Starting a new business has never been easier than it is today, as they say. But, the reality is that there are an enormous array of things you need to think carefully about if you want that fledgling idea to survive and thrive. One of the most important factors to consider is, without a doubt, finding a home for your business. It’s a daunting task, and making the wrong decision could have a significant, adverse impact on your startup’s future. Let’s take a look at some of your options and explore the best ways to find a home for your business.
Working from home? Working from home is often thought of as the perfect option for startups. It’s low cost, cuts down your travel times to zero, and enables you to focus your time on developing your business at all hours of the day. However, it isn’t without its issues. When you work from home, there is little space when it comes to hiring employees. Other businesses – who could be potential clients – may look at you as less professional than your competitors. And working from home is not as straightforward as you might think – there are many distractions in your way, for example. So, while we would say a home office is a great way to get started, you might feel that moving on fairly soon will be a preferable option.
Using your land? If you have a good plot of land, why not consider building an office? There are plenty of options available, from a garden pod-type of office to a temporary building. You might consider investing in pre-engineered steel buildings to use as your office space. It’s cheaper than a traditional bricks and mortar premises, and you can save even more if you decide to erect the building yourself.
Shared space? There are plenty of shared office spaces cropping up these days, and they can prove to be great places for startups. It’s an incredibly cheap entry point into a more professional environment than the home office, and you will meet a heck of a lot of people, too. Shared office spaces are great for making contacts, and they also give you a professional address that could prove invaluable for attracting clients.
Renting an office? At some point, your business could grow to a size that makes working from home, in your garden, or in a shared space impossible. And often, renting premises—rather than buying one outright—is the shrewdest move you can make. However, be wary about moving into glamorous locations just for the sake of it. An attractive zip code will often come with an enormous price tag which could prove damaging to your startup’s coffers.
Buying a property. Unless you have a significant amount of money to plow into a property, this option is best left until you are well established. That said, there are some great advantages of owning a commercial property. It’s yours to do with what you want, and you could even turn it into another income stream.
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