There are plenty of great reasons to set up a home office. One of the perks of working from home is being able to take breaks when you want to, spend time with family, etc. However, this can quickly eat up your day without you realizing it. There’s nothing worse than picking up the phone with an important client and having a knock on your door or your child ask for something.
But as your business expands, you might begin to feel a little cramped in your home office. If, for instance, your “office” is little more than a desk packed into one corner of your living room, then it won’t be long before your freelance life—printers, paperwork, contracts, and file cabinets—begins to invade your personal space.
That’s when you know it’s time to go out and look for a small office space for lease. Establishing an office that runs efficiently requires accurate calculations of the space needed and what is affordable.
There is credibility that comes from an office with a business sounding address. For example, you nothing about two consulting firms. You only know that one consulting firm everybody worked out of their homes and the other firm had an office in the building next to the courthouse, you were a serious buyer of consulting services, from which consulting firm would you purchase consulting services?
There is real opportunity to start a business today because many, many businesses that existed prior to the recent recession have closed their doors and left wide range of parts of market with little choice . Many long-standing client relationships have also disappeared. More than anything else right now, consumers and businesses want the lowest cost, period! This presents a great opportunity for entrepreneurs who want to position themselves in the marketplace as the lowest-cost provider.
But before your jump into this roller coaster ask yourself a few questions…
1. What kind of business will I begin?
Do what you love to do. Businesses don’t just happen. They are made. Most people do the mistake in opening a business they know nothing of. Your success relies on what you bring to the business. If you love what you do then chances are your business will be successful. Don’t be tempted to start a retail store just because you find a cute, affordable space.
2. Where will I get the money to start my business?
Start up business funding and start up business grants are hard to come by. Ensuring you have the funds necessary to stay viable past the first few months, when business will be at its toughest, is extremely important. If the only problem you have is a momentary lack of funds, and you have a decent credit rating, speak to your bank about a business loan.
3. Do you know how to run a business?
Running a business takes different skills than practicing what you know or love. If you don’t have an idea on how to run a business, then start today learning how to do it, or find a friend that has same knowledge on this and can give you some advice.
Yes in fact many businesses that go under is because they didn’t have a business plan before they started. Creating a real business plan is hard work and a pain. But it is hard work that will be rewarded. It forces you to think past rationalizations that we all tend to make and come up with something real and doable.
If you are on a tight budget and are unsure exactly how long it will take for profits to flow in at a strong level on a regular basis, consider starting a business with a home office. New businesses die every day and many suffer a premature death simply because the new owner ran out of money.
Before signing on a lease, it’s always important to know what you’re getting yourself into. By carefully reading the lease entirely can help straighten out any probable problems before they happen. For first-time renters, signing on the dotted line is often thought of as just part of the rental process. The excitement that comes with a new office space sometimes surpasses the responsibilities that go with renting an office. Before signing that lease, it is important to read the fine print and be aware of what your landlord expects of you, as well as what you can expect of your landlord. Make sure you review the lease carefully for requirements relating to often overlooked polices such as guests, parking, pets, and painting. Here are some other things you might want to be aware of before moving in:
– As soon as you sign, you’re stuck…….at least until the term of the lease ends. Many people think that just because you’re not buying the space, you can bail out if things don’t go right for the business. But that’s wrong, a lease is a contract, a legal commitment. So take a second look and inspect the place, know what you getting yourself into before you move in and realize you actually need more space or that the building is not so safe at night.
– Second thing to consider is know exactly what is the tenants responsibilities. Before signing the lease, make sure you have actually inspected the unit you will be moving into. Make sure there are no damaged areas or safety hazards. Inspect all window and door locks to make sure they are in working order. If anything needs to be fixed, make sure it is taken care of before you move in, or have it added to the lease (in writing). Make sure any pre-existing damage the landlord isn’t going to fix, for example, stained carpets, broken blinds, or stained walls, are written into your lease agreement as “pre-existing”. If these damages go undocumented you can end up losing your security deposit or even charged for those damages when you move out.
– Security Deposits is another major thing to educate yourself on. Many landlords and rental agencies will charge what is called a security deposit. This deposit is usually equal to one or two month’s rent and is refundable if certain conditions are met upon moving out of the rented space. The purpose of the deposit is to ensure that rent is paid on time, and to cover unusual repairs that may be needed when a renter moves out due to damage caused by the renter. So be careful and document any and all repairs requested from the landlord as well as any repairs done by you.
– More importantly, what are the terms of the lease? If you expand rapidly, is there a provision for breaking the lease at minimal expense? If you later downsize, will the lease allow you to sublet the extra space you don’t need? Before signing any agreements, check out the landlord, too. Discuss the terms before requesting a lease and make sure the landlord spells out each party’s obligation prior to signing the lease agreement. Leases are written by the developer and/or their lawyers so most are tilted slightly in their favor. If some things seem unfair do not hesitate to have a lawyer review or ask for clarification from the landlord.
