Many entrepreneurs start their businesses at home. This enables you to keep down costs whilst the business is getting its’ feet off the ground. But at some point you may have to consider flying the home office nest and moving into external premises.
This is a big decision for any business to make. Generally, a home office will mean little or no additional cost for the business, but moving to an external office will usually require commitment to a lease and monthly rent. Every single month rent will have to be paid without fail and before even a single sale takes place. As a business you need to weigh up the value of this office verses the financial burden. Can you really justify the move? Can you ensure that you will have enough revenue coming in to the business to remain profitable, despite this increase in your costs?
You will also need to cover things like changes to your business insurance, utility bills – maybe even the cost of your commute to work, as well as refitting the premises to suit your needs. Every single part of the move needs to be costed up and put into a business plan to ensure it makes financial sense. If it doesn’t then consider other ways of continuing to expand your business without having to move to additional premises. Think about the reasons you feel you need to move and if there are other ways of meeting those objectives. If you need to take on more staff, could you outsource instead, or use other home workers? If you need more storage, would a temporary storage facility be better instead?
Making the move can bring huge rewards and mark a major milestone for your business. You may now have the ability to take on more staff, more products or service more clients, from a site you can be proud of. There will be a clearer distinction between your home and work life and you may be able to take your business to the next level with a new sense of purpose and enthusiasm.
If you are sat at home trying to work out whether to make the move or not our team of highly skilled virtual assistants can help with everything from researching premises to working on the marketing and financial aspects of your business plan. Outsourcing certain aspects of your business to us could even enable you to stay in your home office for longer and maximise your profits. Just give us a call on 01483 332220 or email us at firstname.lastname@example.org.