Finding success in your home business venture – no matter how big or small – can be one of the best feelings in the world. It can also lead to ideas of expansion, growing upon your successes and moving beyond the small four walls of your home. A welcome change for those who have faced problems when working from home. Such a move is obviously good for your business, but it can also carry with it a certain amount of risk if not done correctly.
With this in mind, there are a few things you need to consider and make sure are in place before making the leap to move your home office to a commercial space.
Are You Ready Financially?
This is a big one. If one lean month will likely throw you through a loop and make your small empire come crashing down around you, well it might not yet be time to leave the home office. It’s a harsh reality, but one that you need to face head-on and realistically in order to succeed. And if at this point you find you might not have the revenue to support such a big move it can save you a lot of heartache in the long term. As well as, ultimately, giving you the time you need to get there without a big mistake.
Stick to a Budget
If you do have the right funds and project survival in times of trouble, then next you need to be firm with yourself once more. Budgeting is no stranger to a business owner, but it can be extremely tempting to overspend when it comes to workspaces. You want the most convenient, impressive and biggest space possible. And plenty of business owners will get just that, at the expense of a reasonable budget and at a cost they can’t really afford.
But, if you don’t want to risk losing a lot of money, potentially losing the workspace and having to relocate again then sticking to a budget will be a much less costly endeavour.
Concentrate on Location
Location is something that property experts will say over and over again. Does location, location, location ring any bells? This means ensuring your business has good transport links, is close to local amenities and has the relevant levels of footfall necessary for your industry.
And the fact is that if you have been working from home for some time, you will likely be used to an easy commute… as much as rolling out of bed and walking the dozen or so steps to your home workspace can be called a commute, that is. Creating a long and unnecessary commute for yourself, then, can actually be quite damaging. There are plenty of studies which show that a short commute helps us to feel happier, gives us a good work/life balance and is overall a positive contribution to our lives. Increasing this should be avoided wherever possible when moving out of your home office.
Ideally, most people agree that around 20 minutes is the optimal commute time.
Buy or Lease
Another decision that you will be faced with is whether or not you want to buy or lease your new office space. Both options have their merits, but one will likely be better for you and your business over the other. If you are following the natural progression of business development, then it will be more than likely that renting would be the preferable option. However, that doesn’t necessarily rule out buying completely. As buying can mean considerable savings on rent and leave you with a valuable piece of property at the end of the day.
When making such a decision it is often wise to consult professional commercial property agents. By doing so, you can get help to determine the best next step for your business. Ultimately, professional advice can be invaluable and save you from financial hardship when choosing between buying and renting commercial property.
Keep It Simple
The biggest hurdle you can face when moving from a home office to a commercial office is yourself. Or more accurately, your ambitions. Being able to curb yourself can be extremely difficult, especially during such an exciting period, but it needs to happen in order to ensure your success. Keep everything simple, easy to manage and don’t overextend yourself.
If you are planning to hire employees to join in your new success then ensure you only hire as many as you can afford. Hiring a dozen people when you can only afford half a dozen, for example, will only end in tears and lost earning if things don’t go well.
At the end of the day, moving out of your home office and into a commercial business space can be a very big step. But, it is also a very achievable step so long as you ensure you make the right moves when doing so. Keep yourself grounded, make smart decisions and you can soon find yourself a business owner – sans the home part of the moniker.
