The question that dragged you in here ‘ What Is the Space Requirement for Your Small Business?’ is quite a disputed one. While some may say that you need to invest thinking long term, others will present a counterargument for the same. Henceforth, the debate goes on with no end to it.
Now, what would you do if you’re that someone who’s asking this question? What factors would you look at, which are those things that be of more value to you? Well! A ton of other questions would start rushing in and you will go into a frenzy.
Even if you’re set onto a specific budget and space requirement then there’s more to come. You’ll be presented with options like a rented office, virtual office, co-working space, business parks, and much more.
Too many questions already, right? Well! This question cannot be sorted without asking some, so bear with us a little more. While doing that we’re counting in some of the factors.
Factors to look at while choosing an office space
Team Size
If you’re a two-man team and can easily function from a cafe or the comfort of your home, then what is the need to even invest in an office space? Well! There may be none or may be a few if we’re talking in terms of increased productivity or better facilitation of work. But you might still need an office for registration of business and other legalities, so you might want to take a look at virtual offices.
Now, if you’re part of a bigger team whose charts show exponential growth continuously, you might want to choose wisely. While it may be best for you to get a personalized facility for yourself, it sure will be heavy on the budget. Also, you’ll be left with extra space that you might use in the future but is a waste as of now.
Coworking space comes with an option for having a personal space registered for you and your team only. You can go for that and if you even need to increase or reduce the space, all it would need is just a phone call.
Nature of Work
If your business is something where you need to beat up a hammer onto buckled down cars, then a small shed would suit you perfectly. But if you’re someone who deals with a client of different natures then a little showoff is also necessary. That’s where coworking space gives you an advantage.
All the facilities inside are open for your use and there are only a few times where your client won’t notice all that, most of the time they do. Additionally, what bad can happen if you’re perceived as a business who works from a nice enough facility? Right, only good things can come from that.
This is why a growing team’s best option is to switch to a coworking space. They provide the flexibility to add more space to your office, reduce it, and much more.
Growth Factor
The growth factor here is used in terms of team size only. Now if you’re part of an organisation whose currently small but has the potential to grow shortly your choice of workplace becomes very important. If you choose just the right sized one then there are chances that you might outgrow that.
Also, if you choose a bigger facility then, you’re not only wasting money but also risking on the idea of certain growth. Which cannot be guaranteed upon, no matter how good your business idea is.
Budget
The more cash at hand you have, the better for the smooth functioning of your small-time business. Now, to do so, investing in the right places and that too wisely is your only viable option. Which is how coworking spaces again take a lead. The option to pay for exactly what you use is something that might be chopping down on those extra bucks that would otherwise be spent on unnecessary stuff.
Now, looking back and running evaluations, we all can see that, the one thing that is most valuable for small businesses is ‘Flexibility’. And although it was not mentioned as a separate point yet it was present as an underlying factor in all of those pointers. Which is why coworking spaces best suit a small business. The reason is very clear at this point in time: flexibility. What do you think? Should you be going for a personalized office space or a coworking space.