Is It Time For Your Home Business To Move Out?
The rapid pace of Colorado’s economic environment is both alluring and daunting for small business owners. Consistently ranked at the top for everything from best city to live in (Denver) to technology and business, Colorado is not only attracting people, but it is also bringing in major retailers from around the globe. According to the U.S. Census Bureau, Colorado’s population grew by nearly 200,000 between 2014 and 2016, reaching more than 5.5 million. This boom has created a robust business climate and economic opportunities for entrepreneurs of all shapes and sizes. There are nearly 600,000 small business owners in Colorado despite rising real estate and cost of living rates. While you may have started as a home business because of these rising costs, there may come a time when you must expand beyond the home. This post will cover five reasons to move your business into a retail or office space. A small business attorney can help you make the right decisions for the future of your home business whether you stay where you are or move.
Moving your small business outside of the home is a major decision with a host of added expenses. Rent, agreements, utilities, cleaning and maintenance fees, movers, equipment, furniture, gas, taxes, and permits are just some of the overhead costs and regulations that will differ from your home operations. However, there are many benefits. Entrepreneur magazine discusses some of the arguments for giving up your commute to the spare bedroom.
1. A Growing Business Requires More Space
If your business is thriving, you have no doubt experienced some growing pains. Depending on the nature of your product or service, more customers can lead to storage and space issues. This is further complicated if you need additional staff. Unless you are willing and able to renovate your home to accommodate your expanding needs, you will likely have to rent outside space. In some cases, zoning laws prohibit you from having more than one employee in your home business.
2. Rented Space is Perceived as More Professional by Some
Clients may already come to your home office, which can be a bit of a juggling act when you are trying to portray a professional image. There may be a much broader audience you are not reaching – an audience who is deterred by or skeptical of the home setting. For those potential clients, a larger commercial space instills consumer confidence. The increased revenue from this larger client-base should eventually exceed the costs associated with renting outside space.
3. You May Not Want Non-Family Employees in Your Home
Having staff members in your home, especially if you have a large family or young children, may not be ideal. Unless they work virtually, it can even be difficult to hire the type of employee you are looking for. While a casual, flexible atmosphere is enticing to some, others have a bias associated with home business settings.
4. Your Home Has Too Many Distractions
It can be difficult to stay on task. The perks of making your own hours and dress code can also lead to an informal attitude and procrastination. It might take leaving the home to instill a more focused, productive work ethic, especially with piles of laundry or dishes taunting you in the other room. The demands or interruptions from family members will also lessen without your constant physical presence to which they have become accustomed. Moving into a retail or office space could restore your work-life balance.
5. Working Outside of the Home is Stimulating
Humans are social creatures, and working from home can be lonely. Without the stimulation of colleagues or peers, creativity and progress can be stunted. Even if you cannot afford a larger commercial space, co-working spaces provide lower cost options. If you find yourself easily distracted by isolation, overcompensating by doing housework, running errands, or visiting with neighbors, it is time to move out.
In a community of small business owners, networking and support abound for your growing home business. Everyone, including your competitors, want to see you succeed and stay in Colorado. Financing and grant opportunities are available through the U.S. Small Business Administration District Offices, and there are dozens of development centers for small businesses throughout the state. If the future of your business rests on expansion, but you are still not ready to relocate, there are ways to make it work. You are, after all, your own boss and landlord! If you need to hire employees, perhaps you can hire other free agents or ask that they work remotely. Storage facilities may offer a solution to your overrun piles and stacks. Business centers are temporary offices that provide space and amenities, like meeting space, office equipment, and receptionists. A small business attorney will help you decide whether it is best to stay or go and adapt to your changing needs.
If you need help deciding what to do with your home business, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Business Lawyer. Phone: 720-258-6647. Email: email@example.com
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