In 2019, there are plenty of reasons why you might want to start your own business. However, doing so can be a costly venture and so making some decisions can come down a weighing of costs first and foremost. But, as you start to develop and create a revenue through your business such cost factors may become less important. And when you get to that stage you may consider expanding your business - which may include moving into a commercial office space.
Likely, you will have started your business working from home and moving into a commercial space is the likely next step. But, it is important to weigh up whether that is currently feasible for your business and what the benefits for that would be.
So, with that in mind, here are the various pros and cons of working from home vs. renting a commercial office.
Home Office Pros
You will hear lots of stories about companies that start out in someone’s garage or back room, which makes sense. It’s definitely the inexpensive way to get your business off the ground. But, there are also a number of other benefits too, which include:
Inexpensive or free (depending on your living situation).
No commute, which can often be a source of wasted time.
It’s convenient - everything is all in one space and you don’t have to exhaust yourself with the usual issues that come with working from an office (spending more money on food, commute costs and other such issues).
It’s easier to get work done at home with fewer distractions - you’ll be more productive.
Communication can become more efficient, as you don’t have to have a ‘quick meeting’ about things when simply trying to get a cup of tea. It streamlines the whole process.
Home Office Cons
Of course, it’s not all hunky dory when it comes to working from your home office. There are plenty of downsides, which include:
It’s easy to forget to stop working - there’s no one to monitor you clocking out. So, you have to be careful not to overwork yourself!
Technological limitations might stop the growth of your business. For example, you won’t have access to a meeting room with a projector or other such presenting tools. Which can sometimes come across as amateur.
If you work from home whilst in a larger corporation, then coworkers can very easily belittle or not recognise your contributions to the company. Complaints that you are not ‘pulling your weight’ may become all too frequent.
There’s limited human interaction - so, you may get lonely.
You may be less productive, depending on your ability to commit to working with so many comfortable distractions around.
Commercial Office Pros
Renting a commercial office or even just setting yourself up in a coworking space, which has become more and more popular in recent years, comes with a number of benefits.
Having your own office makes you appear more professional.
It gives you room to grow, as your back room/garage/kitchen table can be quite restricting. A dedicated property management team can help you pick a space which suits your current growth metrics and ideal future plans.
A dedicated workspace for meeting client and working can help you strike a much healthier work/life balance.
If hiring employees is in your future plans, then an office can be a good as it gives you a professional environment to interview and allow those employees to work from.
Commercial Office Cons
Again, there are also some cons to be found from working in an office space. Which you may have already experienced if you have worked a traditional 9 to 5 job at any point in your life.
It can be very expensive, draining your resources in the opening stages of your business. Such a high expense could mean your business fails before it is even given a chance to properly launch.
The time needed to commute can also become an issue, depending on the location of your chosen office in relation to your home. Suitable office space or coworking buildings may not always be within a distance which is easily traversed.
Office-appropriate clothing may also be an added expense.
Taking time off to deal with sick children, maintenance men and other home interests also become an issue. As you can’t just pop in and out of the back room. It becomes much more like a traditional working life, removing some of the freedoms you might have come to enjoy from working at home.
At the end of the day, choosing between a home office and a commercial space is completely dependent on your preferences and plans for growth. One may suit your business above the other, which is completely down to you to decide upon.