Pros & Cons Of Renting An Office
When you run your own business it can be quite a challenge when you’re looking to scale the business and you’re working from home the whole time, so one thing that many business owners will eventually have to decide is whether or not to look at renting an office.
The thing with renting an office is there’s no right or wrong time for every business owner and this is something that is individual and only you can know when the right time is, and as with everything there are definitely pros and cons to renting an office versus working at home, so in this post we are going to share with you just what those are so that you can hopefully make the right decision for you.
Good for building a team:
If you’re looking to build a team – especially an in-house team, then having an office definitely makes sense since it’s a good way to have everyone in the same place at the same time for things like meetings, and just to have a more team atmosphere. Of course you can still have a team if you work from home, but ultimately if you want to stay with your team then it’s going to be a bit easier to have everyone working in the same place.
Better work/life balance:
One of the best arguments for having an office for your business is that it can really help you achieve a proper work-life balance. Many business owners and entrepreneurs really struggle with work life balance when working from home, so having an office where you come in at the same time and leave at a certain time each day and are able to switch off when you get home can really be a big positive influence in your life.
Looks more professional:
If you’re going to be working with clients or even just inviting them in for meetings, then having an office can definitely set you apart from someone who works at home and make you look a bit more professional. Of course having your own office says nothing really about your ability to do your job for your clients, but the societal attitudes are still there that having a business and having an office go hand-in-hand, so if you’re looking to appear more legitimate and professional to your client then having an office could be something to consider.
It’s an extra cost:
Having an office certainly isn’t cheap and it’s going to be an expense, so it’s really important that you make sure that you can afford it and that you’re not going to be leaving yourself short every month in order to create some kind of impression for people. Whether it’s the rent itself or doing things like hiring office fit out contractors or even just the monthly bills that are incurred from running an office, you’re definitely going to have expenses to pay each month.
You’ll have to commute:
One of the major downsides of working in an office vs working from home is that you’re going to have a commute every day, so it’s really important for you to decide if this is something that outweighs the benefits of having an office or if it’s something that you’re willing to compromise on in order to have an office and scale your business in the way that you want to.