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Think it’s time to scale your business? Are you considering taking the next step of creating an in-office setup for your business in one of the biggest-ticket cities in the country?
In a fast-paced and ever-changing world, a business’ mode of operations will always be compelled to shift in order to accommodate the needs of both customers and workers.
If you want to expand your business for long-term growth, you’ll need more than the perfect product on your hands. It starts with having the foresight and flexibility to create a strategic business model.
It can be easy to get carried away with an immense positive return on investment (ROI) especially during the early years of starting a business. But, beware: when a venture tends to ‘grow’ too early, some business owners can fall victim to the notion that it’s okay to skip steps and lose focus en route to long-term success.
If you’re really committed to scaling your business long-term, there should be no reason for you to make any rash decisions. If you can’t provide a definitive answer to the following questions, it may be wiser to hold your horses and conduct extensive research on your business model, location, and target market before you make any drastic moves:
If you’ve managed to come up with confident affirmatives to the questions mentioned above, it’s time to get yourself noticed in the market. When doing so, the first challenge you’ll need to answer is finding your ideal principal place of business.
When choosing your principal place of business, you’ll need to do more than surveying your local market. Different states in the US are also subject to different tax regulations (with some having more flexible regulations than others).
Once that’s been sorted out, the next challenge you’ll need to figure out is to determine if you’ll buy or lease a traditional office space, or have daily operations in flexible office setups such as coworking spaces.
Both options have their pros and cons.
Let’s start with traditional office spaces.
If your goal is to establish a firm location for your business, renting a traditional office space can be your best option. After all, the terms of your rent can be negotiable depending on the landlord’s discretion and you won’t have to worry about any damages incurred on your office space.
However, from a financial perspective, renting a traditional office can have some downsides for your business:
As you try to keep pace with all aspects of your business, the need to satisfy your workers should be at the top of the list. After all, when you keep your employees happy, it will immediately increase team morale and lead to a higher level of engagement and productivity for your entire team.
With the stress of daily commuting and the risk of living a sedentary lifestyle, it can be normal for an employee to feel less inclined to perform at their best every day, as evidenced by the recent surge in employees specifying a preference for a hybrid work setup.
When you choose a flexible office space like a coworking space over a traditional office rental, it will provide immense benefits for not only you as an employer but your employees as well.
As an employer, here’s how a coworking space can benefit your business:
For employees, a coworking space can benefit them in the following ways:
It’s also worth noting that 70% of employees reportedly felt healthier when working in a coworking space according to surveys.
If you’re thinking of bringing your business to the bustling cities in America, the Empire State may well be sitting at the top of your list.
Why? Its economic activity and strong consumer base with significant disposable income are of course a big draw - but perhaps even more so, it’s the legendary spirit of enterprise and gritty innovation that the Big Apple is so famous for.
As you’ve already learned from reading this article, your business doesn't need a traditional office to be successful. In a city like New York, there’s no shortage of affordable alternatives to conventional office spaces.
The Farm Soho, for example, provides more than day passes and hot desks for its customers. It’s become a renowned incubator for startups by offering flexible private offices and full-floor serviced offices at an affordable monthly fee.
The Farm Soho also offers HR, insurance and payroll support, private phone booth and conference room areas, event venues, and a pet-friendly environment, making it the perfect alternative to any conventional office setup.
If you want to schedule a tour or book your own private or full-floor office, please click here.
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