Waiting for that coveted round of VC funding? The one that will answer all of your prayers? Well, it won’t answer your prayers but it will definitely help send your startup where it needs to go. Flush with cash and an impatient investor(s), a company will have to decide fairly quickly how to spend their newfound capital. At this stage, one of the tough question that every startup working out of a coworking space or shared office space (KoSpace) will have to face: Should we move to own office or continue working out of a KoSpace? Luckily, the Team Kowrk is here to shed some light on this matter.
Choosing to stay in a coworking space/ shared office:
One of the advantages of staying with your KoSpace is that you will save time by not having to move and you will also save a ton in setup costs. Not to mention the money and time your startup will also save by not having to hire/train a receptionist and administrator. Working out a coworking space or shared office is a great way to save on admin costs in general- buying an office copier and being responsible for it is a headache that you simply won’t have to worry about it.
All of these contribute to a relaxed atmosphere that your team will probably feel comfortable working in- especially if you have been working out of your KoSpace for an extended period of time already.
Choosing to move to an office!
Offices tend to give off a more professional vibe than coworking spaces or shared offices, so if your startup is one that hosts meetings with clients and/or investors regularly, moving to an office is a logical step. Having your own private meeting room is a huge plus- you can speak at whatever volume you want and there’s no signup sheet for designated timeslots which will allow you to hold impromptu meetings whenever you need- that is valuable!
Offices tend to be quieter as well, with your team operating at whatever noise level they see fit. Coworking spaces or shared offices tend to be a buzzing hive of activity, which may not always be a good thing- especially if there’s a big deadline looming.
With your own dedicated office space, other changes will start taking effect as well. At a coworking space or share office, your corporate culture will be directly influenced by that of the KoSpace. This is generally not a bad thing, as coworking spaces & shared offices normally promote a very harmonious work environment. But at some point, a startup will need its own, unique, independent corporate culture and that can only be fostered in a private office.
Both coworking spaces / shared offices and own offices have their merits, respectively. At the end of the day, it’s all about what you think your startup needs to do to take that next step (while keep your investors happy :-))
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