The SMO #coworking Blog

Coworking Space Articles & Opinions

26.02.2020 Back to Blog articles

How To Expand Your Business Into A New Location With Low Cost And Risk

Ok, so your business has been steadily growing and you have been adding more clients to the books. You notice that you are gaining a few clients in the same geographical area outside of your typical ‘reach’. So what do you do next? Growth can always be a bit scary, especially for small businesses, purely down to the financial implications that come with growing your business.

Whether it is upgrading your office to a bigger space or expanding into a new area with a new office the financial cost, regardless of how frugal you are, will be significant. That said, there are ways to ‘test the waters’ without finding yourself tied up in expensive lease arrangements, no matter the size of your business.

What Is Coworking?

Coworking, also known as office sharing, can be a mutually beneficial arrangement for all businesses involved; helping you expand your business to cover new locations with minimal risk and cost. The coworking revolution has transformed how we do business, for all sizes of company, with a surge in small businesses and freelancers looking for shared office space or coworking space ‘near me’.

Owning a business in this ever-evolving digit age has transformed how we do business. Whereas before, many clients would stick to locally-based companies that they could speak to face to face, technology such as screen share and video conferencing has broken down those barriers. This has opened up a whole new world of opportunities for all businesses. However, there is still a lot to be said for being able to sit down with a client face to face to hash out a contract, define a strategy or discuss a new product or service.

Adding A New Office Location Without The Huge Bill

When expanding into a new area investing in a whole new office can be pricey. However, sharing your office space can be a great way to supplement and offset those start-up costs. Therefore, if you were to have any spare desk space in your new office you could advertise these desks for freelancers, sole traders and other small businesses to use. Alternatively, if you are a small business or consultant with a new client or simply fed up of working from home; these spaces afford you a ‘formal’ office space in which to work, collaborate and meet clients. All for a significantly reduced fee compared to establishing an office on your own.

Still not sure if coworking or office sharing is for you? Here are some things to consider before you make your move:

  • How much space do you need?
  • Would you like the option to collaborate?
  • What resources would you require?
  • What is your budget?
  • How long do you need the space, 2 days a week, 6 months, a year?
  • Do you have enough work to sustain/justify working in an additional location?

Happy office hunting.

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