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Finding success with a startup isn’t easy, and it can take many years for a new business to find its feet (many never manage it). It makes sense for a startup to operate remotely in the initial stages as the cost of renting or buying an office can be high, so, at what stage does it make sense for a startup to move into its own office space? There’s no one-size-fits-all answer to this question, and it’ll be different for each business, but there are a few clear signs that it could be time to move into your office space.
Financial Stability
The most obvious sign that it’s a good time to move into your own office space is financial stability. When you move into your own office space, you’ll have rent, utilities, maintenance, and possibly other costs to cover. Therefore, you need to ensure that you can comfortably afford these monthly costs without jeopardizing the business.
Growing Workforce
Another sign that you should move into your own office space is if you have a growing workforce. If you’re working from home or renting a single office space, you’ll find that this can create challenges when you start to bring on new employees on board. You’ll need to make sure that you have a space that’ll be large enough for your team and have space where people can work independently as well as collaborate. Additionally, moving into an office space in a desirable area could help you to attract new talent to your business, especially if you find an office in a business hub like London. You can browse offices to rent in places like Kings Cross at The Workplace Company, which would be an excellent place for a growing business to set up as it’s a thriving region in the heart of London.
Plans For Growth
You may also want to move into a dedicated office space if you plan to grow your startup. When a new business is first starting out, it’s normal (and sensible) to keep the operation as basic as possible to keep costs down. Once you’ve found some success and stability, it makes sense that you’ll want to grow your business. Moving into your own office space will enable you to do this and can be an exciting time for you and your team.
Client Meetings
Another important consideration is if you regularly meet with clients and potential clients. It’s important to present a professional image, which can be tricky if you’re working from home. This is why it’s worth moving into a professional office space so you can position yourself as a professional, credible, and presentable business. Of course, remote meetings are common these days, but it can be hard to create a strong relationship with a client if you don’t ever meet them face to face.
These are a few clear signs that it could be time to upgrade and move into your own dedicated office space for your startup, which can be a major milestone and the start of an exciting new chapter.
