Modern startups are usually associated with the e-Commerce, digital marketing, IT services, outsourcing, and freelancing industries. If you’re planning to set up your very own startup company, you might think twice about renting an office space because of the additional costs. But this is not a problem anymore, especially with the proliferation of coworking spaces in the past few years.
What Are Coworking Spaces
This innovative workplace solution is perfect for a modern startup. Having an office, such as a coworking set up, in a physical address located in a central business district would show that you have a legitimate business.
Consumers are getting smarter than ever, and they always make it a point to review if the companies they’re dealing with are legitimate or not. Having an established company office address will certainly boost your legitimacy in the minds of customers and clients.
A coworking space is highly suitable for startups because you don’t have to pay for an entire office or building just to have a professional venue for your business dealings. Learn more about what a coworking space costs here.
Why Your Startup Needs A Physical Office
While most business transactions can be done online, having a physical office still pays off because of the following reasons:
- Creates A Professional Business Environment
Many businesses have recently shifted from physical offices to online or remote work. While this is the trend nowadays, at-home businesses tend to have some drawbacks because it merges your personal life and business or professional life. Eventually, one can lose focus on the important aspects of business, leading to decreased number of clients and sales.
By having an office, you can create a conducive professional environment that helps increase focus and productivity. Below are some more benefits of having a professional office environment:
- Free Of Distractions: You don’t have to deal with distractions such as children playing around, naughty pets, and nosy neighbors.
- Focus On Your Business: With a quiet and professional place to work, you can concentrate on the tasks you need to accomplish within the day.
- Appeal To More Clients: If your clients and investors know that you can welcome them in your office to see how you do things, then this opens your business to more opportunities and partnerships.
- Avoid Downtime
Another great advantage of having an office is the ability to avoid downtime due to outages or power interruptions, poor internet, or any other untoward natural disaster that home-based businesses are more vulnerable to. Offices are ready for these types of problems. But first, you have to know which essential features you must look for before renting an office space:
- Reception services that can manage customers or visitors who are coming to your office.
- Backup generators to prepare for any outages.
- Reliable high-speed internet connection.
- 24/7 Security Services.
- Follows proper safety and security measures. The building must have accessible fire exits, fire extinguishers, and alarms.
- Keep Up With Competition
You need an office to keep up with tight competition. Businesses nowadays aren’t only visible online but also in professional business settings, like offices, to show that they’re legitimate, credible, and approachable.
Modern consumers know the vulnerabilities associated when it comes to dealing with businesses that only have an online presence. It’s not easy to find them if anything goes wrong. So, they look for businesses with great customer service, a good track record, and one with a physical address. Otherwise, they’ll settle with a competitor that has a physical business address.
- Expand Your Professional Network
With coworking and other office setups, you can expand your business connections faster than a home-based business. The visibility and accessibility of an office give your startup a higher chance of future partnerships.
If you grow your professional network of connections, you’ll reap greater rewards later on. This includes client referrals, references, and meaningful networks. In other words, you can associate and network better with other brands and like-minded people when you have an office. Indeed, building good business partnerships creates a win-win solution for all parties involved.
You’ve just learned the important benefits of having an office for your modern startup company. Renting an office space shouldn’t be put aside because it reflects the professionalism and legitimacy of your business. Whatever type of startup business you’re planning to venture into, having an office enables you to focus, avoid downtime, and give assurance to customers.
Moreover, you can gain more business connections and opportunities with an office setup. And if you’re worried about the costs of leasing an office space, a coworking space may be a better and more affordable option for you.