When starting a business, there are loads of options for where you can do it from, but picking which one is right for you and your business is the hard part. It depends on your business, your needs, how many employees you have, and what industry you’re in. In your head, you might think you can work from home, but in reality, is it practical? Check out these options to see what’s right for you.
First of all, before you get excited about working in your pajamas all day, you need to find out if you are allowed to run your business from home. You may need various permissions from your mortgage provider, local council, or insurances before you can officially run a business from home. If you can work from home, buy a desk. Or a home office. Or a shed. Or if the budget can stretch to it, a little house at the end of the garden. Whatever works best for you, but physically separating yourself from the kitchen table or the sofa will help you to differentiate between home and work, so that when it’s time to clock off, you can log off and relax with your family and friends without feeling like you’re still at work.
Coworking spaces are popping up all over the place today, allowing multiple businesses to operate out of the same location. They are a desirable option for many people as they reduce the cost of monthly office rent, usually include printing, coffee, conference rooms, and 24/7 access in the price. Getting out of the house and going to a quiet space where you can concentrate can boost your productivity. They also are a hotbed for potential collaborations with other businesses and a great chance to network.
Buy an Office
There are lots of advantages to buying your own office space, such as the fixed costs, which mean that your mortgage will be locked in for the long-term, which can give your business clear, fixed prices. Then there are the tax deductions and the additional income you can make from renting out any extra office space you may have. There is also the added benefit that if the property appreciates over time (which is likely), you could sell it and then fund your retirement. If you think outside the box, it really depends on the nature of your business, but if you can start up in an old warehouse, then you might have to do a bit of work to it but you can save money and do this yourself, invest in a used floor scrubber, get some mates in to paint the walls and invest in a few heaters, but once you’re up and running you can turn it into a really cool space to work.
Rent an Office
Equally, there are many benefits to leasing an office space, which include providing a business with the chance to rent in an area with an excellent location and high image. If your start-up is dependent on where you are and the image you portray like it would be if you it was in retail or it is a restaurant, the leasing option is a much more affordable one. It can also free up some working capital as your money is not tied up and gives you more time and fewer headaches as you can focus solely on running your business rather than managing a property as well.