Russ Dalbey's Blog

It’s ironic: many entrepreneurs start up their own businesses to facilitate working from home and staying closer to their families. But there comes a time in every successful home-based businessperson’s career when the question comes up: is it time to start thinking about renting a dedicated office space?

While some home-based entrepreneurs want to remain just that – HOME-based – there are plenty of sole proprietors who decide having an office space away from where they live is the best option.

This can certainly be a valid choice, but one that requires some thought. There are many considerations that go into renting office space. Consider these five points before you decide:

1.    Financial: Make sure you’re ready. Look carefully at your past income levels to make sure that the new expenses of your office space won’t eat up all your profits.

2.    Lease terms and location: Obviously, the office must be convenient to you (and your clients, if they will often need to visit you there). Make sure you read the lease carefully before signing; you might even consider having a lawyer look it over for you. You don’t want to be caught in a lease that binds you to a place that, in the end, doesn’t work for you or your business.

3.    Consider it from a customer’s view: Is the office clean? Is it in a safe area? Remember, the office space will be a reflection on you, so it needs to be as professional as you are.

What about the other tenants in the building? Is the overall office culture laid-back and casual or is it buttoned-up and more conservative? What hours do the other office residents keep? Does the culture fit your style? And what will that culture say to your clients about you and your business?

4.    Consider your “office mate” carefully: If you’re going to rent an office with a partner to cut your costs, make sure it’s a good fit. You don’t want to end up with people who leave your shared conference room a mess after a late-night brainstorming session, expecting you to play clean-up crew, when you really should be focused on prepping for your own client meeting.

Your office mates are people who you will be in contact often for many hours every week. You don’t have to be best buddies, but it is important that you like them. You must have a respectful relationship with good communication. Everything from a schedule for sharing the conference room to how you will split the bills for the phone lines and utilities needs to be discussed and agreed upon.

Also, remember that signing a lease with someone is a legally-binding relationship. Make sure the other leasee’s business is stable, legal, and sustainable. You don’t want an office mate who might “flake out” and go under in six months, leaving you holding the lease.

5.    Trust your gut: If you look at a rental space and it doesn’t feel right, it probably isn’t. If you walk in and think, “Wow! I could work here!” then go with it.

If you are indeed ready to expand and make your office space a reality, then go for it! In many situations, you can’t really get “big results” without some real room to grow.

Warmly,
Russ

Founder of Winning in the Cash Flow Business
Dalbey Education Institute

Founder of Winning in the Cash Flow Business