Starting a small business is a big deal. If you’ve been able to run your business out of your home up until this point, you’ve likely been able to save yourself some money in the process and have a little more flexibility with your home life. But if staying in your home doesn’t make a lot of sense for your business at this point, knowing what next step to take and when to take it can be hard to figure out.
To help you with this, here are three things to consider before moving your small business out of your home.
The Financial Impact
The financial aspect of moving into your own commercial space is likely going to be one of the biggest things you’ll need to consider. If you can’t afford to move out of your home, then trying to move forward with any kind of move doesn’t make sense.
To help you determine this, you’ll need to think about all of the financial impacts a move will have on both your business and your personal finances. Things like the cost to move, the cost of commuting, the cost of rent, the cost of utilities, the potential tax implications, and more will all need to be heavily weighed when making this decision. Take the time necessary to see exactly what your costs are now and what your costs would be if you chose to move. And if it makes financial sense, you can then continue forward with considering moving your business out of your home.
Depending on the type of business that you’re running, you’ll also need to think about how moving out of your home might impact your customers or clients.
In some cases, moving into a commercial space might have a positive impact on your customers and clients, as they and everyone else might be able to view your business as more professional and legitimate. But if your new commercial location will be further away from your customers or clients, getting them to follow you could prove to be a challenge.
How Fast You’re Growing
Another thing you’ll want to think about as you’re considering moving your business out of your home is the rate at which your business is growing.
The last thing you want to do is buy commercial property only to outgrow it in a few months. While you can always lease that business property, ensuring that you’re moving into a space that will suit your business for at least the foreseeable future should be your goal.
If you think your small business might be ready for its own commercial space rather than being run out of your home, consider using the tips mentioned above to help you prepare for this possibility.