Opening An Office Vs Working At Home: Weighing Up Your Options
When it comes to running a business, you know that you’re always going to have a wealth of things you need to decide. This can often feel like a lot of pressure. And as much as there is always going to be a lot of pressure in business, you might find that it’s best to minimize the stress you have and make certain decisions easier. So this is what we’re going to try and help you with today.
As you run your business, you’ll know that you need to think about where you’re going to run it from and what your setup should be. In addition, you’ll want to make sure that the decision you make is right for both you and your customers. To do this, it’s often a good idea to weigh up your options on both ends.
Over the past year or so, so many of us have been working from home, and so it could be that you’re thinking about setting up a business from home. But is that the right way to do and do you actually need a business space instead? And on the other hand, would it be a waste of money to invest in premises and could work from home be much better for you?
Let’s run through the benefits and drawbacks of both so that you can decide to align with your goals for life and be sure that your new business benefits in the best way.
Opening An Office
First of all, you might want to work out whether opening an office is for you or not. On the one hand, you know that this is a very professional set up to do, which could appeal to you. On the other hand, if you have customers visiting your business, this could even be the thing you need to do. If you have a physical shop, then this could also be your only option.
But when you’re looking at opening an office, you need to bear a few things in mind. These are namely
- The cost upfront or the monthly fee;
- Whether it’s being maintained or not – and the cost of this;
- Furnishing or fitting out space;
- The running costs;
- Any security that you will need;
- The location, access, and suitability for your business.
But then also, even when you’ve worked through these ideas, you’ll want to focus on the little extras that will come with having your own space because there is the idea of keeping it clean and tidy or choosing between front load verses roll-off dumpsters for your trash. Then there’s furnishing a staff area or not having one at all. There are intricate details to keep in mind.
And, of course, whether this is really what you need at all or whether you might be okay with setting something up at home.
Opening an Office vs Working at Home
Working from home might be something that you’ve gotten used to lately. It’s something that can be feasible for sure. Many benefits come with the idea of setting up shop at home, including;
- It can be free of charge if you work in the spare room or an existing space
- It can be relatively cost-effectively to create a home office space
- You won’t have to pay additional rent
- The commute is also much less!
But then, if you know that you have clients you need to meet or that you have customers that you’ll see face to face, being in your spare room might not suffice. Here, you’ll look a little less professional, perhaps, unless you were to build a set space. Either way, you’d be able to claim business use of your home for your taxes, too, which will often be a benefit.
The main benefit is always going to be the cost and ease. This is still a space that you’ll need to maintain yourself, but it could work out to be the best possible option for you if you’re just starting and want to keep your overheads down for now.
Now that you’ve considered the pros and cons of each, you should be able to decide which option will best suit your business and help you grow. And remember, you can always change your mind and go with the other option in the future.