Office relocation is often the result of your company’s recent growth or the end of your current lease.
Whether your office move is from a home office to a new workspace or relocating from one commercial office space to another, choosing that new space for your company is not always easy.
Are you moving from a home-office?
For a lot of startups or early stage companies, your first office space is usually your home. This is most likely out of necessity or in an effort to control costs, and there is nothing wrong with these humble beginnings. It is often the very best descision. But when success comes knocking, how do you know when it’s time to leave that home office and move to something like a shared office space?
In the “5 Signs its Time to Leave Your Home Office,” we explain these in some depth, but here is the short of it:
- Your professional image is being compromised
- Your business needs to scale
- The company is bigger than YOU
- The lines between home and work are blurred
- It is time to reward yourself
If you any one of these statements ring true for your specific business and future goals, it is time to consider the next stage of your business office plans.
Just trying to establish a presence in a new market for your company?
Remember to be smart and cost conscious about getting started in a new market; it shouldn’t require long-term leases and capital commitments. Options exist for your small company from starting with a virtual office and address to expanding or establishing a full time office to hang your hat and leave your files.
Technology has simply made it easier for businesses to get started, and it has made it possible for those new and young companies to project the type of image that is needed to compete with an older more established business. Depending on your business model, it even might make more sense to establish virtual offices and address in New York, Los Angeles AND Chicago, as opposed to settling for expense office space in one location. Just be sure to keep your options open and keep in your mind at all times that you are not tied to the traditional way of doing things – options always exist.
Have you considered the benefits of co-working in a shared space?
Although most times shared office space can be secured and set up in a day, the proper search and evaluation matching your needs often requires more to consider than making a snap decision. The benefits to considering a shared office space include:
- No Capital Investment – The infrastructure is already set up. There are conference rooms, cafes, reception areas, and oftentimes furniture is provided. Shared spaces may also include elements like phones, printers, and coffee in a cafe or lounge custom made for networking opportunities.
- Expanded Services – Why pay for a conference room that sits empty nearly 89 percent of the time? Especially in Chicago, shared office space pools your resources with other businesses, thus lowering your overall costs. Plus, you can add services like phone answering or administrative services, preserving your much-needed cash flow while you get established.
- Flexible Leasing Terms – Shared office space typically is for a shorter term versus what you may experience in traditional office space. If you are newly established, shared office providers can be great options for those with no established credit history.
Don’t forget your business image!
As mentioned above, having a home office, although convenient at times, does screams small. Simply by having a virtual office and address or small office in someone else’s space, albeit a sublease or shared office provider, will give your business the perception that is more established.
When you make the move from a home office it will most likely be at the behest of your brand. Don’t make the mistake by aligning yourself with a landlord in a sublease or shared office provider who puts their brand before yours! How many times have you seen a shared office space with that company’s brand displayed all over the space? What kind of impression does this give your clients and prospects? Make the move, take the leap, but make sure your brand is impacted positively or at least neutrally with whomever you chose.
We all know that starting small may be a choice or it may be the end game. Either way, know there are options for all sizes of businesses. The varieties of space available and making the right choice should be aligned with your business goals whether they are growth or stability on a smaller scale.
Businesses must save everywhere they can and it’s a delicate balance of what to spend money on and what you can do without. Making good financial sense, shared office space can help reduce money spent on infrastructure as well as time spent on non-revenue generating tasks. It’s unique to every situation, but what could it mean for your business to consider these cost savings, if only for another year?