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Every small business needs a home, but where is yours?
You need somewhere to set up shop and conduct your daily business. At the same time, having a home for your company is essential when it comes to your professional image. People need to know where you are based – or how they could visit you or contact you via direct mail. With that in mind, here are some top tips to help you find a home for your small enterprise:
Tip 1: Consider if a virtual address is enough
To begin, think about the idea of a virtual address.
What is this?
It’s an address that’s attached to your business, but you don’t actually base yourself there. It’s typically used when you work from home but wish to maintain a professional image and look like you have a legitimate business address. This could be a good idea for some small businesses, particularly when starting out.
Ask yourself, do you actually need a home for your company? Could you do all of your work from home, or remotely? If you don’t have employees, this is a very smart idea to help you save money while still looking like you have a proper business address.
Tip 2: Think about the location
If you are going to work elsewhere, you need to consider the location of your business’s home. Ideally, you want a location that offers the following:
- Easy transportation access
- A steady flow of foot traffic
- A good reputation for your business
- Excellent networking opportunities
For instance, if you want an office, you need to look for commercial real estate listings in busy business districts. These places will usually be full of other companies, offering all of the above. It’s better to work here than somewhere that doesn’t offer anything. You could find a cheap office in the middle of nowhere, but you miss out on networking opportunities, it takes ages to get to work every day, nobody ever walks by to see your business and generate brand recognition, and it does nothing for your reputation.
So, try to find places that will be worth renting as they provide benefits!
Tip 3: Take your budget into account
Finally, you have to take your budget into account. Sure, you could find an awesome home for your business in the best location possible, but can you afford it?
You want to avoid spending too much money on your business premises as it drains your accounts and makes it hard to make a profit every month. Effectively, it’s all about finding the perfect balance. You need a great location, but you also need somewhere that’s affordable. Often, a good way to compromise is by renting someplace smaller than you may have hoped. Everyone wants a big place to work, but sometimes it is better to downsize as it saves money while letting you have an office in a great location.
On that note, these are the three top tips when finding a home for your small business. It’s a big decision, so make sure you take everything into account before spending any money.
