Coworking spaces have grown tremendously over the past five years—with no signs of slowing down. In fact, the number of coworking spaces worldwide is projected to increase by 42 percent by 2022.
If you’re like many fast-growing companies, chances are you started up in a shared workspace. And why wouldn’t you? Coworking spaces offer opportunities to mingle with likeminded professionals and affordable and flexible access to the perfect work area—as well as strong coffee and fresh fruit on demand. Can’t say no to that.
Yet while coworking is the perfect way to accommodate new and innovative businesses, there comes a time when companies develop a need for their own private office space. If you’re experiencing any of the following symptoms, it may be time to make the move from your coworking space to a private space.
1. Your coworking space is too noisy
The open floor plan of a coworking space is ideal for building a community. But once your business takes off, your priorities may shift from networking to putting your head down in a quiet space.
Fifty-eight percent of high-performance employees say they need more quiet workspaces, and 62 percent find their office environment too distracting, according to research by William Belk.
Unfortunately, putting on headphones will do only so much in dulling the sound. And they’re ineffective at warding off unwanted interruptions.
The solution: Move to a private office space. WeWork offers private office spaces that accommodate teams of one to 500-plus. 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.
You don’t have to give up that delicious microbrewed coffee to accommodate your new need for an enclosed office. You don’t even have to lose the shared spaces you rely on so much for team collaboration. Everybody wins.
2. You need more privacy
The good news: Your company is growing rapidly. But to sustain this growth and outperform the competition, you have an ever-increasing need for signed NDAs, private meetings, and a place to store sensitive business materials. Your coworking space is no longer going to cut it.
Enter private office spaces and executive office suites from WeWork. They 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.
In addition, with a private space, you don’t have to follow the typical rules of a shared workspace environment. Want to 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’re 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 three, but now that you have 15 employees? 50 employees? 100-plus employees? It’s time to confidently move on and build what you want.
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 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?
A 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 Smirk Media in an Entrepreneur article.
But when it’s time to define your own company culture, you might want more control over the environment. 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. At a certain point of company growth, it makes more financial sense to stop paying the single-person coworking space fees for each of your employees and instead make the move to a private office space.
You’ve got options, but here’s why you should choose 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 the amenities that are included in a 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.