Is your home office your advantage, or is it preventing your company’s growth?
During the early phases of launching your business, your home office is your advantage. It enables you to run as financially lean as possible. This means you can focus your time and your budget on building the company.
However, you will reach a point where the lack of an actual office space/building may be a problem. You may find that you can’t reach the next level without it and it’s now become a disadvantage.
Here are 4 common signs it could be time to make the move. If you already feel like you’re ready to take the plunge, we invite you to read some helpful information about commercial leases to help you prepare for the big move.
1. Your Staff is Growing
Many startups are able to do very well with their core team working remotely from home and collaborating via Google Hangouts or Slack.
However, you will likely reach a point where your sales team needs a place to sell. Even in this digital age, there is still tremendous value in bringing a would-be client in to pitch them in a good old-fashioned boardroom.
You may also find the need for an actual workspace when you start to have multiple teams collaborating together. Once you’ve reached the point where dedicated marketing and product teams need to work together, you may need an office.
2. You’re Going After Bigger Clients
This sort of continues the last point.
If you’re going after bigger clients in the B2B space, you will likely want to be able to bring them in and pitch them in person. An inability to do that may cost you contracts because you may appear small-time or not-quite-ready-for-the-big-time.
3. You’re Pitching Investors
A lot of the angel investors making the big decisions are baby-boomers with gray hair. They’re from a generation that didn’t really work remotely as much as we do today.
So, not having your own office space could be a red flag to them that your business isn’t worth their time or money.
4. Your Home Office is Now More Office Than Home
It’s also possible that your workspace is now encroaching on your home-space.
This can be particularly problematic when you’re starting to bring in more supplies or products and you’re running out of places to put them. If your inventory has spilled over from the garage into the kitchen, it may be time to make a move.
If you have a family, they’re probably very supportive and patient when there is a bit of overflow into the living areas. However, you don’t want to push that patience too far. If you have young children at home, you also run a bit of a risk of supplies or inventory being damaged if little hands get to them.
If you even clicked on this blog today, odds are very good that at least one of the points we mentioned will resonate with you in a very real way.
Of course, it can be risky to move your business out of the home. However, you also need to remember that not scaling or expanding at the right time can be very risky.
If you suspect you’re ready, you’re likely ready.