This simple guide aims to help business owners or budding entrepreneurs find out whether the time has come to rent an office space. Here are some questions to ask to help in the decision making process.
1. What’s the nature of your business?
Depending on the nature of your business, there are certain equipment and amenities that would help your daily operations run more smoothly. In an office, you can provide those for your workers to help ensure they can accomplish their work properly.
Some businesses can make do without an office, while some need an office to function better. If your current setup is NOT conducive for focus-work or for collaborating with your team, then it’s a good idea to consider renting a private office space.
2. Do you need a private and quiet space for meetings?
Though a lot has changed with the way people work, there are still some things that online systems and communication can’t address and which only a proper office can provide.
If your team needs to work together for more seamless communication, having a private space can help boost everyone’s productivity. Though workers can call each other or communicate through email, this back and forth process slows down communication and does not foster group interaction the way having them all in one place will.
If you’re at that point in your business where operations, sales, or some aspect of your business is lagging behind due to unstable company culture or weak relationships among your workers, then renting an office space for your team is a great upgrade.
2. Is your business growing?
An obvious reason to rent an office or a bigger space is when your business is growing. If your business is at a stage where growth is seen in the near future, it’s best to prepare by getting a proper office space. There are flexible lease options for businesses when renting an office space, where you can choose to expand or add more desks whenever the need arises.
3. Are you prepared to pay monthly rent?
A huge consideration for every business before they rent an office is whether they can afford it. Don’t get ahead of yourself and acquire a lease with money you don’t yet. Many businesses fail because they’re unable to pay for their overhead costs. Without the financial capability for your business to sustain a long-term office lease, you should perhaps check out a more affordable alternative, such as coworking space .
5. Do you really need an office space?
Lastly, ask yourself if you really need an office. There are many reasons to want an office, some of which may be personal. If you find yourself skirting around local laws or if you’re encountering too many issues with the remote work set-up, and you think that having an office for your business is going to improve your current situation, then you can start looking for an office for rent. Ultimately, it’s a personal choice and one that only you can make.
(RELATED: At what point do you rent an office space in Singapore?)
What’s the purpose of an office space today?
To help you answer whether or not you really need an office space, here’s a list of some of the benefits of renting an office space.
- Having an office allows team members to work alongside each other; this is valuable in building a sense of community and encouraging teamwork.
- Flexible work requires high accountability among team members. This works for some employees but not for most people. Having an office where everyone can be held accountable is a good external motivator that helps them get their tasks done.
- An office is a controlled environment where leaders can motivate team members through certain in-office programs, systems, and behaviour.
- Being around coworkers and mentors allows individuals to learn from others and develop their own skills. This leads to faster professional development and can benefit an organisation when it comes to honing in-house talent.
- Though online communication is possible, collaboration is still easier when team members see each other and could readily say what they are thinking. Offices are also conducive to serendipitous chats and hang-outs that allow for more natural collaboration. Having all team members in one office promotes better communication channels and gets things done more efficiently.
- An office gives a good impression. People will perceive your business or company as more professional and well-established if you’re working from an office rather than from home.
- Offices are usually located in business districts or well-trafficked locations. This is advantageous for organisations with team members coming from different locations or for businesses that need to be more accessible to their clients.
- Though work from home is convenient and some report higher job satisfaction working from home, there’s a huge tendency for home-related factors to continuously interrupt one’s work, impacting one’s output and productivity. In an office, you’re providing each employee with the space to do their work without interruptions.
For any enquiries, chat with our team! osDORO secures the best deal on any office space in Singapore.