Self employment has its benefits, but when should you make the jump from home to office? To discover whether you’re ready to purchase your first office space, read on…
So, your business is ever-growing and flourishing, right? Well, you’re now probably wondering what your next step should be. Perhaps, this next step is moving your company into an office space?
If this sounds like something that’s up your street, there’ll be a lot to consider. You’ll most certainly need to hire a commercial property solicitor to help you make the best decisions for your business.
That said, first and foremost, you need to decide if this is the logical next step. So, to find out the answer to this question, and what you should look for in your commercial property, read on…
When is it the Right Time to Move from Home to Office?
Before you decide to move your business into an office space, there are a few things you need to consider. After all, you don’t want to rush into an unnecessary purchase if things are going smoothly at home. So, if the following apply to you, then perhaps you should consider taking this next step…
Your Teamwork is Suffering with Remote Working
Our current world of COVID-19 has proven to us all that working from home is entirely possible for many office-based jobs. That said, some companies more than others might have found that their teamwork has been really lacking during this time.
If this is the case, then perhaps a change is in order.
Especially for people in creative jobs like PR, marketing, product design, or film making, this may be a more pressing issue. It’s all about assessing your team’s personal needs, and making the necessary adjustments.
Customer Service Isn’t Effective
Similarly, if you’re finding that you’re struggling to provide decent customer service whilst working remotely, bringing it in-house might work better. After all, offices provide a professional space for clients to come in and have a one-on-one chat with you. They can also get a sense of who you are as a brand, more so than if you were to travel to them for a pitch.
You Client Numbers are Growing
Now that you’re a more established business, you may find that you’re unable to deal with your customers effectively from your home office. By moving in-house, you can provide clients with a place to convene with you for meetings. This will allow your company to fully establish itself, and provide room for further growth too.
You Team is Growing
With a growing clientele comes a growing team, and you may be finding that working in separate places just isn’t effective anymore. By centralising your growing numbers to one location, you can start to really build your brand and company culture.
You Can Afford It
One of the biggest factors you should consider is whether your business can afford this expense. You should be questioning whether this is an affordable option both now and in the long run. After all, you might be making a large profit right now, but is this a sustainable achievement?
Making all these decisions, whilst looking ahead to the future, is paramount. You should only really think about moving in-house if your current financial situation has been the same for at least a year. If this is the case, then it should definitely be something to consider.
Productivity is Lacking at Home
Another factor to consider is whether you are productive or not at home. Some people find it pretty easy to get distracted when they’re working remotely, and this can have a real impact on productivity levels.
Instead, in an office, the day is much more structured, and it is much easier to separate work and home life. Monitoring yours and your employee’s productivity levels, and asking them their opinion, will help you to make a more informed decision.
You Work Better Around Other People
Along a similar vein, some people find it a lot easier to get into the spirit of working whilst surrounded by others who are also working. Moving to a more controlled working environment may help your whole team to become more in-tune with one another. Ultimately, this should help to improve productivity, whilst also creating an office culture worth heading to the office for.
You or Your Team are Feeling Isolated
Mental health is such an important element of a company culture. As a business owner, you have a duty of care for your employees, and mental health is included in this duty. So, if your staff are feeling isolated, lonely, and under inspired in their current home office, it might be time to head to a communal space.
This should be something you talk to your entire team about, on an individual basis. Suss out how they’re all feeling – whether they’re feeling productive and mentally stable, or not – and make a decision from there.
There Isn’t Enough Space
For a company that’s product-oriented, there may come a time when there simply isn’t enough space to design and store all your products at home. So, an office space may be the next logical step for you to keep expanding.
To Save Money
Similarly, in a product-based business, you may have been storing your products in a warehouse. This can be quite expensive, so you may even end up saving money by moving to a rental or lease property to work in.
