From branding and privacy to IT security and always-available conference rooms, we break it down
Coworking spaces have grown tremendously over the past 5 years with no signs of slowing down. In fact, the number of coworking spaces worldwide is projected to increase by 42% by 2022.
If you’re like many of the quickly growing companies, it’s safe to say you hopped on the coworking bandwagon and started up in a shared workspace.
And, why wouldn’t you?
Do you want opportunities to mingle with like-minded professionals? Absolutely. What about affordable and flexible access to the perfect work area? Yes. How about strong coffee and fresh fruit on demand? Can’t say no to that.
While coworking is the perfect way to accommodate new and innovative businesses, there comes a time when fast-growing companies develop a need for their own private office space.
1. Your coworking space is too noisy
Coworking spaces provide an open floor plan that is ideal for building a community. But, what happens when your business takes off and your priorities shift from networking to putting your head down in a quiet space?
Unfortunately, putting on headphones in your shared space will only do so much when it comes to dulling the sound. Not to mention, you have no real way of warding off unwanted interruptions.
Thankfully, there is a solution, and you don’t have to make a huge change.
The solution is moving to a private office space. WeWork offers private office spaces that accommodate teams of 1 to 500+. Each office is enclosed, so you can shut the door when you need to, but you still have access to WeWork’s shared meeting rooms, lounges, and amenities.
That’s right, you don’t have to give up that delicious microbrewed coffee to accommodate your new need for an enclosed office. You don’t even need to give up the shared spaces you rely on so much for team collaboration. Everybody wins.
2. You have an increased need for privacy
Congratulations! Your company is growing rapidly. To sustain this growth and outperform the competition, however, you also have an increased need for signed NDAs, private meetings, and a place to store sensitive business materials.
If this describes your current business situation, your coworking space is no longer going to cut it. Enter private office spaces and executive office suits from WeWork.
Private office spaces and executive office suites fulfill an integral need of any growing enterprise—the ability to conduct business in confidentiality as well as a private space to store proprietary information.
But, that’s not all you get with a private space. You don’t have to follow the typical rules of a shared working space environment. Want to blast the latest Taylor Swift or listen to a TED Talk at your desk? That’s your business, and you’re free to do what you want in the privacy of your own office.
3. You are quickly outgrowing your space
Can you imagine what the world would be like if the two Steves never moved their little company, Apple, out of their garage?
The notion of Apple remaining in a small space forever is ridiculous. And, the same rules of expansion apply to your budding enterprise.
A shared office space may have been the perfect fit for your initial team of 3, but now that you have 15 employees? 50 employees? 100+ employees?
Once you outgrow your shared space, it’s time to confidently move on and build what you want.
Again, you don’t have to start from scratch. You can still enjoy the same amenities you get from your WeWork contract when you upgrade to a private office, office suite, or even move your headquarters to WeWork.
You just won’t have to squish.
4. You want more autonomy to build your own company culture
What comes to mind when you think of shared working spaces? Perhaps you immediately thought of an open floor plan, a community of individuals spouting off creative ideas, and maybe even a ping pong table or two?
The coworking space is hip and useful, especially for freelancers and startups. Mike Koehler, Smirk Media’s founder and chief strategist said the coworking atmosphere was a boon in the early days of their company in an Entrepreneur article.
Open floor plans, common areas, and lounges with shared amenities are a great place for businesses to start, but not necessarily a great place for growing businesses to stay. This is especially true when it’s time to define your own company culture.
With a private office space for your enterprise, you have the freedom to make your company culture your own. Your office space is no longer temporary and fluid. You have a dedicated place to build your brand and make your own rules.
5. The math no longer adds up
Product bundling is an age-old way for companies to provide added benefits to loyal buyers, and the coworking industry is no exception. In other words, at a certain point of company growth, it makes more financial sense to stop paying the single person coworking space fees and instead, start paying for a private office space for your whole team
If you’re going to be paying the same price, or more, for single hot desks in a coworking space for each of your employees, it just makes sense to make the move to a private office space.
But, why should you opt for private office space from WeWork instead of leasing your own?
Moving into a new office space is one of an enterprise’s largest operating expenses. When you lease an office space, it doesn’t usually include utilities, furniture, office design, high-speed WiFi, technology services, etc.
Once you start paying for all amenities that are included in WeWork contract on your own, it starts to get expensive.
It’s no secret that coworking spaces have their advantages, but it’s also important to note that as your business grows, so must your working space. If your business is scaling quickly and the coworking environment no longer fits your company’s needs, upgrade to a private office or office suite from WeWork.