Is it time to make the switch from my home office to an office suite?

The first step you need to take is realizing that your business has grown enough for you to be able to move out of your house. Here’s where the catch 22 comes in: how am I going to grow if I don’t leave my home and how will the additional expense affect my company’s growth? Depending on your business and location you need to question your current situation, make a decision and take a leap of faith.

Is it time already? If your answer is blurry, try performing a SWOT analysis to identify Strengths, Weaknesses, Opportunities, and Threats of both having a home office versus renting office space.  You should compare the two SWOT charts. Upon doing that, you will find yourself either content about the fact that you’ve decided to stay home aware that your business growth does not currently allow you to get shared office space, or satisfied because you discovered that it is time to move out. Whatever decision you make it is always wise to check with your accountant regarding tax implications and impact on your bottom line. 

Remember your first apartment. You were probably very young, your mother cried, gave you a clothes’ hamper and a tin can full of quarters as teary eyed she advised you to fold the laundry while it was still warm.  Those teenage years are long gone and hopefully your diet will never be Ramen Noodles again. Remember that getting office space for lease means more productivity, a better location, better networking opportunities, and more importantly a space designed for business.  At the end of the day your spouse/kids/TV/ will be waiting for you at home, a place designed for living and resting. Having and office brings balance to your life and clear divisions between work and home. At this point the decision should be easier.  

Whether or not you are afraid of commitment, you should think about the lease terms of the office space you’re quoting. You believe in your business otherwise you’d still be working for that guy who calls you “sport” or “kid”. However, things may change, you may miss home or you may see that your business does not work as well as you thought and need to cut expenses to keep afloat. Therefore, you should go for a flexible lease as opposed to the 3 year lease most traditional offices require.

Executive Office Suites not only provide you with the flexibility of shorter leases, but also with extra space for meetings with added perks such as IT support, dedicated bandwidth, firewalls and all the coffee and tea you can drink. The fact that you only pay for what you use gives you a lot more control over your expenses. However, if the move seems way out of your budget, be sure to check out additional options such as virtual offices.

If the time is right, give us a call and we’ll help you find the right office space for your business until you get to own your own floor or building.