Jumping in and acquiring your first office space can be a very exciting prospect for any small business. However, there are also many important things to consider before dipping your toe into the water.
Moving into an office away from home working is not guaranteed to improve the professionalism of your business, nor is it going to improve the products and/or services you provide.
But what it can do is give you a dedicated work space and improve your work-life balance. You should consider moving into your first office space when the following scenarios begin to crop up:
You are planning a number of face-to-face meetings with clients and potential clients and do not wish to invite them round to your humble abode.
You have freelancers or sub-contractors you wish to work with on a regular basis.
You struggle to complete work due to distractions at home.
Your businesss profit margin is healthy and you can afford to take on the added expense of dedicated premises.
Admittedly some business start-ups and small businesses make mistakes along the way when selecting office space. Many people work to limited budgets and subsequently they believe the cheaper work space they can find the better. However, paying that little bit extra each month can secure you a much improved working environment, thus improving the efficiencies of your business.
Many new business owners also dive in head first ignoring critical legal information. Whilst on the face of it most office agreements will appear relatively straightforward, it is highly recommended that any tenancy agreement is reviewed by a solicitor before putting pen to paper. The last thing you want is to agree to a contract that ties you in to premises for too long, posing a real risk if you encounter any business problems in the early stages.
Freelancers and small business owners should be aware there is a lot involved with renting and maintaining an office space and that you should only consider renting office space for the first time when truly necessary.