Toiling late into the night, keeping your house up with frantic tapping and generally working hard are some of the tell-tale signs of a successful home business. Once you’ve reached the stage of profitability, not only surviving but thriving on your new-found income, you may want to expand. Turn your home business into a fully-fledged one instead. In which case, you will most definitely be looking to
So, with that in mind, here are the top things you need to keep in mind prior to moving your home office to a commercial space.
Are You Ready?
Once you have a commercial office all systems are go for your business. There is no cushion of being at home to fall back on, especially if you hire employees. They can’t come work in your spare bedroom if things devolve due to not being ready!
Do You Have the Funds?
Reviewing your finances is the first and most important thing you need to do before contemplating a commercial office. Do you currently (and in the future) have the funds to support this move? Costs can quickly mount up.
You will have to cover the cost of rent, business rates (commercial council tax) and utilities. All of which can result in quite a princely sum every month, depending on the size and location of your new office. So, it’s important to ensure you have the right funds in your bank. Otherwise you will find yourself in the negative if you fail to keep up with all of these added costs.
Location, Location, Location
If you have the right funds, then it’s important next to look at the location of your potential commercial office. Location can affect your commute time (a cost), the size of your property and ultimately your overheads in general. As a city centre location will be much more expensive than something slightly out of the way.
Also, consider whether or not you need a dedicated, personal, office space up front. Because if you do not then you may be able to consider a communal working space. These are great for a business just starting out, as they tend to be much more affordable overall.
Size vs. Growth
Size is also a big question for any new commercial space. For one, it’s important to not underestimate the amount of room your business will need. If you do, you could find yourself cramped and restricted in your early capabilities. Meaning you will have to move and upgrade the office space sooner rather than later. Especially if you plan to grow your business in a big way during this period as well.
However, in the reverse, you also need to ensure that you haven’t overestimated your size or growth potential. If you get an office which is much too big then it can quickly be too costly for your small business. And this can force you to move your business plans and potentially the whole office in order to reduce size and the unmeetable costs.
In this instance, you need to weigh up your current size and potential growth plans. As only then can you actively assure that you have the right amount of space for you. To understand this more, you may need to hire a commercial property management team as they can advise you on the right property for your growing business. Setting up this relationship early can also be beneficial when it comes time for a commercial rent review later down the line as well.
At the end of the day, the way forward for a home business moving into a commercial space can be quite clear. If you have a plan on how your costs will evolve, the location of your business (which optimises costs) and your potential growth plans over time. Moving from a home office is a big step, so make sure that you are in the right position to do so.