Deciding to branch out on your own is a huge step. Leaving the firm and your colleagues may be a move you’re willing to make now you have the funds, a small client list, and the drive and entrepreneurial sass. It’s time to take on the business world on your own…a scary thought. There’s so much to consider when making the move, including where to set up your business – do you want to turn your home into an office, or fork out for a commercial property?
A home office might mean being able to spend more time with the kids. People with home offices might be willing to work later because there’s no need to travel between work and home. You’re able to use your time flexibly, keeping a real work/life balance. And there’s no rent on your home office space. The one-off costs of taking the plunge into a corporate office may be simply too much, plus the cost of the daily commute. Instead of renting office space, it may even be worthwhile outsourcing some business operations if your business grows to fast for the home setting.
But sometimes your home office space overflows. You just need the space the commercial option provides. And maybe you want something professional. Having an office in the thick of things, whether near clients or near other businesses like your own, may be quite profitable. Plus, in an office, there are fewer distractions – you don’t realise that you forgot to put the washing out, so you can focus on the task at hand. And there are issues associated with meeting clients in the home and with having employees there with you: issues that don’t need to be factored in when working from a commercial office.
Consider your unique circumstances. If you have too many staff to work from home, or you want your office to look a bit fancy, a commercial space might be right for you. If you’re juggling your small business, your family and other commitments, working from home might be just right. Remember each has a particular lifestyle associated with it, and that you need time to adjust for a move, to collect supplies and to scout out a location.
It’s not a decision to be made lightly. You might need to draw up a new budget and ask friends and old co-workers what they prefer. Just always keep in mind what service you have to offer and thus what seems most suitable to your business needs.