Many entrepreneurs with successful businesses started their ventures at home. Offering low overheads and a quick way to launch, running your business from home certainly has its advantages. However, sooner or later the majority of businesses have the need to move to a commercial office space. Knowing when to make this move is not always clear and doing it too early before becoming financially sustainable could result in cash flow problems.
Are you considering moving your home business into an office? Is your venture ready to take that next step? Read on to find out.
You Need More Space
If you’re a blogger, graphic designer or software developer, working from a home office is practical, but if your business requires more space, then it may be time to move. There are many ventures that quickly outgrow the home environment, including craft-based, fashion or engineering businesses. If you’ve found yourself struggling for room, this can lead to frustration and hamper your creativity, so it may be time to rent a commercial, purpose-built office.
You Need to See Clients
As a startup business, you know that first impressions are important. Unfortunately, unless you have a separate out-building that you use as an office, inviting clients to your home is not always the best idea. Although you could meet at a café or rent a meeting room, having your own office space is more suitable and can help you to present a more professional image.
You Need to Hire Employees
Hiring an employee is a great sign and shows that your business is thriving, but would you be comfortable having said employee in your house every day? And would you be happy leaving them there unsupervised? Your home is your personal sanctuary, so it’s understandable to feel this way. Instead, rent an office to create a good working relationship between yourself and your staff.
You Need to Separate Work from Home
Working from home can be great, providing a free office space, tax breaks, and all of your much-loved home comforts. However, the latter can also be something of a downfall. This is because when running a business from home, it can be easy to become distracted, which can lead to a decline in productivity and prevent your business from moving forward as quickly as it could. Having a commercial office introduces the need to leave the house, which could boost your work rate and in turn, help your business to thrive.
You Need to Develop Your Brand
When you run a business from home, it can be difficult to view it as a different entity. This can lead to your company simply becoming an extension of yourself and your skills, rather than a recognisable business. Moving to an office can combat this, helping you to more clearly define your venture and build it into a marketable brand.
Deciding to move your home business out to an office space is a big decision that should not be made lightly. Consider your options and think about if it’s really the right time to take the plunge. If the answer is yes, shop around to find high quality, competitively priced offices, like those on offer with Strutt and Parker.