We’ve talked a lot about the pros and cons about working from home. As a small business owner, you either started out at home and/or you’re still there. But for some, it might be time to consider making a move out of the extra bedroom to their own office space – even if it’s only a one-person show.
This question is a fairly common one for many small business owners. Some need to move because of growth, others because of loneliness or a need for stimulation. Regardless, the cost of office space is a variable that can have a big impact on a business’ bottom line, so it’s not surprising that it ranks near the top of the list of owners’ concerns. If the time is right, the key is to find a space that meets your business’ needs without breaking the bank. Location is important (especially for retail), but so are issues such as usability, cost and condition.
Decisions, Decisions
The advantages of moving out of your home office boil down to increased professionalism, more space to work and unlimited growth potential. Of course, with any advantage come a few disadvantages, but nothing that can’t be overcome:
- Your daily commute will be longer, but if your office is located near your home, the lost time and frustration should be minimal.
- You’ll need to furnish your office professionally.
- Your overhead will increase, but your revenues could grow proportionately as you attract larger or more clients.
Here are few points of thought we’ve compiled to help guide you through your decision-making process:
Luxury or necessity: First, it’s important to determine whether or not your business is at a stage where finding an office is a luxury or a necessity. If it’s just you, and you have very few interruptions, you may be fit to stay. However, if you’re overseeing four employees who are working out of their homes, you have a communications disaster waiting to happen. Moving to a central location will most likely improve communication and create new energy in the business.
Assess your space needs: If you’ve made the decision to rent of lease space, the next step is to assess your company’s needs. If you’re business is not retail, you do not need a high-end space. But at the same time, you don’t want the space to be so inexpensive that it is depressing for your employees and potential buyers. One alternative might be to find less expensive space that can be transformed into an environment that stimulates creativity. Or, if you’re looking for a more formal environment consider choosing a reasonably priced office space that can be broken up into different areas. Invest more resources in meeting rooms that will be used by potential buyers, and less in rooms that will be used by employees.
Consider alternative options: If the budget is just not going to work, but you still need an “outside” space, consider some other options. Business centers, for example, are temporary offices that provide traditional office space for you to work in and usually come with amenities like Internet access, videoconferencing, conference space, copiers and sometimes, receptionists.
And then, there’s always the option of spicing up what you have. Reinvent your present office by hiring a professional organizer to help you make the best use of your space. Or, think about outsourcing work to other free agents instead of trying to squeeze employees into your already packed space. The options are limitless – it just takes a bit of time and vision to do what’s right for your business.
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