The biggest dilemma for small business owners: where to work.
You want to be productive, and you want to take advantage of the self-employed lifestyle. However, deciding between renting office space and working from home is not as easy as one would think.
You have the obvious costs to worry about, but also the balancing act of separating work from home.
While you might be leaning toward one or the other, making an in-depth comparison could help highlight the best route for your small business financially and emotionally.
Small businesses are a growing trend in the country. As of December 2012, there were almost 1.2 million small businesses, according to Start Up Canada. About 85 percent of those small businesses survive the first year, while only 51 percent survive five years. Considering that you have a 50/50 chance of success, it is imperative you give your business a good start; and, where you set up your office could make a difference.
Considerations for Working at Home
The biggest benefit to working at home is the savings. You do not pay a rental fee to work at home and you can even utilize the space you use within your home as a tax write-off. However, the price you pay for saving in those could cost you more elsewhere.
The Costs of Staying at Home
- The Balance of Work and Home Life: When you work at home, you now must balance home life with work life. From keeping kids on schedule to managing the distractions, the lines blur significantly when your workplace is home and vice versa.
- Utility Costs: When you work at home, you need the environment cool in the summer, warm in the winter. When you work away from home, comfort systems are not running continuously. Therefore, you will have added utility costs while you are at home.
- Purchasing Equipment: To set up your home office, you have plenty of upfront costs. Things like office furniture can add up to be a significant investment.
The Benefits of Renting Office Space
When you rent office space, there are no capital costs. Renting co-working space or full office space may have a monthly rate, but when you rent space from Agile Offices, you get:
- Utilities Included: Save on the cost of utilities at home and enjoy free services with the cost of your rent.
- Furnishings Included: Whether you rent the meeting rooms, take up in the co-working spaces, or rent an entire office, you get all of the furniture you need for a professional-looking space.
- Scalability: When you work at home, you cannot scale your business; you only have so much square footage in your house. With Agile Offices, you can rent more space, decrease space when times are slow, and even add virtual services.
- Professionalism: Frankly speaking, your business is taken more seriously from investors and prospects when you have an office.
- Separation of work and home: No more juggling work and home life. When you rent space, you have a private place to store your files and entertain prospects – and you also have a distraction free environment that doesn’t require your immediate attention due to your proximity.
Explore the options of Agile Offices today by calling us at 855-924-4539 or contact us online.