What to Consider Before Moving from Home to Office
Now we’ve taken a look at the reasons a business owner might want to move in-house, there are a few things to consider before doing so. Some of the main considerations include:
- You have enough net income each month to afford it
- You have a safety net of cash in case you struggle to make ends meet at any point
- You have factored in bills, refurbishment and furniture costs
- You and your team are definitely ready, and everyone is on board
- You aren’t just doing it to bolster your credibility; it’s necessary
- This will benefit the business, customers/clients, and the whole team
- Whether you want to buy or rent/lease
- Whether you can access a reliable agent to help you make your decision
- Make sure you’ll be able to afford security measures, both physical and cyber
- Make sure you are aware of health and safety obligations
10 Factors to Consider When Purchasing a Commercial Property for Your Business
Now you’ve decided that this is the next step for your business, it’s time to look for your office space. Some of the key things you should be looking out for in your commercial property include:
1. Price
We’ve talked a lot about being able to afford your new office space, which is why price is such a big part of it all. Be sure to compare multiple properties in the same location, and compare different locations too, to suss out the best rate. This way, you can ensure you get the best value for your buck.
2. Location
Deciding on a location is a huge part of the decision, and there’s a lot to consider for this. Some of the key boxes your property should tick include:
- Decent proximity to clients
- Close to most of your employee’s homes
- In an affluent area
- A safe neighbourhood
- Easy to find
3. Space
Depending on what your business is all about, you’ll also require a certain amount of space. Consider whether you’ll be housing products, how many people you’ll be staffing, and whether all your furniture will fit. Especially now, with COVID rules still very much in place, making sure you get a property that can honour social distancing rules is essential.
4. Infrastructure
One big question you should be asking is whether the space has the infrastructure required to run a business from it. This funnels down into lots of little questions, for example:
- Does it have a decent broadband connection?
- Is the building already fully cabled and functional?
- Is there a current system for mail delivery?
- Is there a decent telephone service and connection?
- Is there a receptionist in place already?
- Is there onsite support for assistance within the building?
- Are all in-house services reliable and good quality?
- How much will internet access cost?
5. Accessibility
These days, accessibility is becoming more and more sought after, and it’s clear to see why; inclusion for all is highly important. This is why it’s critical to ensure your office space caters for the impaired. Otherwise, you’re completely limiting not only clientele, but certain employees too.
6. Parking Facilities
Some cities have almost no accessible parking, and those that do often inflate the prices massively. So, make sure your area has decent parking and, if not, ensure it’s easily accessible via public transport, is essential.
7. In-House Amenities
You also need to take into consideration whether the commercial property has everything you need to provide for your staff, including:
- Whether toilets are clean and accessible?
- Is there a large kitchen space to deck out with fridges and microwaves?
- Are there large rooms for meetings?
- Is there space to put coats and bags?
If your space ticks all these boxes, and any more you think are necessary for your team, then this may be the office for you!
8. Local Amenities
The surrounding area should really have at least one food place, but ideally more. It may also be wise to ensure the area has a local supermarket to pop to before heading home each day. Whatever you and your employees value, make this a priority.
9. Style
This may seem like the least of your worries, but you’d be surprised about how important this element of the office space will be. Especially if you’re looking to foster a particular brand image to clients, the style of your workplace is paramount.
This won’t just create a brand image for clients who walk through the door, but also implement the basis of your workplace culture for employees. So, think about whether you want to go casual, sleek, smart, funky, chic, boho, rustic… whatever it may be, this is your identity, so make it a good one.
10.Renting, Leasing or Buying
Finally, once you’ve ticked all the above boxes, you need to figure out how you’re going to be paying for this property. Will you be:
- Leasing: an office lease agreement is a fixed-period or long-term contract, meaning you agree to remain in the property for a certain amount of time. Once this time is up, you then decide if you want to continue with this space or move on.
- Renting: alternatively, you might want to rent, which usually means no fixed contract, and a monthly renewal.
- Buying: finally, if you have the funds tucked away, you might want to buy the property outright.
Ultimately, buying the property will mark you as a key member of the community. However, this might not be something you can necessarily afford, and it might lock you in on the location. It also limits opportunities for further growth, so it’s important to assess your hopes and priorities for the business before making a decision.
Think You’re Ready to Move In-House?
Clearly, there are many benefits to moving your business into an office. If you’re at that stage, then it means your business is flourishing, so we congratulate you. But, there’s a lot to consider along the way. We hope this article has provided you with the insight you need to make this important decision. Good luck in your hunt for an office space!