The concept of Coworking continues to be innovative and exciting, with flexible and affordable options that have launched countless startups and propelled many entrepreneurs forward in their careers. But as with any business model, there is a right time and place for Coworking. These are places where new businesses begin or change directions, but they often cannot keep up with the evolving demands of companies as they grow and succeed.
For many companies, there comes a time when Coworking spaces are no longer a good fit. Fortunately, there are unique and cost-effective ways to move onto the next phase to meet your business’ changing needs. Let’s explore the differences between Coworking and private office space. Here are 10 ways to know if now is the time to move your business from a Coworking space to a more accommodating, professional private office.
1. You Need More Privacy
Privacy is a big concern in Coworking spaces because of the shared rooms, common areas, and thin walls in these establishments. This becomes even more of a concern when you start needing to have confidential meetings with clients or even phone calls that involve sensitive material that isn’t meant for everyone’s ears. A private office can help you maintain the confidentiality of client data, and even private meeting room access on an occasional basis can provide a safer space for important conversations.
2. You Are Feeling Distracted
Coworking spaces are wonderful for networking and brainstorming new ideas, but they aren’t necessarily ideal for concentrating or buckling down to check tasks off a list. If you and your team are feeling distracted in the noisy and social environment of a Coworking space, then it may be time to find a different place to work. It is often time to make the move to a private office when you need to balance big-picture conversations with task-oriented work under tight deadlines.
3. Your Business is Growing Rapidly
One of the most common reasons that companies make the move from Coworking to private offices is because of simply outgrowing the space. Growth is an exciting time for a business, but it doesn’t come without a few growing pains. As you hire additional employees, you will need more room for them to work and to feel comfortable and productive while working. With business growth may come extra revenue as well, and that’s revenue that you can invest back into your own business to sustain and build upon your momentum.
4. The Costs Don’t Justify the Perks
Coworking spaces often like to tout their attractive perks, such as cushy couches, stocked kitchens, and fast Wi-Fi speeds. But these perks don’t come without a price, and sometimes that price isn’t justified based on what you are getting. Due to the rising popularity of Coworking spaces, membership costs are also on the rise, which is something to factor in your budget. Especially if your team is getting larger, you may save money by having your own office space instead of sticking with your familiar Coworking space.
5. You Want to Create a Company Culture
Never underestimate the importance of company culture, especially as your business begins to grow and branch out into new ventures. Coworking spaces rarely feel like home and offer limited opportunities for personalization. But with your own private office, you can project the image you want to your employees to keep them motivated, focused, and inspired. Company culture is also essential for attracting new talent in the future. By working from an office space that defines your brand and your work style, you will attract the types of potential employees that will mesh with your existing team and help take operations to the next level.
6. Your Team is Struggling
Take a moment to honestly assess the progress and challenges of your existing team and listen to their concerns. If your business has outgrown its Coworking arrangement, you will likely hear complaints about everything from noise to technical issues and crowded conditions. You rely upon your employees every day, so make sure to accommodate their needs for the greater good of the entire company. Struggling employees are not productive employees, but maybe a private office can alleviate some of those struggles.
7. You Are Tired of Little Inconveniences
Many people assume that Coworking spaces don’t come with the logistical nightmares of owning or renting your own space to work, but this isn’t always the case. With Coworking, you may be facing daily inconveniences, such as trying to reserve conference rooms that are always booked or accessing shared equipment when you desperately need it. Meanwhile, simply finding a quiet room to make a phone call can be a challenge and cause you great frustration. These types of little hassles can really build up over time, and when they do, it is likely time to move on.
8. You Need Greater Professionalism
Although much of our business world today is online and virtual, there is still something powerful about having a high-profile business address and local phone number. These are the things that help you establish professionalism in your career and legitimacy among colleagues, clients, and customers. While working from a Coworking space, you may still be using your home address and personal cell phone number for business contacts. But if these practices are not improving your company’s visibility and professional image, it may be time to look into a private office.
9. You Want to Attract More Business
There are lots of ways to attract more business, such as rolling out a new marketing campaign or getting more involved in social media. However, growth strategies are much more easily carried out when you have your own private space to meet with potential business partners and clients. With your company name on a business listing and business cards displaying your very own address, you are better poised to attract key people to your products and services.
10. You Want a Convenient Location for Your Team
No one likes a long commute, which is another reason why you might be considering moving from a Coworking space to a more centrally located private office. For example, you might want to consider a move to a private office in Midtown Manhattan if your current Coworking space is in a more remote location that new employees find it difficult to get to.
Finding the Right Space for Your Move
Making a decision between a Coworking space and a private office is a tough one, but we can offer you a compromise to give you the best of both worlds. NYC Office Suites offers temporary office space and on-demand meeting rooms so that you can move on from your current co-working arrangement, but without the long-term commitment of a year-long lease or buying property. Our contracts carry term length of as little as three months, and our offices come with all of the executive-style furnishings, telecommunications equipment, and administrative staff you need to make the transition. Better yet, our offices are located in vibrant Midtown Manhattan, so you’ll enjoy a prime location that’s prestigious, convenient, and perfectly positioned for growth.
NYCOS is powered by KUBE, the most comprehensive Coworking management software. Please click the link below to explore the new upcoming Yardi KUBE.
NYC Office Suites (“NYCOS”) successfully operates six Executive Office Suites in NYC. NYC Office Suites offers flexible office suites, virtual offices and conference rooms. NYC Office Suites has fully furnished offices with full-time receptionist. NYC Office Suites has locations throughout Manhattan centered around Grand Central, Sixth Ave, Rockefeller Center and Lexington Ave. NYC Office Suites services small entrepreneurs to Fortune 500 Companies.