Getting a new business up off the ground is tricky. Every day you face hundreds of decisions. Many things can go wrong. As you expand and begin to take on clients, you may feel like you should be getting some office space. Your tight budget might not make it feel like this is possible. However, there is a solution. Using a coworking space instead of a normal office could help you in many ways.
More Credibility with Clients
According to Riverbed, having an established place of business outside of your basement helps your business look more credible. Clients want to work with businesses that are well structured and stable. Having an office location gives the impression that this is more than just a home hobby. It shows people that you have achieved a certain level of success. Meeting at a home can be difficult if you have family and taking clients to restaurants is expensive. Your coworking space will allow you to meet with clients and discuss business in a controlled atmosphere.
According to Franchise Gator, lack of funding is a major fear for many entrepreneurs. Most ventures fail because the company has a cash flow problem. It’s not that they don’t have a good idea, it’s that they don’t have the funds to implement it. The business folds because they can’t pay employees and other costs. For this reason, many entrepreneurs are hesitant to move out of the basement. With coworking space, you can drastically cut down on your office lease. You don’t need to have the office all the time, and you probably don’t need a lot of space. It makes sense to share the office space with others that are in a similar situation. Just make sure that you have a good operating agreement with the other workers and companies that are there.
Working at a startup is a stressful business. It can be tough to keep going with all the uncertainty. Having an office space can really help boost the morale of your employees. It gives a sense of legitimacy to what you are doing when you conduct your meetings in a nice space. It can also help improve your efficiency when you are all working in the same place. A coworking space gives you the flexibility to only be paying for the space that you actually need.
Don’t allow fear to hold you back from moving your business forward. If you are going to start working with clients, you need to have the appearance of professionalism. If you really are struggling with funds, consider reaching out to a venture capital firm.
We have some great coworking spaces that can fulfill your office space needs. Join now to reserve your perfect space!