Unless you have attracted a large amount of funding prior to launch, the chances are that your new business will be taking its first few steps on the cheap. And, more often than not, this means working from home while you start to generate some income. There are numerous reasons why working from home might be a necessary step in the early stages of your business’ growth. However, provided that you have a solid strategy for expansion, you will inevitably reach a stage when your home office will no longer suffice.
It can sometimes be difficult for fledgling entrepreneurs to identify when the time is right to make the leap and move into a dedicated office. Do it too early and you may find yourself struggling to make ends meet. Do it too late, and your business growth could be hampered.
Below, we have listed a number of considerations to make which should help you to figure out when the time is right.
Escape the distractions
Even the most productive and well-disciplined of us can get distracted from the task at hand and procrastinate from time to time. It is simply in our nature. When working from home, there will always be an endless list of other things which we could be doing. Whether it’s running errands, going shopping, tidying the house or speaking with family and friends, there is certainly no shortage of possible distractions from our work day. If you feel like your work flow is being disrupted often, and your productivity is taking a hit as a result, it may well be time for you to move into a dedicated office space.
Depending on your business model and the products or services you provide, this stage could come earlier or later. Hiring a first employee is often an eagerly anticipated stage in the growth of a new business, but the timing must be right and you must be certain that you’ll be making enough money to support the additional wage expenditure. However, when it gets to the stage when having that extra person in your team will help your business to prosper, you must be ready to take the step.
Fostering a professional brand image
Today, in an increasingly global online marketplace, competition in the business world is fiercer than ever. As a result, businesses must portray a professional and trustworthy brand image if they are to have any chance of surviving. When potential customers browse Google for a business that they feel comfortable working with, they use a variety of factors in their assessment, one of which is how credible a particular brand appears. One of the ways you can build a level of trust amongst your target market is by having, and boasting, a dedicated office space, differentiating you from the ocean of semi-established organizations. When you do decide it’s time to move into an office, be sure to make this information blatantly obvious on your website and social profiles.
Your business is growing
It should be obvious when your business is outgrowing your home office. For product-based businesses, this might be when you no longer have space to store your inventory at home. Service businesses might need to put some more rigorous organizational systems in place to deal with their growing client list. Either way, this is the perfect reason for you to move out of your home office.
Looking back at the points made above, it should bring you at least a little closer to determining if the time is right for you. When you do decide to make the move, be sure to find somewhere affordable, which is not going to eat too substantially into your monthly budget. Flexible leasing options are very popular for young businesses, as they allow the freedom to up-size whenever the need arises.
About the Author: Christian Abbas is a digital marketing specialist at Columbus UK. He usually writes about small business, entrepreneurship and technology, providing actionable advice on how to grow businesses.
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