Last year, as businesses scaled down or even closed down permanently, there was a curious rise in new business applications. Perhaps it was precisely because of these job losses that people decided to set up their own shops, choosing the entrepreneurial route as a new way to earn a living.
The pandemic, which has been an opportunity for many to slow down and self-reflect, has also encouraged people to revive old dreams and pursue old passions.
There are many other reasons why people like you have decided to open or expand a business, but the common thing that you all have is the need to find office space.
You’ve got your business plan mapped. You have formed an excellent team to help you put it together. Now comes the next important question: where do you hold office?
As a budding enterprise, a big city office might not be within reach at the moment, but starting small has proven effective for many of the biggest businesses today.
Microsoft, Amazon, and Facebook are just some of the many corporations that started out in garages, dorm rooms, and basements. Maybe you’d like to take a page out of their books.
Home for Business
Just like those above-mentioned giants, your home might also be your businesses’ first home. There’s no shame in that, and it is, in fact, the reality for many workplaces in this work-from-home era. Even businesses with the swankiest offices in the big city have had to operate remotely.
The home business setup works especially for single proprietorships or family businesses because their entire staff already lives at home. The key is to find space in your home to dedicate to the business.
Maybe you’re already on the lookout for a bigger home anyway, so when talking to a broker for a mortgage, explain your situation and your plans on having your future home double as your business address.
Whether you already have a home or are still on the hunt for one, the important thing to keep in mind when opening a home business is to ensure that you are able to keep work and personal life separate.
Ensure that your work will not encroach upon your home life. It might be easy to let the stress and problems of your business enter your personal or family space. Likewise, working at home might make it difficult to keep a more professional atmosphere when working. That’s why it’s important to keep these two aspects of your life separate even when they are adjacent.
A level up to the home business setup is to rent out a virtual office. A virtual office is basically just a physical address for your business. Many virtual offices offer other services, such as meeting rooms, photocopying machines, and a receptionist to entertain your clients.
Though these add-ons are great, the essential benefit of a virtual office is really to give your business a professional, legitimate office address without you having to shell out so much capital on office rent.
If you work with other people, it can also give your team the flexibility of choosing to work remotely on some days and meet in the office on occasion.
Similar to virtual offices, the idea of a coworking space is to split office real estate with other businesses. The difference here is that you and your team can actually work full time in these spaces.
Similar to a virtual office, coworking spaces provide you with office amenities and services along with a business address. A great thing about coworking spaces is that they can foster communities. You get to know people from other industries, in startups like yourself. Through activities and lifestyle events sponsored by the space, you get to expand your network as well.
It’s a bigger investment, for sure, but with increasing options, you might just find one that fits your capital.
Small office. Big dreams.
As people continue to move out of the city and work from home, predictions are that commercial real estate prices will continue to decline. That could be good for you, as it could mean that you can skip the aforementioned steps and really just go straight to renting an exclusive office space for your company.
But with suburbs booming due to the big city exodus, should you even be considering moving into the metropolis?
If we’ve learned anything during this pandemic, it’s that nothing is uncertain. Things can change overnight. The important thing is to be prepared, to know your options, and to be open to the possibilities.