As a startup, you might be thinking about getting your first office space. But when’s the right time to do so, and what should you look for when you start your search? Let’s take a look at everything you need to know about startup office spaces.
When should a startup get an office?
In the UK, 665,495 businesses were founded in 2019/2020 – that’s the second-highest on record and equates to more than one company being formed every minute. That’s a lot of entrepreneurial activity happening in this country – and if you’re one of those company founders, you might be wondering if it’s the right time for you to take the next step in your business’s growth by moving into a new startup office.
Consider coworking as you scale up
When you work for yourself, you might not want to add the cost of your office space into your monthly or annual budgets. Starting out, one of the key things most businesses want to do is keep costs low.
As your business starts to become more established, you may want to consider a coworking space. A coworking space is a great way for small businesses to quickly get their business off the ground. Sharing an office space with other entrepreneurs and small businesses allows you to easily make new business connections and enjoy the buzz of a sociable, creative atmosphere. You can also scale up the number of hot desks you have if you take on any additional team members.
Are you expanding your business?
Alternatively, instead of a coworking space, you might want to take on your first office space as you start to grow your business. Having an office space of your own offers a unique opportunity to bond with your small, growing business. Team building is one of the most important investments you’ll make for your business – and it’s not just the official team-building exercises that your team will benefit from. Socialising between team members can improve communication patterns by more than 50%. Whilst video conferencing is a great option, particularly in hybrid workplaces, it doesn’t replace face-to-face interaction – something which 65% of employees state as the thing they miss most about working from home.
Attracting new talent
Similarly, if you’re looking to hire new employees, an office space may make you more attractive to them. A survey of more than 1,000 jobseekers carried out by YouGov found that 48% of respondents said that the room in which they were interviewed would influence their opinion on whether to accept a job offer or not.
Whilst the working environment might be changing, with an increasing number of employers moving towards hybrid working, where some time is spent in the office and the rest of the time is working from home, studies show that the majority of employees do still want to work from an office at least part of the week. A recent study by Accenture found that 83% of workers prefer a hybrid working model, so if you want to hire the best candidates, it makes sense to invest in a startup office space before you start the recruitment process.
Are you ready to build your brand?
An office space is a great way to communicate your brand identity, particularly if you often have clients visiting. Just think of the big tech companies like Google. They’re world-famous for their offices, and it helps to communicate the brand’s ethos to employees, prospective staff and customers.
As well as signalling to your customers who you are as a business, a well-designed office space can also help to ensure that all of your employees are on the same page when it comes to your brand. Many serviced office spaces will allow you to put your own stamp on the place, from painting the walls in your signature colours to adding your logo to meeting room walls, so it’s worthwhile talking to potential providers when looking at offices to scope out what’s possible.
Do you need privacy?
Working from home, coworking spaces or coffee shops has its limitations when it comes to privacy and quiet. For video calls and processing sensitive information, nothing compares to a private office space. If you just need to host meetings every so often rather than regularly, you may prefer to rent meeting rooms instead. This gives a positive impression to your clients whilst leaving you free to discuss all your confidential business matters – and without breaking the bank.
Find the perfect startup office space
If you decide that an office space is the right move for your startup, Easy Offices can help you to find the right location. We have serviced offices all over, at a range of prices so you can find one that suits your budget.