At one time, telecommuting and home businesses were rare, but today, millions of people work from home. While a lot of people find it easy to work from home, others struggle. After all, the environment is completely different, there are new distractions, and this type of setup requires a great deal of focus and commitment. Whether working from home involves one person or several, this can be a real challenge.
Recently, 1,000 small business owners were surveyed, agreeing that when working from home, there is often a sense of isolation and unprofessionalism. Another issue is inadequate workspace and storage. One solution that has become increasingly popular is shared workplaces. In fact, there are spaces such as this cropping up all over the country.
Although shared workplaces are beneficial for many individuals and small companies, there are also some problems. For this reason, a growing number of companies are moving to their own offices. The most popular include industrial spaces and warehouses, lower-grade offices, and even retail spaces of 500 to 1,000 square feet. The primary drivers include needing more privacy, better storage, and greater control.
Leasing Designated Space
Some of the main benefits of leasing a designated office include flexibility to move as the business needs evolve, the ability to have a nicer space compared to buying, and locating to a better part of town. Of course, if you prefer to buy, there are also benefits, such as having control in how long the company stays at a certain location, making changes to the property, and anticipation of capital growth.
As an added incentive, there is an opportunity to write off up to $20,000 in assets thanks to the federal budget. Therefore, moving from a home office or shared workplace into a leased or owned space might be the right decision.
However, leasing or buying a dedicated office space also presents difficulties. For example, there is the stress of locating the right place, getting the new office space prepared, and physically moving and the expense and expertise required to move, especially when dealing with computers and other electronics.
Some of the key things that you need to consider for this type of move include:
- Location – Obviously, it is important to choose a location that complements the business. For instance, if your goal is to attract outside traffic, then the office needs to be easily accessible. If there are clients who visit often, the office should be easy to find.
- Leasing versus Buying – As mentioned, with leasing there is flexibility in moving as needs for the company change. In addition, you can afford to move to a nicer location when leasing. On the other hand, buying provides long-term stability, better control over property changes, and potential growth of capital.
- Budget – Prior to making the move from home or a shared space, a budget has to be established. This includes not only the cost of the move but also any new items that need to be purchased, monthly lease payments, insurance, utilities, and so on.
Getting Ahead of the Competition
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