Around 69% of U.S. entrepreneurs start their businesses from the comfort of their own homes, Small Biz Trends reports. Whether you’re starting in your living room, garage, or a cheap leased space, launching an online business is an exciting yet challenging time. And once that business starts to grow, you’re met with a whole host of new challenges. Specifically, you’ll need to find an office space that suits your broader needs as your business evolves.
Stick to a Budget
While it may be tempting to splash out on a large and luxurious office, it’s important not to spend beyond your means. By spending more money than you need, you’re missing out on investing it in other areas that can further successfully grow your business. So, unless you think a classy office in a prime location is essential for helping you win more customers or clients, choose a space more affordable. Also, make sure you budget for extra expenses that come with your office space. For example, how much will you have to pay for utilities or cleaning services? Your lease negotiations will determine these exact amounts. Do research beforehand, so you know what to expect from commercial leases in the local area.
Invest in Insurance
It’s important your business insurance grows with your business to ensure you’re fully covered when disaster strikes. Having an office means now you’ll have employees. In particular, office insurance can ensure your business is protected if an employee sustains an injury on the job — whether they’re in the office or even working remotely. The employee is provided with a financial cover to take care of expenses like ambulance services, medical bills, and lost wages that may be incurred during their recovery period away from work. You’re also provided with liability coverage, which helps cover the cost of a lawsuit if the employee were to sue. Without office insurance, you run the risk of incurring expenses that can ultimately end up setting your business back.
The office space you choose should be able to accommodate the changes and growth that happens to your business over time. For example, you may end up needing to switch up workspaces by moving walls and corridors — your landlord should, therefore, be able to facilitate this if and when needed. Additionally, it’s worthwhile considering your plan of action if you experience a sudden growth spurt. Are you in a location that allows you to find a new and larger commercial space relatively easily? What are the consequences of breaking your lease early in order to move to a bigger office? Alternatively, are you able to sublet if you don’t end up using all the space you initially expected to?
If your business has grown to the point where you now need an office, you should be proud of this pivotal life milestone. Making sure you move into an office space that’s within your budget and suits your specific needs can set you up for continued success in the future.