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Working at Home vs Getting an Office
Written by: Garrett KruegerArticle Overview: This article will help you determine if the timing is right for you to secure an office for your business or to continue to work from home.
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Free Download - Sample Letter of Intent By Garrett Krueger |
Working at Home vs Getting an Office
Need an Office?
5 things to Consider when Finding your First office or Moving from a Home-Based Office
1. Term of the Lease: This first office lease will probably be one of the bigger commitments and liabilities of your business. Make sure the lease term is flexible and is within your budget now based on current cash flow not future projections. Most small businesses start with a 1-2 year lease because month to month leases are difficult to find.
2. Location, Location, Location: The location of your first office is a balance of price and quality of life. You can find an office 7 miles from your house in a more affordable location but your commute might be long and you might have an issue with safety. Focus on a location that is convenient for employees (or future employees) and one that is priced right. Commute times within the Bay Area have a drastic effect on your employee’s qualities of life and should be considered. Another thing to consider about your location is potential crime. Have there been break-ins in the neighborhood recently? Would an employee feel comfortable working in the building alone, or walking to their car or public transportation after working late on a project? All of these issues should be considered when considering your first office
3. Amenities: What restaurants and coffee shops are available nearby? Being in an isolated office park can be a very bad situation for the comfort of employees. At times it cannot be helped, but being in close proximity to the amenities employees use during their lunch break can be a huge recruiting and productivity advantage.
4. Expansion or Reduction of Space: If things go well, you will be thinking about business expansion and you don’t want your space or your lease holding you back. It is important to have a conversation with the owner about how much expansion space is available and an option to break your lease if it’s not available. If business is not going well, it is important to have an option to sublease your space or to buy out of the lease obligation.
5. Parking/Public Transit: Transportation and parking are two of the most pressing issues in the Bay Area. The proximity to public transportation and affordable and convenient parking are extremely important. The more transportation options the better.
Article Tags: bad situation, business expansion, cash flow, close proximity, coffee shops, commitments, commute times, drastic effect, expansion space, ins, lease term, leases, liabilities, location location location, lunch break, office 1, office lease, productivity advantage, public transportation, small businesses
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