As a business owner, you know that a combination of higher quality products and a strong sales effort results in business growth. The time has come to think about opening a new sales office and seeking opportunities in a new area. While you could go in immediately and enter into some long term lease, do you really want to do that? A better approach is to consider a co-working situation for at least the first several months. Aided by a temporary Toronto business lounge, you have the time and luxury of determining if a presence in that city is in your best interests. Hare are some of the reasons why this strategy makes a lot of sense.
Launching While Looking for Something More Permanent
The nice thing about co-working arrangements is that they don’t take long to set up. There’s no need to go through all the hassle of looking at multiple properties and attempting to hammer out the terms of a lease. Instead, you can find a temporary space that’s practically ready for you to move in right this minute.
This allows the sales team members who will launch your company’s effort in the new city to get right to work. The sooner they are able to begin making contacts, qualifying leads, and moving potential customers through the sales pipeline, the sooner the office will begin to pay for itself. That allows you to begin seeing some revenue from the project even as you conduct a timely search for the right location.
Evaluating the Productivity of the Sales Office
Remember that while it may seem like a good idea to have a physical presence in the city, things don’t always go the way they’re projected. When you choose to rent co-working space, you’re not taking on any long-term commitment to any real estate. If the returns generated by the new sales office during those first critical months are not sufficient to maintain that presence, you can always close up shop and use remote sales strategies to reach out to customers in the area.
Of course, the opposite is also true. If the new office takes off in terms of generating a lot of interest from local customers, you’ll know that establishing a permanent office is to the benefit of the company. In the meantime, the co-working arrangement means that you’re never down to the last chance to rent a boardroom in downtown Toronto since your co-working partner will likely have these types of spaces you can use on an as-needed basis.
Getting a Better Idea of What Features You Want
While you may have some ideas of what you want in a sales office from the onset, the time spent leasing co-working space could expand your vision. The temporary office space might inspire some fresh ideas about building features and amenities that the sales team could use to their advantage.
For example, you may have originally focused mainly on office space for the individual sales team members. After spending some time in a co-working situation, you may begin to see the value of access to a conference room where potential clients can come in and spend some time with a sales professional, or where you can have new clients in for some type of catered event. If you find those types of features are helpful, they can be incorporated into your search for a permanent location.
Finding Which Part of the Business District Proves to Be Fertile Ground
Depending on the nature of your business, the sales team may focus on specific types of customers who can put your products to good use. There’s a good chance that the demographic you’re trying to reach happens to be located in a particular area of the business district. If that turns out to be the case, you can use the information to select a permanent site for the sales office. Something that’s relatively close to the clients you’re seeking will certainly aid in the effort as the years pass.
Determining the Best Location for a Permanent Sales Office
What happens if you find that your products are a great fit for more than one sector of the business community? If that ends up being the case, then it makes sense to look for permanent space that’s somewhat centrally located to those multiple sectors. Doing so will make it all the easier for your sales force to get to those prospects without any delays and improve the odds of being able to convert them into clients.
Keeping Operational Costs Lower During the Evaluation Period
In general, you’ll find that the costs of co-working during the early stages is more cost-effective than jumping into longer term leases right up front. Since the co-working space will also come with basics like office furniture, phone service, and other amenities included in the rental rate, you can hold off on taking on those expenses until you find a permanent site for the sales office. Think of what you can do with the money you save during those first crucial months.
The bottom line is that launching a new location using co-working is a smart move. Between keeping more control over expenses and having more time to find the ideal location, you can’t go wrong. Even if it takes longer than you thought to find the right site, your team can still be building the company’s presence in the city while the search continues. That’s a winning situation any way that you look at it.