When to Give Up Your Home Office for Commercial Space

When to Give Up Your Home Office for Commercial Space
  • Opening Intro -

    You've been soldiering from home for many years, making a living and expanding your business.

    You're not quite on par with Bill Gates who got his start in his home's garage and eventually launched Microsoft.

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Making the transition from your home to a rented office.

But, your business has certainly gone beyond the section of your family room you carved out when you first launched your enterprise. You’re making a living and comfortable in all that you are accomplishing.

Moving Out

How do you know when the time is right to start a business? Quite frankly, you’ll just know it. Let’s take a look at some points to help you make the transition and get over any fears you may have in going from the home you own to property you’ll need to rent.

You’ve outgrown your quarters — Simply put, if you don’t have the room in your home to house your current business needs, then it is time to move out. You may have thought about expanding your home, but if your forecast shows you outgrowing your home in the next few years, then a move sooner rather than later may be in order. You know that it is time to move when your kitchen becomes your office and when employees know their way around you home as well as you do.

Your budget allows for a move — Don’t plan on going anywhere if your funds cannot support rent, utilities and all the costs related to renting. Likely, you know how much money you have available, but you may not have considered other factors including purchasing furniture, installing separate phone and computer systems, buying wall decorations and the many other costs related to renting.

Know your market — The commercial real estate market is far different from residential real estate, but there are some similarities. One thing that is nearly the same is that both markets have seen prices fall rapidly in recent years. You’ll need to find a broker who knows your area well and can find an office that suits your needs. If you need easy access to the public, then you’ll want a location with excellent foot traffic. However, if you need space that doesn’t have to be easily accessible to customers stopping by, then a more secluded location should be sufficient. You’ll pay more for a location that is front and center. You’ll save plenty with an office or space that isn’t along a busy road or located in a popular strip mall. You’ll want space that is secure and safe for you and your employees, with sufficient parking and likely enough natural light.

Final Thoughts

When looking for a broker, you’ll want to hire someone who is a skilled negotiator and find property based on your precise needs. Certainly, your input is important, but leave the work of finding a place to the person who knows your market while you concentrate running your business. This person can offer to you invaluable advice including securing insurance, working with an attorney and planning for the future.

See AlsoHome Office Tax Tips for the Self-Employed

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