– The last and most important fact is that there’s too much space around for the number of active businesses. For the first time in many years, tenants are in demand. For every business that closes, another space comes onto the market. So now as a tenant its your chance to negotiate better terms for your lease. Ask for a shorter term. Don’t get tied up in a long term lease, that down the line if your business doesn’t pick up you will still be responsible for the remaining months. You’ll also want to factor in and negotiate rent increases over the term and renewal options so that you are not unexpectedly hit with a rent increase without warning from your landlord – something that can quickly compromise you cash flow and margins.
When you’re a new business start-up, or an entrepreneur with a great idea of starting your own business but with limited resources, then the best way to start your idea, while still maintaining professional appearance to your clients, is to lease a virtual office.
The benefits of setting up a virtual office for a new business is apparent.Not only do you save the company money in rent and rates , you achieve a appearance of professionalism and it gives you the freedom to work not just from home, but literally anywhere, meaning you can get out on the road and do some much needed prospecting.
A virtual office is like a traditional office it provides all those services that you expect from a real office without the cost of a traditional office.Even the tiniest of offices can run several hundred dollars a month plus the cost of commute, the furniture and computers , and at least one telephone line the cost of doing business can become overwhelming.
Setting up a virtual office can seem a bit intimidating at first, but once you get the idea and get a feel of the benefits, it’s really quite easy. With today’s technologies and the use of a virtual office, there really are no boundaries. With a virtual office you can spend more time with your family, work from almost anywhere, and your clients never need know you don’t have an office downtown, if you prefer them not to know.
Due to the bad economy and not a lot of jobs out there, people are now taking the opportunity to build a business and develop a clientele. A lot of individuals take the plunge and take advantage of the many opportunities and resources available when starting your own business.
Starting your own business gives you the opportunity to follow a dream or interest. Pursing a passion as a career by starting a business can increase your motivation to work and overall job satisfaction.
Many people like the idea of not being restricted by the rules and regulations of a job. When you have your own business, you set your own hours and come and go as you please. Initially, many owners may need to work more hours per day than a standard job. But when the business is established, they may be able to take time off and hire help to run the business.
To better understand why people start their own business, we asked many new business owners what motivated them to start it.
69% Of them answered “Be my own boss”
20% Of them answered “Follow a dream”
11% Of them answered “For Financial Stability”
It’s interesting that the desire not to have a boss is the primary motivator of entrepreneurs because “being one’s own boss” appears to be the prime source of entrepreneurs’ job satisfaction.
While there are many answers to the question why start a business, the best answer is the one that motivates you to take action. If you encounter any obstacles along the way, reminding yourself why you became a business owner in the first place can help you regain your focus and enthusiasm. The rewards of starting and operating a successful business are unparalleled in the world of work so start brainstorming and come up with your own answers.
Renting office space can be complicated because it’s difficult to tell what needs your business will have a year, or five years, into the future. If you’re considering renting office space for your business, it’s necessary for you to understand how the process works. Renting the proper amount of space, in a location that suits the business, sometimes involves making a gamble. Remember, though, that the property owner doesn’t share in this risk-taking, and it won’t be his or her problem if the office turns out not to suit your needs. Below are 5 mistakes that can often be made when renting a new office space, and can be easily prevented:
Make Sure Premises look Professional: Don’t underestimate the value of appearance. Depending on how your office looks is how your customers will see your business. If your office doesn’t look professional than chances are your customers won’t take your business so seriously. Look for something nice and not expensive. Check out an office from Van Nuys Offices, they have a variety of offices available for any type of business use and their offices have a professional atmosphere.
Negotiate the Price: Offices in places hard to find offer lower rent prices than those within easy reach of amenities and transportation. Yes maybe this is how much you can pay and all the other offices are off your budget. But will your customers be able to find you. Negotiate the price on an office easy to find. It won’t hurt by asking.
Signing a lease: Signing a lease for renting office space isn’t something to be taken lightly, and it can have serious consequences on the success of your business. Before you sign a lease or agree to rent, make sure you have an attorney in your area look it over to ensure your rights are protected fully and that you understand all clauses and obligations contained within the lease. Van Nuys Offices has a set flexible agreement, so you are never tied into a long term agreement and can change your office space as your business requires.
Not Verifying Building Mobile Phone Reception: In today’s environment, data, power, networking, and HVAC capacity and availability are crucial. We all experience weak signals on our mobile phones at some times in particular places as we go about our daily lives, but it’s a major issue if each and every member of staff has issues making use of cellular devices and smart phones from the work environment. You should ensure that the building you intend on occupying is capable of providing the network connectivity and other building systems necessary for a your business operation before signing any lease.
Not Designing the New Space Prior to Lease: Many companies fail to consider their future business requirements when looking for office space and they end up outgrowing the office space before the lease is even up. Ensure you have enough space for additional employees or equipment when calculating how much office space you will need.