It’s a question that many successful self-employed professionals must eventually ask themselves: should you remain in the home office or upgrade to a workspace, shared or otherwise?
Find out if relocating to a rental office space or other dedicated workspace makes financial sense for you by answering the following questions:
How much does office space for rent cost?
Private or shared workspaces come in all shapes and sizes – from open-plan offices to private booths. As a result, prices inevitably vary, with location also being a key factor. Is the investment something your business can easily cover?
Are there any additional costs?
In a word, yes. There will be operating expenses to consider – things like utility bills, unless they’re covered by the lease agreement, and office stationery. What’s more, if you transition from a home office to a rented office space, you’ll lose the right to claim back a proportion of certain bills when completing your personal tax return. On the other hand, the extra space could help your business grow, hire more staff or create a more structured working process, which could make up for the additional overheads. Which brings us to…
Will moving boost your business?
It’s all well and good preferring an office environment to home, but will upgrading to a more corporate setting help your business grow? If the answer is yes – perhaps you’ll seal more deals by being able to host clients – then the cost of the move, which may end up paying for itself, is likely to be worth it.
Will your quality of life improve?
It's widely held that business and leisure should be balanced, separate parts of life. However, if the two have become out of kilter and your quality of life has subsequently suffered, it may help to even things out by working from one place and relaxing at another. If you decide to rent an office space you may notice that you're more productive during working hours and, equally, that you feel more energised back at home.
Will you need to hire staff?
If business is booming, or likely to boom, then chances are you’ll need to take on an employee or two. You can’t really welcome staff into your home, and there are obvious developmental disadvantages to them working remotely. Renting an office, then, may be the only real course of action.
So what about you? If you answered the questions above and the results looked positive, it could be time for your business to take the next major step in its evolution.
