Top 5 signals for start-ups to relocate their office space
Competitors have relocated offices, moved to fancy setups, and expanded their business. Companies that started alongside you have moved on, to perhaps better and more conducive environments. Perhaps your investors and business advisors think it’s time for you to relocate as well. But is it the right time and the right decision for you?
It can be really nerve-racking to decide whether or not to relocate your business. Is your business ready for the change, and will relocation even help? More importantly, will it incentivize your business and help you achieve your goals?
There are always some clear signs that tell whether you’ve outgrown your office space, and we’re here to help you figure them out. Read on to know about five signals that indicate that it’s time for your start-up to shift base.
Your costs have been increasing exponentially
The numbers are in, and you’re spending more than the rate at which your profits are increasing. Whether it’s on infrastructure, salary and regular benefits for your employees, or the living cost where you are, it all adds up.
A growing business needs space. Outdated infrastructure and facilities cannot provide the necessary interaction spaces or modern features that keep employees productive and happy.
Relocation is essential if you’re paying a high sum for your current lease and still not getting the space you need to grow, or even sustain work in a business-as-usual scenario.
Finding qualified, skilled and trained workforce and investors is a major task
A business that’s run efficiently has a team of excellent workforce and professionals backing it. If you’re investing way too much time recruiting talent and are still left feeling disappointed, you need to think deeply about the talent that you’re not attracting.
Are there enough start-up accelerators or technical universities in your vicinity? If you’re spending too much time and money training employees, relocation can benefit you immensely, as it can put you in touch with talent that fits your business.
And if you find it hard to get investors, maybe you’re simply not in their sight of vision. Studies show how a majority of start-ups relocate for better funding opportunities and even benefit from the same.
You are unhappy with your business culture
Have you noticed how competitors often set up shop next to each other? Some geographic locations are simply more conducive to businesses — take Silicon Valley for example. Especially as a start-up, it is often important to be amidst a community of entrepreneurs to find access to networking and opportunities.
You want to be closer to start-up accelerators, and closer to mentors and experts who can guide you in the right direction. Alongside networking opportunities and a conducive work environment, you also allow your employee’s space to innovate, explore and rise to their true potential.
The market is saturated around you
On the other hand, it’s completely possible that the market around you is just saturated with the product or service you sell. In that case, it makes a lot of sense to relocate to where a healthy demand exists, and where profits can be higher.
Anticipating and getting into new markets at the right time can also be game-changing for your business.
Your current co-working space isn’t cutting it
While co-working spaces offer so many advantages, sometimes you know when it’s time to move on. If you’ve regularly been facing problems with your current co-working business, have privacy issues or are unable to find cohesion within your teams, maybe you need an office of your own or a co-working space that offers the features you need.
Many start-ups even move abroad to countries where government regulations are more lenient and taxes are lower. But relocation must not be done to join the fad, or as a solution to a problem, you don’t truly understand.
You must do enough homework to add up the numbers, research your competitors and the market. But as with running any business, there are always risks involved. But if both your gut and the data say yes, then go for it!
