When you start your own business, you may not feel the need to invest money in office space. This is because your business is in the growing stage, and it has not achieved the level of growth when you think that you need people to get work done.
At the outset, you can manage to work from your home, or you may prefer a co-working space. Such spaces are better when you have to meet your client. However, some entrepreneurs choose a café to meet their clients.
Since you do not have many clients in the beginning stage of your business, you can handle them at co-working spaces or cafes. However, as your business grows, handling all your clients at such places becomes a bit complicated.
Your clients also expect you to have an office space so they can meet you over there. Although co-working spaces have become popular nowadays, they are not successful when you have a large clientele and have to attend long meetings. This is because employees of other companies share such spaces and it can be quite noisy.
Further, if the workload increases, you need to hire people. Although you can ask them to work from home, sometimes it is not possible to manage things remotely. Your team may have to regularly meet with your clients, discuss projects with you and make a strategy down the line.
These tasks cannot be handled remotely at any time. Here are the signs that tell now is the time to buy an office space:
The number of meetings has sharply risen
You may need to meet your client to pitch them to your product and service. There are a lot of things that you may have to discuss with them. You can manage a couple of meetings with your clients off-site, but when your scheduled meetings suddenly increase, you should think of buying a new space.
It may be impossible to manage your clients when you have to devote at least half an hour to each client. Nobody will wait for you, and it is not possible to ask them to meet when you are comfortable.
Coffee shops and restaurants may not be a perfect place for attending to your clients. Even if you think about co-working space, not all companies allow you to work for a full day, and if they do so, it can be quite tough to work in a noisy place.
If it becomes challenging for you to manage all of your clients, you should find an office space for yourself.
You need more people
At the outset, you can manage to do the whole work yourself because you do not have the burden of work, but as your business grows, the workload increases, which means you will need more people to help you.
If you are looking to hire people, you may use the option of remote work, but this option is not available if your employees have to meet clients. Sometimes you may have to call your employees at the office because of the nature of work.
Of course, you will have to buy an office space if you have to hire more people. Co-working spaces are not ideal for all types of projects. This is why you should buy office space. It is always suggested to have set aside money so you can easily invest money.
However, if your savings fall short, you can take out loans with no credit check. Since you own a business that does not have a steady stream of revenues, you should have a plan to tell your lender that your business is likely to grow so that the lender can analyse your repaying capacity.
Note that these loans can be expensive, so make sure that you have a repayment capacity. Otherwise, you will likely fall into debt.
You are feeling a lack of privacy
Co-working spaces and cafes are not the right choices for your business at a certain point. You may need some privacy. You may have to discuss sensitive topics, make important calls to your clients and conduct interviews if you are hiring people.
Of course, you need some privacy. If you think the crowd is the worst thing to handle at the time of work, this is an important sign to buy office space. Hassle will interrupt your work. It will kill your productivity. You oftentimes will be annoyed by the crowd and its noise.
If you are to interview someone, you will not be all ears to them. Further, it sounds very unprofessional to call someone at a café for an interview. This is not sophisticated at all.
If you have decided to hire people, you should start looking for office space. If you cannot own your own office space, you should rent it until you grow your revenues. However, make sure that you can easily manage your rental payments along with your business operations.
The bottom line
At the outset, you may not have any problems with dealing with your clients at restaurants, cafes, and co-working spaces, but after a certain point of time, you will need to own the one.
If you do not have enough money to pay for the space outright, you can take out a bad credit business loan in the UK.