Are you currently running your small business from home? If things are going well, you are sure to have considered the possibility of moving your business into its very own office. But when is the right time to think bigger and take the leap of faith outside your spare room and into more professional premises?
The very nature of 21st Century working means that home-based working is a very useful way of building a business from the ground up, but a move into commercial premises offers a number of long-term benefits to a startup in any industry.
Here are 5 indicators that you may experience when the time is right to consider expanding your business’s horizons by leasing office space:
1. Growing workforce
Perhaps the most obvious indicator that the time might be right to stop working from home and move into credible business premises is the need for a growing workforce. It is unlikely to be practical to have your staff working at your home; it is not likely to go down too well if you live with someone either!
2. Meeting clients
Are you increasingly required to meet new and existing clients? Ideally you would like to be able to host them at your place of work, but the dining room table may not have quite the right professional edge.
3. Steady income
If you are beginning to expand your client base and are comfortably turning over a profit with a steady income that is paying the rent, bills, and more, then it makes sense to use that extra cash to increase your work space and your capacity to take on additional work.
4. Regular distractions
Working from home has its benefits but it also has its problems, most notably the temptation to be distracted by household chores or programs on television or on the radio. If moving into an office would likely improve your productivity and foster the professional approach that any growing business requires, then so be it.
5. Long-term commitment
For many people who choose to work from home, it is not a long-term commitment. But, if you view your business as more than a fleeting venture then it may be time to take the plunge.
Photo: JSN Properties
This guest post is contributed by Workspace, the leading providers of commercial property to let in London for businesses looking to expand quickly. With over 5.4 million sq. ft. of office space in London-based homes to some 4,000 businesses throughout the capital, Workspace certainly understands work space.