Coworking spaces are becoming an increasingly popular choice for business. Ideal for growing and launching start-ups and small businesses, they are an affordable option, providing an energetic environment that fosters collaboration. The all inclusive business model makes it easy for fledgling businesses to budget their expenses, and the flexible terms and ability to scale up or down as needed are ideal for the early stages of business growth.
But there comes a point for many businesses when shared office space starts to feel a bit…cramped. You need more privacy, more elbow room and space to allow your emerging culture and brand to take root. It can also become challenging to obtain economies of scale within a coworking space that charges you the same flat rate for each new employee.
Why move to leased space? What are the benefits?
Shared office space is a comfortable beginning. It’s probably been good to you and your team. Even though you feel the pull for a more dedicated, personalised work space, a lease may sound like a huge commitment, and really, is it necessary? You don’t have to move to a lease, but there are several benefits that make it both appealing and a smart business decision.
Culture and Identity
A leased office offers you the freedom to tailor the aesthetics to fit your company's personality and the way you like to work. That may mean bright paint colors, modern furniture and lighting, open collaborative spaces and a location close walking distance to restaurants and shops. Coworking spaces are where they are and you have to go to them. Leased offices are everywhere. We can help you find the right one to fit your business now and accommodate your future.
Productivity
What tools does your team need to be productive? Are you able to set all of those tools up the way you need to in your current shared space? Do you have access to a white board when you need it?Or silence when you really need to focus? Is there enough meeting space and is the wifi fast enough? It’s difficult for people to be productive when their environment isn’t arranged to support their work style and needs. With leased space, you can create an environment that will help your team focus and be productive.
Recruiting Talent
It’s tough to recruit the best of the best from a coworking space. Potential hires want to see that you’re investing in the company’s future and that there seems to be real traction and growth. While an office space doesn’t always mean all of that is true, it does create the perception that you are running a “real” company. And when it comes to recruiting talent, perception means a lot.
Branding
When you bring a potential new customer or client in for a face-to-face, you want them to get a specific impression of you and your company. You’ve probably invested in a logo for your business and a slick website. Your office space should be an extension of your branding.
When is the right time to consider leased office space?
The first answer is that it’s time to start considering a leased office space when you start to feel restricted by your shared office space. It might feel like a leap of faith, but trust your gut.
The second, and somewhat longer answer, is more substantial and quantitative. While every company is unique and the timing will be different based on your specific business goals and vision, in general, companies should begin to think about leasing their first office when:
- Market demand has validated your business
- You have users and your target audience is hooked
- Day-to-day operations are steady
- Investor interest is high and/or venture capital backing is secured
- Employee count ranges from 5 to15 people, and is growing
If you’ve achieved most or all of these criteria, now is probably the right time to consider a dedicated address as the next step.
Contact us today to talk through your space requirements. Our team of specialists will help ensure your next move is the best one for your business.
