When your garage business starts taking off, you may consider venturing out into the world. Exciting times! But how do you know if your business is ready? If you notice these
Working From Home is Holding You Back
Opening a business from home is a great way to give your new venture a head start. You have low (or no) overheads, and you don’t have to keep normal work hours. But once things get going and you’re moving along at a promising clip, the lack of space and professionalism of working from home can be a drag on your forward momentum. If you’re starting to feel a little cramped at home, or you’re holding important meetings in the Starbucks down the road, you could be missing out on opportunities for expansion.
You Can 100% Afford the Space
Signing a lease on office space is daunting for a small business. While you’ll be keen to keep costs down, workspace leased at the lower end of the price spectrum can require you to sign on for a number of years. Similarly, before you shell out for an office refurbishment, you want to know your company is going to be around long enough to pay for it. But how can you be sure your business will still be thriving five or ten years from now? Before you make the move, it’s important to establish the sustainability of your business. Moving into an office is an expensive undertaking, and if work doesn’t continue to pour in, the financial setback could cripple your business long term. If you’re even contemplating getting your own office, you’re probably feeling confident in the future of your business. If your bottom line has been stable for a year or more, and your projections suggest that even with some ups and downs, your office rent isn’t going to be a problem, then go for it.
When you first set up shop, working from home offers the convenience of working when you want to work while fitting in life around the demands of your
Whether you’re a solopreneur or have hired half your neighbourhood, a home office can start to feel constricting after a while. If you’re unsure whether or not you should take the plunge, these considerations will help you make an informed decision.