When starting a small business, you might be operating out of your small home office for a while. But eventually, your growing business may need its own space. Here are some signs of when it’s time to move to a commercial office space, as well as what other workspace options exist for small business owners.
- When Should You Look for an Office Space?
- Alternatives to a Traditional Office Space
- How to Find the Right Office Space for Your Small Business
When Should You Look for an Office Space?
Photo via @ellaiconic
In general, it’s most likely time for office relocation of your home-based business when:
- You need to hire employees and don’t want work life mixing with your home life.
- You need more space to manage inventory and business equipment.
- You want to meet with business partners or clients in a more professional setting.
- You feel lonely, distracted, or unproductive while working from home.
- You want to take advantage of commercial office tax incentives.
- You want your business to be more visible and have a physical presence within the community.
If any or all of these apply to your business, it may be time to consider moving out of your home office to a more dedicated workspace.
Alternatives to a Traditional Office Space
Photo via @semillacafecoworking
While getting a traditional office space is usually the next move for growing your business, it might be an unnecessary expense. In addition to monthly payments to rent or lease the office building, you’ll also have other building and business expenses—including utilities, maintenance, furniture purchases, and other overhead costs.
Fortunately, there are options for small business owners who don’t want to work from home but can’t afford a traditional office:
- Coworking Spaces: At these open-plan flex offices, freelancers and small businesses can rent space by the desk or room. Utilize tools like WeWork and Coworker to find nearby coworking spaces.
- Shared Office: A shared office space resembles a more traditional office environment, but its rooms house various professionals and small businesses. Look at options like Regus, Spaces, Deskpass, and LiquidSpace for flexible office rental plans.
- Storage Facilities: In addition to offering storage units for business, some self storage facilities provide office space for rent. This option works especially well for businesses that need a short-term office solution, since the leases are typically month-to-month.
- Studio Space: If you’re a creative and need room to paint, cut, design, sew, record, or rehearse, you may do better with a studio. Check out Giggster or Peerspace to find studio spaces near you.
How to Find the Right Office Space for Your Small Business
Photo via @officeprinciples
Unsure where to start looking for office space for your expanding business? Start by asking yourself a few questions to visualize what kind of space would be right for you.
What’s Your Business’ Budget?
If keeping expenses low is a priority for your business, consider coworking spaces or shared office options to save money on overhead costs. Or opt for a more private trial run of relocating your small business, and rent office space from a self storage facility! If, however, you have some room in your office relocation budget, consider leasing or buying a commercial building.
How Can an Office Meet Your Business & Customer Needs?
Think about how much physical room you need for business operations. Do you have an online or e-commerce business with a lot of business inventory coming in and going out? You may want to think about renting business storage rather than an office building. Conversely, if your customer base is primarily in person, a physical storefront or commercial office space will offer a more private, professional setting than a coworking space or home office—especially if you’ll be discussing sensitive personal or financial information with your clients. When browsing commercial real estate in your area, it’s ideal to select a location that’s visible from the street and easy for customers to find.
Does Having an Office Space Align with Your Business Goals?
If possible, plot out your next five to ten years of targeted business growth—this can help you gauge what type and size of office space can accommodate your business needs. If you’re growing much faster than you’d anticipated, have excess inventory, or need several workspaces for employees, it might be smarter to invest in a larger commercial office now. This could potentially save you from complications like being stuck in a space that’s too small, having to break your office lease early, or spending time and money on having to move again within a short span of time.
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