You might be at the stage in your business where you need to make the decision to continue to work in your home office or get yourself a more professional office environment.
You could even be just starting out your new venture and not have a clue where you should take up your work.
Or are you weighing up the financial benefits of both?
In today’s working environment, the working from home aspect seems to be the dream. The flexibility, no need to look sharp, pop out whenever you like, picking up the kids. On top of that your overhead costs are super low. The convenience of working from home is very appealing.
Taking up an office space can seem quite a daunting aspect. Between the travelling and the costs it has the potential to put you off completely compared to your cosy home. But digging a little deeper it’s not all it seems.
Let’s dig a little deeper into the pro’s and con’s of both a serviced office and a home office.
Ultimately, you are saving money by not commuting to a particular place every day. You get to miss the dreaded rush hour traffic and not worry about being on time, unless you have meetings of course.
One of the biggest advantages by being able to work at your home office is that you can work whatever time suits you. If you feel you are more productive at certain hours of the day you can choose to work then. Fancy a couple hours break during the day? You can pick up on the work later. You can choose to work a set amount of hours per day then choose to fit them in whenever.
If you are feeling stressed, it might be easier for you to walk away and take a break by focusing on something else rather than being trapped by the work itself.
We can’t go without mentioning a work/life balance. Allowing you to have your family time when you like or immerse yourself in your much loved hobbies.
An awesome cheeky perk in having a home office is being able to sit in your sweats, chuck the hair back and put the slippers on. You only need to look presentable to you, unless you have a conference call of course. Even a conference call sometimes doesn’t stop people. Make your upper half look smart because they won’t be able to see you are actually sitting in your boxers!
Furthermore, you have access to your own home comforts such as food, cuppas, TV or the pets.
It can be very easy to be distracted by the personal tasks that need to be carried out such as housework, paying bills or something on the TV catching your eye. Before you know it, time gets away from you and you are behind on your work. You are going to have to be super diciiplined if you want to make a home office work.
One of the biggest issues with having a home office is you can become isolated in your work. You have no-one around to talk to, bounce-ideas off or simply have a moan to get things off your chest. There is also a disadvantage of relationship building when surrounded by people. Being able to build relationships with people builds trust and creates opportunities that you might be missing out on.
You might find it harder to shut-off from your work at home because it is right there in front of you. Or find you have a spare half hour at night to get a task done then you are 3 hours down the line and missing out on much needed sleep and getting stressed. You are going to have to look after your health if you want to be at your most productive on all days.
As much as it is easy to set up home space, there may be some unknown costs to running your business from home. These can include insurance to run your business from home or you may have to pay business rates on your property.
If you have customers coming to your home you may have to be on the ball with keeping your home in tip top condition and offering refreshments. Some of these small things can sometimes add up.
Having a serviced office allows you to have a professional working environment which lets your mind at ease in inviting clients or hosting a meeting within your space because it is a clear environment. Clients are also more likely to trust your business if you have a professional work environment as it can give you credibility and show you as established.
You may also find that you are more focused on getting your work done in an office with less distractions going on and you are know that you are only there to work. When you leave, you can leave your work behind and enjoy the rest of your day or night.
Serviced offices usually come with added services that include a professional reception service to greet your clients, internet, cleaning services, parking, kitchen facilities etc. This might put your mind at ease in terms of less responsibility compared to your home office. Most serviced offices also provide access 27/7 to allow you to tap into that flexible schedule that you are looking for.
A great highlight of having a serviced office is that you get access the community of your surroundings, with other businesses and like-minded people. It is a great opportunity to build relationships and create opportunities for your business. Even if you have come across an issue that you can’t quite get your head around, the chances of someone being in the same building who has went through what you have is quite high and people are happy to point you in the right direction.
It does cost more to have a serviced office compared to your home office. The price of the office is determined by the space and will cover the facilities. As well as your travelling costs that you have to take into consideration also, depending on location. Though you may find office spaces closer than you think as more and more business centres pop up.
Office space rates are not so straight forward. The space is usually charged by square feet rather than a set price for a one person office. The rates differ widely across different brands because they offer different things and is also dependant on location and exclusivity. You are going to have to do your research which will take up a bit of time.
If you are using the space as a studio your visibility will not be as great as having a retail space on a high street. You are most likely going to have to do all your marketing work online and networking to make sure people are aware of you. But the internet is a fantastic marketing tool these days.
What Do I do Now?
Now that you have read some pro’s and con’s about home and serviced offices it’s down to you to make the decision. It is important to analyse your situation and figure out what would be the best move to take your business forward.
What is more important to you at the moment? Time or money? If money might be the issue but you are looking to move into an office. Hanging off at home might be your best bet but you are going to have to get disciplined if you want to make that money. If money is fine but your struggling for time, moving into an office space might be better for you get focused and know your working hours to get the stuff done. It might also save you from travelling places and get people to come to you.
Decide what stage your business is at now. If you are just starting-up and not quite sure where the future lies, taking up an office space now might not be your best bet. Whereas if you are seeing your business starting to grow and taking on staff, an office space might be the viable option.
It’s important to note that the above options are not the only ones. Co-working is a cheaper alternative popping up everywhere with some of the same benefits as having an office. Or there are virtual offices also giving you a business address without giving away your home address.
Look at where you are now and continue to do your research.
LibertySpace offers great working options including serviced offices, co-working, virtual office and storage in Kinross, Rosyth and Dalgety Bay. If you are interested in office options or would like to chat further you can enquire at firstname.lastname@example.org or call us on 01383 427330.