As a small business, you have a variety of options when it comes to deciding how to work, or from where. One of the biggest early decisions you have to make as a small business owner is whether to run your business from your own home or rent office space.
Although the latter can, in some circumstance, look more official and professional, it is also more expensive. In addition, it could be an unnecessary expense. After all, just because you have the capital to rent office space does not mean you should. Just think – where else could that money be better spent?
Sometimes, though, renting an office can be a commercially viable solution, especially if your business is growing or you want to scale up operations.
Taking the plunge and signing a lease can be a hard decision to make regardless of the circumstances. Here are some pros and cons of renting office space which you can weigh up.
Should You Rent Office Space – the Pros
1. Offices Are Better for Teams
All the team-working software in the world cannot come close to the real thing. In other words, being in an office can improve productivity and efficiency. This is because having an office space facilitates meetings, collaboration, and cohesiveness between you and other members of your team.
2. Work-Life Balance
When you separate your home life from your work life with a clear boundary, work-life balance improves. This can be difficult to do, however, when work life and home life takes place in the same location. When you have an office, however, you leave work at work enabling you to focus on unwinding when at home. Work productivity can also improve.
3. Fewer Distractions
Distractions are inevitable when you work at home. These distractions can come from family members, household duties, visitors, and more. You don’t face these distractions when you work from an office, enabling you to focus more on running your business and providing a great service to your clients.
Should You Rent Office Space – the Cons
You do have options to rent office space cheaply, including hot-desking. This is still an additional cost to your business, however.
In addition, renting a more traditional office space means paying more than just rent. Additional costs like Wi-Fi , rates, phone lines, and broadband can quickly add up. Therefore, you should factor in all these things when making your decision.
2. You Need to Commute
When you work from an office you can say goodbye to the days of getting up from the breakfast table at 8:30 and starting work at 8:35. When you rent an office, you will need to commute. Whether that is across town or is more local, it will take up a portion of your day.
3. Distractions Still Exist
Although you don’t have household distractions surrounding you, you will still have co-workers and other office-related distractions to deal with when you rent office space. In some cases, these can even be worse than the ones you face at home and can have a bigger impact on your productivity.
Deciding on whether to rent office space or continue operating from home is a huge decision. The best approach is to carefully consider your business model, your current needs, and your plans for the future. Then, weigh up the pros and cons before you decide to commit to a commercial lease.
For more help and advice with your business, please contact a member of the Gilroy Gannon team today.