than staying in the office, why would you need a fixed office space? Choose this cost-effective alternative instead.

  1. Networking

Space sharing allows users to meet like-minded users and providers. It provides opportunities to foster connections that can serve as resources or sounding boards for their businesses or for better prospects.

Space sharing also encompasses coworking space, which also provides a list of benefits for individuals and businesses alike. For instance, being surrounded by people from all sorts of industries would expose you to a range of different ideas. You may also gain some professional contacts or friends in the coworking community!

  1. Convenience

Renting a space could bring about convenience as well. Wouldn’t you like a workplace that is just a 5 minute walk away from home?

Instead of having to travel to an office in Singapore’s central business district, why not have a study spot or workplace that is just a stone’s throw away from your house? This would help you to save time and travel costs too.

Since space sharing presents a win-win situation for both users and providers, why not try it out?