Working from home for your own business can feel like a dream come true: you work on the business you love — in a place you love. At a certain point though, you may need to find office space for your small business.
There is no hard and fast rule for businesses to follow telling them when they should move out of their home and into a rented office. It differs from one business to the next — here are some of the signs your small business needs office space.
Are you ready to take your business to the next level? Contact the Union Main Street Business Banking Team today.
Is Your Business Ready to Rent Office Space?
Only you can answer that question – but here are a few key signs that you are ready to launch!
#1 Your business exceeds local ordinances for a home business
The last thing you want your business to be is illegal. County and municipal governments set restrictions on the number of employees that can work for a home business.
While this type of infraction won’t send you to jail, you never want to knowingly operate your business illegally. If you discover that your small business has legally outgrown your home office, you need to find a suitable office space immediately.
#2 Your business (or employees) are spilling over into your living space
You have a tight knit crew, and the tight quarters don’t bother them. Many growing home businesses are able to accommodate one or two employees comfortably — without disrupting your work or your home life. However, when you start to notice that work (or workers) are getting in the way of enjoying your home, you need to consider moving out.
That disruption can look like invoices piled up at the kitchen table or your kids needing to step over the director of finance to make it out the door in the morning.
#3 You need your own space to meet clients
A brick and mortar establishment adds legitimacy to your business — that’s a given. While the majority of home businesses get by traveling to their clients, occasionally you need to bring people to you. That’s when you need to find office space. This especially holds true if you are setting up a presentation or demoing a product.
While affording an office space for your small business can be difficult, the one thing you REALLY can’t afford is looking like an amateur. Nothing damages your credibility and diminishes your expertise like making your big pitch in a Starbucks!
#4 Your business requires large equipment
Depending on whether your business requires heavy-duty equipment, finding the right office space might be a pre-requisite to take the next step forward.
If you’re helming a primarily web-based digital business, you can likely make do with the space in your home. If you’re a manufacturing business or something like a print shop, you may need to move out before you can move forward.
Need capital for purchasing equipment for your business? Check out our Business Term Loan options.
#5 You can afford it
If your business is profitable enough to be able to rent an office space, that’s a sign you should go for it.
Moving out of your home office into professional office space is one of the ultimate investments you can make in yourself. While it is an extra expense you don’t pay when you work from home, a personalized, professional office space can help your business reach the next level.
Commercial Real Estate Loans from Union Community Bank
At Union Community Bank, we have a passion for helping community businesses take the next step in their journey. If you’re thinking about moving to a professional office space, a commercial real estate loan from Union Community Bank can kick start the process today.
Contact a member of our Main Street Business Banking Team today to discuss a commercial real estate loan and all of your business banking needs.