Having a home-based business can seem like bliss, at least in the early days of a startup. Using your humble abode as your business premises is perfect to help you save on overheads. You won’t have to pay for any extortionate business rates or leases on office space. Instead, you can utilize the space in your own home. Setting up a home office in your study can help you separate your home and work life, allowing you to maintain a balance. You can work in the study from nine to five, while taking a lunch break and relaxing on your own sofa, sipping your favorite cup of coffee, and watching the TV. You can even take a break to have a stroll outdoors and to relax in your back garden.
What may sound like bliss initially can morph into something more problematic. While you might enjoy being at home, the allure of having a lie-in every day, working in your pajamas, and staying parked in front of the TV with your laptop can be too tempting. These habits can make procrastination kick-in leading to less productive days and a weakness in your business. You need the impetus and drive to be as productive and profitable as possible. You may also find that your business begins to pick-up, the orders flood in, and you have to hire more staff. Adapting from a one-person entity to a small venture with a staff team will require you to move from a home-based business to an office-based empire. Take a look at how you can make a seamless transition without breaking the bank and while maintaining your profitability.
It’s crucial that you can create a cohesive and productive team when you forge the face of your company. You need to be a boss that is respected and liked. By helping your team to work in a positive and dynamic environment, you can be more certain of high productivity levels. Peeling paint, drafty windows, stained carpets, and old hardware does not bode well for inspiring your staff to work at their optimum. You need to get out the white paint to create a brighter atmosphere. Swap the old desktop booths for collaborative working pods. Encourage those water-cooler moments by having a more open-plan environment. Whip up some local artwork and add touches of greenery throughout your office space.
You want your new team to enjoy coming into work every morning rather than dreading it. An office space should inspire. When you head to work every morning, you want to see an ocean of smiling faces, a buzzy atmosphere, and targets being met. If you don’t get the core environment of your office right, you could find yourself enduring a high level of staff turnover alongside a decrease in productivity, seeing the reputation of your business suffer.
To maintain a strong staff ethos, invest in your team. Ensure that you provide the number of a personal injury attorneyshould a slip and fall accident happen in your workplace. Keep health and safety at the center of your staff well-being policy. Have a system of rewards and benefits for excellent work and be the boss that is present on the office floor rather than locked away in your own mammoth study.
Find Your Premises
It’s vital that the office or premises that you locate is in the prime position for your business model. If you are an online-based business, but you require staff to manage orders, the chances are you won’t be customer or client-facing. This means you can cut the cost of your rent by opting for a workplace that isn’t in a city center location complete with footfall and strong transport links. Keep your office out in the suburbs, away from the crowds.
However, if you are a venture that does need footfall, such as a retail outlet, you will require footfall. When prioritizing the needs of your premises, opt for location over size. Go for a central location close by to some of your industry rivals. It may sound counterintuitive to be so close to your competition but by doing so, you are making the shopping experience easier for your target market. Ensure that you pay for the good transport links, the well-built office, and the guaranteed passing trade.
You might even fancy sharing your lease with a fellow business. By pairing up with a gallery or a cafe, you can sell your product while attracting other niche markets such as diners or art enthusiasts. Sharing a lease could help you to secure a larger plot for your premises or a more desirable postcode for your venture.
Moving to an office-based venture can require more funding. While your cash flow may be buoyant, you may find that you need an initial cash injection to help secure a lease for the premises that you need. Think about utilizing your business plan as a working document to inform potential investors of your venture. Take a look at the business angels in your area who are willing to part with their own cash to help young startups to realize their potential. Head to any meeting suited and booted. Have a haircut and appear as professional as possible.
Make sure that your business plan addresses the potential risks to your venture. Don’t exude bravado and state that your business is risk-free. This is nonsensical and shows a lack of business acumen. Every startup faces risks – it is how you mitigate them that will impress the potential investor that you are pitching to. Ensure that you pitch confidently. Exude enthusiasm and ensure that you know your gross from your net. Have all the necessary figures in your head and know your business model inside out. A business angel will be investing in you as much as your startup.
Be clear about where your funding will be spent. Make it clear that a new office space will empower your business to make money for the investor. If a business angel invests in your venture, you can feel certain that you have a money-making idea on your hands.
Moving from home to the office can be a challenge. Follow this guide to make the transition as seamless and as cost-effective as possible.