We’ve previously wrote about both working from home and utilizing shared workspace; today, we wanted to continue with that theme, and look at renting or buying your own office or retail space. For many of you, this is a big jump, and you might not aspire to have this type of space, but it might be something worth considering if one or more of these statements apply to you:
- My customer base continues to grow.
- My inventory is outgrowing my current at-home workspace.
- I’m sick of having my cat, dog, fish, child or partner as an officemate.
- Multiple shifts of local baristas know my name, and have my order ready before I get to the counter.
- I want a place to showcase my products or services.
- I want to interact with my customers in my own space.
- I want to see my name and/or logo on a building or building directory.
- Clients are tired of meeting me in cafés and common areas.
- I want a physical address for my business.
- Having my own space for my small business has always been a dream I would like to fulfill.
Before you jump into buying, leasing or renting office space, it’s likely that you will also have to sit down and answer some serious questions, including:
- How much can I afford for rent and utilities?
- Will office or retail space mean I need to expand my staff?
- Am I ready to expand my staff?
- What hours will I host?
- How will I drive people into my location (if storefront)?
- By how much will I need to increase my marketing and advertising budget?
On top of addressing those questions, you’ll also have to crunch some serious budget numbers to make sure that the risk is one that your business can absorb.
This blog only looks at a few of the many decisions that go into running a storefront. Have you moved to your own space or have you thought of it in the past? If so, we’d love to hear in the comments below.