When it comes to running your own business, one of the questions that will ultimately come about is whether or not it’s time to have your own premises in order to grow and scale that business, and whilst there’s certainly no right or wrong way to go about this since some companies are run completely remotely and have a huge team who all work from different places without ever being in the same office, it’s your job as the owner of the business to decide if and when you’d like to expand your company and have your own premises to use for the business.
There are obviously going to be pros and cons to each option, so for the sake of this post we’ve listed some of the things to consider when thinking of having your own company so that you can weigh up the pros and cons for yourself to decide if this is something that’s a good fit for you or not.
Pros:
1] Better work/life balance:
Although you may not think of an office as the right place to think about work/life balance, when you’re running the company it can actually be the best place for this to become a priority because as the business owner it’s natural that you try and do everything and this often means pulling things like 18-hour days, but this can seem easy to do when you’re working from home and don’t really make a good line between home and work life, however, when you’re in an office that has open and close times and then your employees are going home at a certain time, then it’s going to be something that you start doing as well.
Not only this, if you have a family at home, they’ll be expecting you to come back at a certain time, so you’re not going to be able to spend all night in the office, and this is a good thing because it will definitely create more of that work/life balance you need so that you can go to work and be more focused whilst there and then come home, spend time with your family and take some time for yourself to relax and unwind after working all day.
2] It can boost your credibility:
Another great thing about having your own office is that it really does reflect better on you as a business owner and will boost your credibility a lot more in the eyes of your potential clients – especially since you’ll be able to have them there for things like meetings so that they can see you in person and get a feel for how you run your company so that they can decide if they’d like to work with you or not.
Although having your own office really doesn’t say anything about your ability as a business owner, and certainly not about how well you do your job, it’s unfortunately just a belief that many people still have – even if it’s unconscious, so if you’re looking for clients to take you seriously, then having your own premises is definitely going to make that a lot easier for you.
3] It’s easier to build a team:
Whilst you certainly don’t need a massive team to have a successful business, having people to support you in growing your company is going to make a big difference in your success, and if you do want to have a team that doesn’t work remotely or you just want to have the option of having things like in-person meetings, then having a premises for your team to come and work is definitely going to make this much easier.
Cons:
1] It can be expensive:
Of course, having your own premises for your business is going to be an added expense, and this isn’t always going to be a small expense – in fact it can be really costly to rent or buy a place for your business, so this is definitely something to think about when trying to decide if you’re going to get your own premises for your business or not and also make sure it’s also something you can actually afford and that you’re not getting a place for the wrong reasons – such as just because you think you’re supposed to or because you want it to look like your company is at a certain level. This is never a good idea if you’re doing it for the wrong reasons – especially if you’re going to leave yourself struggling to pay for it in the end.
2] It’s a big responsibility:
Having your own premises is definitely a big responsibility that goes far beyond just taking a place and paying for it each month.
You have to be responsible for so many other things, such as the upkeep of the place you’re taking on, then you have to hire people to come in and make sure it’s clean, you also have to be responsible for keeping it secure, and also for making sure that the office has all the equipment that’s needed to make it easy for your employees to do their jobs, such as computers, internet connections, and even coffee machines and functioning toilets – these are all things you’ll need to think about before deciding if you really want to take on a place or not.
In addition to this, you’re also responsible for looking after your staff and making sure they’re safe and comfortable at work, so having things like good break rules in place, workplace wellness programs, and even things like regular meetings with your employees to ensure they feel good and are enjoying your company are all important parts of being a leader of a company and a team.
3] You’ll have to commute:
Probably one of the very best things about working from home – either when you’re self employed or when you work for someone else is that you no longer have to make the dreaded commute to the office each day. However, a downside of working in an office, even if it’s yours is that you’re going back to that commute.
Now, of course you’re going to have a bit more control over this if you’re the owner of the company, since firstly you’ll be able to choose where your office is, and although it’s good to have a working routine, you don’t have a boss breathing down your neck if you’re coming to work 10 minutes late, so you can definitely be a bit more flexible and even start work after the morning rush hour is over, so if you want to make the commute a little less stressful, then this is definitely one way of doing it.
We hope that this post has been useful in helping you see that there’s certainly no right or wrong time to decide if or when you should have your own premises, and if you do decide to do it then it has to be on your own terms and not when other people or circumstances tell you the time is right.
As you can see from this post, having your own premises for your business is a big responsibility and only you can be the one who decides if and when you’re ready to take on that kind of thing – both financially and from a time and energy perspective.
Even if you’re not 100% sure if this is the right thing, then perhaps start off slowly with a co-working space or an all-inclusive office space that rents out places by the week so you can get a taste of what it’s like and if it’s going to be suitable for you.
