Working out of a home office can be convenient (and budget-friendly) when you’re just starting out on a new venture. But as your business grows, a home office can quickly become impractical and even sabotage your success. On the other hand, renting office space – even small, flexible spaces like the ones at Jay Suites’ Office Centers – can be a substantial expense for startups, especially in New York City. So how can one find balance? To help you determine whether your business would actually benefit from a professional office space or you’re just overhyping its performance, check out the tips below.
1) You have employees
This is one of the top signals that it’s time to leave your home office – but take careful note: the focus here is on full-time, on-location workers rather than merely a general count of the people that provide services for your business on a remote, freelance and/or consulting basis. While many aspects of running a business can be accomplished in the latter format (which is usually recommended for new ventures) as your business grows, you’ll likely eventually hire people to support you on a daily basis. If sharing a space makes your cooperation more productive, you may see less distractions and better performance in a professional office space, particularly if you have several employees.
2) You have equipment
If your business provides a service, it makes sense to start out with a limited capacity so you can maximize the return on your investment. But when you’re regularly sold out and have to turn away demand, it may be time to expand. This doesn’t mean you should multiply your capacity; you may just want to double it initially, for instance by purchasing an additional machine. If your home office poses space constraints, or you need additional furniture to store records and files, you’ve probably outgrown your home space and should rent a professional office space.
3) You have meetings
Though many meetings can be held in your home office (or even just the local coffee shop), larger meetings with multiple attendees often require professional meeting rooms. When you’re just starting out, these can be rented on an hourly or daily basis – Jay Suites Office Centers manages five locations throughout New York City. But if you’re spending most of your days in these spaces and commuting to them, you may want to look at office space packages that include meeting room time, such as the ones from Jay Suites Office Centers. Depending on your situation, these can save you both time and money.
4) You have mail volume
In the early stages, you can maintain a prestigious business identity while working from home with virtual office space plans, such as the ones from Jay Suites Office Centers. These plans will either forward your mail or designate an inbox that you can check on your own. Both options are excellent when you receive just a few pieces of mail every week; if you’re processing more than that, and you definitely need that Manhattan address, it may be time to get a real office at your virtual address. This indicator can be tricky, so you may want to evaluate it in conjunction with the other signals mentioned above.