In today’s hyper-connected business world, the temptation of maintaining a home office is overwhelming. A good connection, reliable logistics provider and warehouse mean that you can perform nearly everything from the comfort of your home office. After all, who would wish to spend on rent for office space startup in Singapore?
However, if your business is growing fast, you will definitely need to rent an office space for your startup. As your customer base increases in size, you will require more hands to meet and fulfil their needs. Therefore, you will need a team to work with, and workstations and spaces to hold meetings as well as other purposes.
If your business is on the growth trajectory, it is time you asked yourself, “Is my business ready to move to an office?” If you are unsure, below are some telltale signs to assist you.
1. When You Get More Work Done When Away from Home
It is great to work from home. However, it has its downsides as well. For beginners, there are plenty of distractions, and you are not in the company of other workers. It is very easy to drag on your tasks under such conditions.
If you find yourself constantly behind schedule, or unable to perform in a heavily distracting environment, you should consider shifting your business to an office.
2. When Co-Working Spaces Are Unsuitable
Co-working spaces have emerged as great and cheaper alternatives as compared to office spaces for lease in Singapore. It is easy to move in, and you do not have to think about the furniture or amenities like internet connectivity. However, there are instances whereby co-working spaces are just not suitable. For instance, if you run a business that demands more privacy, such as a law firm, the lack of privacy or risk of competition snooping at your business is far too significant. In addition, if your business is growing rapidly, and you frequently have to meet up with customers or other stakeholders, a co-working space will not be suitable. If so, you have to set aside a budget to rent an office space and devise a plan on when to move to your new office.
3. Your Customers and Staffs Are Asking for It
There are times where a client, supplier or a newly recruited employer asks for your office address. Such requests are indicators that your business has grown sufficiently to conduct operations privately. Thus, it is highly recommended that you move your business to an office space for lease.
However, before you take any actions, it is advisable to perform a thorough financial evaluation to ensure that you can afford it.
4. When You Can Afford It
You will know if you can afford a business office rental in Singapore when the demand has been stable, and you have a healthy cash flow. If the conditions have been favorable and stable for about a year, you can consider moving to your office.
Moving to your office will help you to expand your business. However, you have to be heedful when making any decisions. Your office space should be one that will further your business.
These telltale signs are a clear indication that your business is ready to move to an office space for lease in Singapore.
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