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Where to work
Where to work
Where should my business be based?
You can:
- Work from home
- Rent office/work space
- Buy office/work space
How do I decide?
First, make a list of what you need your business premises to provide. For example, you will need to think about the following:
- Size, layout and appearance of your premises
- Special requirements, such as employee/visitor facilities, power, drainage, and planning permission
- Location
- Your budget
Should I work from home at first?
Working from home could be the ideal solution for you, but before choosing this option, make a list of the pros and cons, for example:
Pros
- No more commuting
- You can set up very quickly
- Inexpensive option
- Convenient – able to work at hours that suit you
Cons
- You may get lonely and miss the camaraderie of office life
- You may get easily distracted by domestic issues
- You may find it difficult to get motivated
- It may be more difficult to project a professional image
I think I may need to rent premises, what do I need to consider?
You will need to know:
- Rent and deposit costs.
- Business rate costs.
- The length of your rental contract. You don’t want to be tied in for too long, or have to leave just as your business gets going.
- If you have the right to renew your rental contract.
- Who will be responsible for maintaining the premises.
- If you will be allowed to decorate, make alterations or move things around.
Is serviced space a good idea?
This means renting fully furnished and staffed offices. This may be a good option if you want to project a highly professional and polished image when first setting up your business.
However, renting serviced space is more expensive than traditional renting, and so is not usually considered a long-term option.
Should I buy premises?
Buying business premises can be a good idea in certain circumstances, for example, if you want a shop combined with living accommodation. However, there are a number of advantages and disadvantages to consider, for example:
You will need capital to buy premises which will reduce the amount you have to invest in your business, and you will be committed to various ongoing costs associated with the property. Generally, buying involves more risk than renting.
However, advantages include not being tied to a fixed term renting lease, and having more freedom over how you use and manage the property.
Where can I find more information?
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