It’s a great thing being able to turn your passion into a career, but part of managing a small business is timing major investments just right.
For example, moving out of your home and into a leased space too soon could spell the end of your venture, but moving too late may cripple your business because you’re not delivering the kind of customer care and service that helped you grow in the beginning.
So, how can you tell that you’ve reached the sweet spot for moving into commercial real estate? Unfortunately, there’s no formula for hitting that “Goldilocks Zone,” but here are some signs that it might be time to look for an office for rent:
Life is interrupting work. First and foremost, if your home office isn’t a designated office, you need to find somewhere that is. Doing the laundry shouldn’t take center stage to that important conference call and your family and friends should understand that your home work space is still a work space. If the budget isn’t there for an office, consider a coworking space to help you save your sanity and your company.
You’re running out of storage space. Although eCommerce businesses will feel this pinch earlier than service-based companies, every small business needs storage for hardcopies of records and equipment, along with productivity tools like whiteboards. Trying to cram too much stuff into your home office can ultimately lead to a chaotic workplace where nothing gets accomplished.
There’s not enough workspace for your employees. As your business expands, the workload will, too. You and a single employee may fit well into your home office space, but as your team grows, so will their needs. Sharing a small office between a large team can make it hard for any team member to do their job efficiently without getting in the way of other workers.
You’d like to provide walk-in services to customers. Many small businesses can happily thrive without ever seeing their customers face-to-face, but others depend on walk-in business to survive. You’ll have to gauge where yours falls on the continuum, but the last thing you want is for customers to show up at your home — that’s a situation that promises to be trouble the first time someone has a major complaint.
Deciding when it’s time to move out of your home into a commercial real estate space isn’t cut and dry, but if you’re starting to feel cramped in your current office it’s definitely time to start thinking about making a change. When you’re shopping for an office for rent, plan ahead and take your time to ensure that you’re getting the best space for your needs. If you have any questions about your commercial lease, make sure to consult with a commercial real estate agent.