4 Ways to Know When Your Business is Ready for a Shared Office Space
In our post-pandemic world, so many new companies have emerged, more workers have turned to independent contractor/freelance positions, and more. Many of these people are working from home or going to the library or local coffee houses to work because offices are so expensive to rent. However, you should know that you don’t have to work like this- the answer is shared office space or co-working spaces.
How do you know when your business is ready to move into a shared office space? Of course, you must get to a point where it makes more sense to have an actual office space instead of working anywhere you land. Below, we’ll explore 4 ways that you will know when your business is ready for a shared office space.
4 Reasons You Need an Office Space
You have a team.
A company with just a few employees is so much easier to run, and you don’t need a lot of office space. In fact, in today’s digitally savvy world, you don’t always need office space. We have digital, cloud-based tools that make it easy to work anywhere you choose, as long as you have an internet connection. Plus, you will find various digital collaboration tools that make it easy for teams to work together remotely.
That being said, with each person you hire, remote work becomes more complicated. If you plan to move into an office anyway eventually, you may want to consider a shared office space when you start hiring. After all, some candidates want to see where they will be working, and it doesn’t always make a great impression on your candidates if you’re interviewing in a coffee shop or hotel lobby.
You have clients you need to impress.
As your company expands, you and your staff will probably be having important, face-to-face meetings. It’s not always the best idea to hold these meetings where you don’t have control of seating arrangements, volume, crowd, etc. This is where a shared office space comes in handy. You have several options, from private offices to common areas to meeting/presentation rooms. This will give your client (or potential client) a better impression of you and your company. This is especially critical if you have an expensive, upscale, or exclusive product/service. Think about how great it would be if you could land a big client- and how a professional office space would help.
Your current space limits your productivity.
Working effectively is one of the most important factors in your company’s success. If your current space is not conducive to productivity, your bottom line will suffer. Common issues include noise, crowd, and lack of privacy. Also, if running errands or grabbing food is a chore, it disrupts the workday, hurting productivity.
Employee morale affects productivity and retention- and your current lack of office space is affecting the morale of you and your employees. If you don’t have a professional space, you and your workers won’t be able to work as hard. Plus, if you don’t have an office space, your employees may feel like you’re not interested in growing in the future, and you don’t value them. If this is the case, you might want to consider a shared office space.
It fits within your budget.
This may seem obvious, but many business owners actually rush through it- or even skip it entirely because they are excited and optimistic. You must keep in mind that even though shared office space is much more affordable than a private office, it’s a semi-permanent expense that can make it difficult to pay other bills if you have problems with revenue. Take the time to look over your numbers and make sure you can afford them before committing.
Deciding to move your New York small business into a shared office space? You must carefully weigh your options and ensure that your business is ready for it. However, if your business is growing, you have a team, your client base is increasing, your productivity is limited due to current conditions, and you have the budget for it, moving into a shared space is a great idea. After all, with shared office space, you can increase the space you need or decrease it based on the fluctuations of your business. Contact us today for a tour of any of our four great locations.