For self-employed people, especially consultants, the choice between working from home and hiring premises is sometimes a difficult one. By weighing up the pros and cons of each option, you’ll be able to take a decision that will benefit your business in the long run – here are some ideas that will help you decide.
Working from home – is it the obvious choice?
Many employees dream of the day when they’ll be able to have their own business, and working from home is one of the main benefits that they look forward to. Working from the comfort of home and avoiding traffic and difficult co-workers has its advantages, but running a home office isn’t exactly stress-free: here are some questions to ask yourself when considering the work-from-home option:
- Is there enough space? You don’t want your home to be crowded and cluttered by documents and office equipment.
- Can you separate the office from the rest of your home? It’s not healthy to have work issues on your mind after hours – make sure you can close the office door and relax in your living space.
- Are there many distractions at home? It’s important that family members respect your office hours when you work from home, and keep disturbances to a minimum.
Working from home helps limit your overheads since you won’t be paying to rent premises, and this option works extremely well for consultants and outsourced service providers who don’t hold meetings with clients in their offices. However, if you’re going to be selling products or services and expect clients to visit your premises, an office space may be a better option.
Renting the right premises for your business
We may be living in the age of successful businesses that were started in garages and spare rooms, but for many clients a business that has office space seems more professional and reliable. Making a good impression on clients is still important, but how do you balance the cost of renting premises against your company’s income? Here are some ideas:
- Room for expansion – If your business is set to expand anytime soon, you’ll be motivated to fill your empty office space by increasing sales and turnover and expanding your staff – just don’t over-commit yourself too soon.
- Shared office space – This is an excellent option for consultants and self-employed people who would like a professional work space at a fraction of the cost. Shared office spaces often have communal meeting rooms, business lounges, and other facilities that can be used for meetings with clients.