We are on the edge of disruption after almost all offices shifted to the culture of remote working and then to hybrid work culture. The hybrid model is a mixed model where some workers come to the workplace while others continue working from their homes.
The management, as well as, the workers are learning as they go. However, one thing is certain. Flexible work and work from stay are here to stay. At the same time, there has been a fundamental shift in the talent landscape. The good news is that remote work has led to fresh job opportunities for many.
Many people have been enjoying more family time and choices for when or whether to commute or not. At the same time, there are severe challenges in front of businesses. For instance, trams have become more isolated this year and digital exhaustion has emerged as an unsustainable threat.
More than 40 percent of the worldwide workforce is contemplating quitting their existing jobs. Therefore, a thoughtful perspective to hybrid assignments would be crucial for drawing, as well as, retaining talents from diverse fields.
Are you the owner of a growing small venture? If the answer is “yes”, you might be visualizing an office or a workplace with a few people. This handful of your employees interacts with one another through meetings, brainstorming sessions, and interacting with coworkers standing by the coffee counter.
Yet, this all-familiar scene is beginning to change soon. Also, it is becoming simpler than ever before for startup businesses to survive well without having a physical space that is also known as an office space.
There are popular technology companies, such as Buffer that have completely done away with the concept of their offices. At the same time, there are some businesses that will find it tough to survive without having a physical workspace.
So, here we are with a million-dollar question before you. Does a start-up business actually require a physical office? The article aims to address this issue by looking at the various aspects.
Reasons for Completely Doing Away With a Physical Office
A business can reap several benefits when they get rid of a physical workspace altogether. Let us now look at some of them below:
1. Locations of teams
Are you hiring relents from all over the country? If that is the case, there is no assurance that all the members of your team will be living in the same geographical location. Therefore, it does not appear logical to create a physical office when your employees function from different parts of the country.
2. The cost of office space is saved
The average rent of office space has touched the sky these days. Several organizations, including startups, have to spend thousands of bucks each month for rent. An entrepreneur will rarely disagree that he/she can make this significant saving when the business does not operate from a physical office.
3. While building a fabulous digital product
Do you aim to create a perfect digital product to make your customers satisfied? If that’s the case, why should you unnecessarily want to spend your precious time tracking down an office location, maintaining the workplace environment, and negotiating lease terms?
When your primary focus is to create a fabulous business, having a great office is not always essential.
4. Subjective merits of not having a physical office
Additionally, there are other anecdotal and subjective merits of working remotely or from home vis-à-vis working from an office space. According to some reports, working remotely leads to greater productivity. Plus, many workers are gladder working remotely as opposed to working from an office.
Questions That Will Help you Make Up your Mind
In case you are yet to make up your mind about whether to do away with a physical office entirely or not, try to answer these questions below.
1. How much impact does interaction have on the success of your business?
It may not be an easy question to answer and yet, contemplate the services and products of your business. Also, think about how they could develop. Do you depend on brainstorming sessions of your teams for your work? Alternatively, is your company more function on many individual employees in relatively isolated areas of your expertise?
2. Is there a need to impress your clients?
It is important for you to think about ways of impressing and attracting your clients. For instance, are the potential traditional clients entrepreneurs who may get confused if you have no office? Or, are they younger professionals who are aware of and comfortable with the rules of the digital age?
3. What is your wish?
This is possibly the most pertinent and relevant question to answer before deciding whether you want to do away with an official space or not. Introspect after reviewing your logistics and then take a decision. Think carefully about what is your personal preference? Would you like to thrive in a physical workspace or you will get greater satisfaction by working remotely from your home?
You are the best person as the owner of your business to decide what should be done. After all, you are acquainted with the brand and tone of your business best and so trust your gut feelings.
4. What is the revenue and working capital you can count on?
It is likely that you have to invest a lot of capital, especially when you have just started your startup business. You may feel excited about the prospect of an office of your own. However, think carefully about whether you can actually afford it or not. Rather, it would be sensible to try a cheaper, simpler option first.
Summing It Up
We are hopeful that these queries and merits have helped you in arriving at a final decision. As an entrepreneur, it is crucial for you to perceive whether a physical office is suitable for your business or not. In case you are hesitant or uncertain about your decision to operate remotely, do not worry.
After all, you can always have a change of mind later. Incidentally, there are many businesses, which initially began without any physical office but had one at a later stage and vice versa. Make up your mind; see how it goes, and make alterations if required.