If you’ve been working from home and your business is doing well, you might consider getting your own ‘real’ office. But how do you know if your baby company is ready to leave the nest?
Here are three considerations to help you decide if it’s time to start packing those boxes.
You’re Reaching Burnout
Maybe the 5am hustle works for you, and you love being able to roll out of bed and start work in the next room. If so, running your business from home probably worked in your favour at first, allowing you the convenience of getting down to it as and when you need to, while cramming in the demands of family life as well. But you can only work at this pace for so long before you start to risk burnout. Long hours and countless sleepless nights might be necessary to get your company off the ground, but they will certainly take their toll. You may also start to notice that either your business or your family starts to show signs of strain as you become more stressed and exhausted. At a certain point, it becomes necessary to separate your work life from all the joys and responsibilities of your home life. Moving your business out of the home is a fantastic way to restore the work-life balance that will be essential to your progress both in business and in your personal life.
Your Home Office is Holding You Back
Does frustration with lost business opportunities already have you looking for movers? If so, then this is a sure sign that it’s time to break out of the home office. Working from home initially is a fantastic way to give your fledgling business a head start. Aside from low overheads, you can also work unusual hours and give your full attention to your work. But once the business takes off and you’re getting more clients, you may start to feel that your home office is contributing to a perceived lack of professionalism. This could be holding you back from making the business connections you would otherwise be taking advantage of. If this is the case, your business could become stunted. Before you schedule your next meeting at your neighbourhood coffee shop, perhaps it’s time to start your commercial property search and find an office that befits your growing organisation.
Future Projections Look Good
Signing a lease on a commercial property can be daunting for a small company. To secure a cost-effective contract, you’ll probably have to sign on for a lease period of up to ten years, as workspace available at the lower-cost end of the spectrum tends to be cheap because of the extended leases. So before you rush out to sign a lease on an office, it’s crucial to establish whether your business will be around for long enough to make use of it. How sustainable is your business model? If you’re enjoying a period of growth at the moment, is there any reason why this could level off, or work could even dry up? Asking these tough questions is an important first step. Making the move too early could cripple your business, so if you’re unsure what the future holds, it’s a good idea to either stick it out at home for a little longer, or consider a more flexible coworking membership as an interim solution.
If you’re considering moving your business out of the garage, these considerations will help you work out if you’re ready to take the plunge.
This is a collaborative post.