The shared office environment is a lucrative part of the entrepreneurial ecosystem. With minimal liability, it allows entrepreneurs to manage a business from a public space while taking advantage of shared office amenities. But growing companies cannot thrive on shared resources, and eventually you will see signs that you’ve outgrown your coworking space. By preparing for future business growth, you can experience a smooth transition from a shared office environment to your own office space and provide your organization with the resources it needs for success.
Here are five signs you’ve outgrown your shared office space:
1. You cannot properly accommodate clients and/or vendors.
It’s normal to have few to zero office visitors during the early stages of a startup, however, you will undoubtedly need to accommodate guests as your business prospers. Coworking environments provide conference rooms, but it’s not guaranteed you can use one for an impromptu client or vendor visit. It’s also a possibility that more than team member may need to meet with third parties simultaneously, resulting in the need to reserve multiple private spaces. Having your own office ensures you have the necessary common areas and meeting rooms available to conduct business.
2. Your team is requiring more space.
Whether you have doubled your workforce and are running out of desks or your company simply needs more room to exist, space is not something a business should sacrifice. Growth is a wonderful thing, but a cramped team cannot be productive. Employees need their own personal space to be happy and efficient, and departments require their own space to collaborate well together.
3. You want to take your organization to the next level.
Culture and branding are two aspects of a company that take major hits in a coworking environment – and successful companies need both. A strong company culture attracts and retains good talent, and efficient branding and good talent attracts and retains business. Plus, having your own office space lets you host workshops, seminars or events to build community and awareness around your organization.
4. There is forecasted business growth.
One of the most telling signs that you’ve outgrown your coworking space is forecasted business growth – and a lot of it. It can be intimidating to proactively move out of a shared space based on forecasted growth, but a company can only succeed so much in a shared space before it reaches the glass ceiling. You can ensure your business has room to grow at its own pace by moving into your own office before it hits its big growth spurt.
5. You want to invest in your own resources.
Renting a shared office space is like renting a home – there’s no long-term financial gain. And you started your business to make money, right? If you’re ready to invest in your own resources – such as office furniture, décor, devices, etc. – it may be time to consider relocating to your own office space.
Growth is exhilarating for a business, but being unprepared for growth can lead to disorganization and unhappy clients and employees. Begin considering relocation options when your company shows the first sign that it’s outgrown its shared office space.