Majority of start-ups begin their businesses from home, but with the development of business infrastructure and the growing number of both staff and clients, you soon find that your study can no longer house an expanding business. If you’re ready to move your home business into an office space, here are some tips for a smooth transition.
#1 First things first: do you need to move your home business into an office?
Relocating a home business is not for everyone. Moving your home business into an office space isn’t the only option – you can also hire a professional organiser to help you make the best use of your current space, or outsource your work to free agents instead of having employees in your already-packed home.
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#2 Plan early
There are several things you need to consider before moving your home business out of your home. You can choose to share an office suite or rent one by yourself. With the first option, you share the cost of the place and receptionist with others and can thus save a bit on rent. With the latter, you enjoy more flexibility and a space to call your own. You also need to think about the location for your business and the type of lease (short-term or long-term).
#3 Buy or lease
Here is something else you might want to consider: do you want to buy or lease an office space? There are significant benefits to having a landlord. For instance, you don’t need to worry about maintenance repairs or cleaning. Sometimes there are also services and amenities attached to the leasing options. However, there are some factors to be considered before leasing a place, such as costs, capital resources, and flexibility. When you buy a space, it’s truly yours to do with it what you will – plus, you can always lease out a section if you’re not using all of the available space.
#4 Choose the right location
Don’t move your business hastily before you have conducted thorough market research. When moving your business from your home to an office, you are not simply looking for a new and bigger space, but one which can offer more business opportunities and connect you with more clients. Start-ups looking to move from a home into an office should choose a visible location with suitable rent. It may take months to find the right location, but you will realise a great location will benefit your business in the long run.
#5 Don’t commit too soon
Consider all the options before signing a long-term lease contract. Sometimes, a flexible interim solution is much more cost-effective and is more suitable for a start-up. Look for short-term contracts, which may range from a few days to a couple of years. Some may even offer a contract for a few hours (flexible, albeit slightly less useful than a contract for a week). Talk to your local commercial real estate manager to find the best option in your area.
#6 Assess your budget
Before starting the transition process, ensure you can afford the additional cost of renting commercial property for your business. Determine in advance how much money you plan to spend, then set your budget and stick to it. Normally the first floor of a building costs less, so if you need to cut costs this may be the way to go. If you expect further growth, you may want to look for a building with more space available in case you need to rent in the future. You can also cut costs by purchasing second-hand furniture instead of new ones (many businesses are willing to sell their old furniture for cheap), and avoiding spending too much on less important items like ping pong tables and coffee machines.
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Goodman Australia owns, develops and manages industrial and business spaces. As global property experts in the logistics and business space, Goodman can assist you in finding the best office for your start-up.
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