There comes a point when a business needs to grow.
You planted the seeds for your business with nothing but a laptop, space in your spare bedroom, a lot of ambition and even more coffee. Your business has matured, grown, and transformed from a vague idea into a viable business that has the potential to become so much more. You know it’s time to move out of the spare bedroom and into dedicated business premises – after all, that’s what all small businesses do, isn’t it? They start small and if they’re lucky, they enlarge to the point where they have their own premises.
The above might be the general understanding of how a business could grow, but is it necessarily right for you? There are numerous pros and cons to running your own premises, so you need to be sure you’re aware of both sides of the argument prior to making a decision…
PROS: Professional appearance
When you have dedicated premises, your business suddenly takes on an aura of professionalism. You can invite clients to your office; your postal address is more impressive, and being able to list the address on business cards gives the added sheen of authenticity.
If you’re in an industry where impressions matter, then moving into dedicated premises could be the best way of making it clear you’re now swimming in the big pond.
CONS: Higher overheads
It is impossible to mention premises without mentioning the costs. When you have been working from home, most of your costs can be absorbed along with your general living expenses. You may not have even noticed much of a difference in your household bills.
When you move into premises, this blissful state cannot continue. You will have to pay rent, electricity and heating bills, tax rates, and so much more – and you’re going to have to ensure your business is strong enough to keep paying these for months on end. Your finances have to be extremely secure, or moving into premises could sink your balance book into the red.
PROS: Clarity of use
Working from home poses a number of challenges, but the most pressing are issues where there are competing interests. Your entrepreneurial brain told you that it would be a good idea to install industrial swing gates on your driveway to help with deliveries, but your homeowner’s brain was aghast at the idea – issues like this happen time and time again when you work from home. Your business needs something, but you don’t want your home to look like a business too much.
When you move into dedicated premises, this problem is solved. Your home is your home; your business is your business, and the two never need to have any influence on one another. This provides a clarity that can be extremely beneficial to your state of mind and ensures your business always has what it needs to operate efficiently.
CONS: The Moving Process Itself
We all know that moving home is stressful, but moving a business into dedicated premises is even worse. You’re going to have to move premises all while juggling the demands of your business and keeping it running. You cannot take time off from your business to facilitate the move; you’re going to have to do everything all together, and if you’re not careful, may find yourself dropping balls in one regard or another.
The best way to fight back against this is to hire a company to set the office up for you, so all you need to do is walk in, plug your computer in, and away you go. Trying to outfit your premises and keep your business running is a huge demand and one you shouldn’t ask yourself to do.
PROS: Work-Life Balance
We all know how important it is to try and find a good work-life balance, which is why a move to dedicated premises can be so beneficial. You can truly separate your working life from the rest of your life; something that’s near-impossible to do when you’re working from home. If you have struggled to “switch off” from your work when at home, then this is a change you will likely find incredibly beneficial.
You have to make a decision that works well for your business, rather than making a leap forward because “that’s just what happens”. Let your business grow at its own pace, carving out your own way of operating, and you will find the solution that allows your business to develop exactly as it should.