Flexibility is necessary for growing organisations. For scaling your business there needs to be enough space to grow into, without overextending the budget. Many individuals have the misconception that coworking spaces are for self-employed or remote workers. The truth is that just about any company can make use of a coworking space for successful business interactions.
Startups are attracted to coworking spaces because of the low overhead costs and the networking opportunities that membership can provide you with. As these connections and the hard work start to pay off, the startup may find that they are beginning to grow the company and need more space to move into.
Coworking spaces are still a great option for growing companies because of the amenities provided. Conference and meeting rooms are a way of keeping on top of staff and can be used when necessary to discuss current workloads. Additionally, it is a pre-furnished and attractively designed space that growing companies can use for dealing with clients. This can give a company that is still relatively small, the look of a formal and successful business. Ultimately this can contribute to encouraging new partnerships that will fuel their expansion.
Another aspect of scaling a company is ensuring that you continue to meet licensing and registration regulations. Setting up to be a Free Zone Company (FZCO) or Free Zone Establishment (FZE) and registering with Dubai World Trade Centre Authority (DTWC) is streamlined with the help of business set up facilities. The DTWC Free Zone can be navigated by making use of the registration facilities provided by the facility, helping to speed up the process of having the company fully functional and ready to operate in the Dubai business sector. You may also require assistance to set up your operations on Mainland Dubai so that you can trade with other Mainland companies in the UAE. Diversifying your business activities is part of scaling the business and taking on bigger projects.
Growing your business is not a straightforward process. Having the flexibility to add staff and only pay for the amenities needed can protect you in the instance that not every venture is successful, or if new staff members do not fit with the company vision and mission. Developing a strong network of partnerships can take time. Keeping overhead costs low will be helpful as the business expands and contracts when entering this new period.
You may also find that a coworking space no longer fits your needs as the company continues to scale up. This may be because you need teams to be grouped together in order to work efficiently, something that is difficult to coordinate in a shared space with first-come-first-serve hot desks. Otherwise, it could be that a coworking space is no longer cost-effective. In these instances, you may want to consider a private office. A private, serviced office is a great option for scale-ups because it feels like a natural progression. This is because most coworking spaces also provide serviced offices and the upfront costs of moving into an already furnished and equipped office are smaller. Having a private office can help maintain office productivity while still taking advantage of the same amenities at a reasonable price.
Deconstructing the idea that coworking spaces are mainly for startups and self-employed individuals are made clear when considering the amenities that these types of spaces can provide. It is important to keep your overhead costs low as you transition from startup to scale-up because it takes a while to become well established. Flexibility can also be provided by opting for a serviced office if more privacy is required for your staff and customers. Decide what best fits the stage that your business is at.