Some of the world’s biggest companies started off as home- based ventures. Google, Amazon, Disney and Apple were all started from bedrooms, garages or basements and now are multi billion dollar businesses. Plenty of successful firms start off small or from home and eventually grow, and it’s not to say yours can’t do the same. When things are going well in home business, it can sometimes feel like the natural progression of things is to move into commercial premises so you can grow- but it doesn’t have to be that way. It’s possible, and in many cases preferable to keep running your business from home- here are a few things to bear in mind.
You can still expand
Of course, when you're working from home, you can’t have lots of employees coming in to work with you. But that doesn't mean that you have to do it all alone, thanks to third party companies, contractors and freelancers you can outsource your work. This means that you’re still a sole trader and so your tax position won't change, and you won’t be responsible for workers since the people you will be outsourcing to will be responsible for their own tax, health and safety, pensions and everything else. You can create entire departments and outsource them to professional, third party companies. You can create individual roles, or projects and find freelancers to work on them from sites like Upwork. It’s completely possible for your business to continue to grow and for you to continue to expand as a company, while remaining in your home office.
It prevents added costs from eating into your profits
If you decide to go down the route of hiring a premises, then you have to pay rent every month which can eat into your profits. Buying is a better option since you are paying towards eventually owning the building, but you then have costs to consider. A good roofing company like Concord Roofing & Construction will be needed during the winter months when strong winds and bad weather can remove roof tiles. Security alarms, interiors such as carpets and blinds and repairs such as boiler issues will all need to be covered by you when you own a business premises. When you run things from home, you avoid these costs.
It saves you time
We all know that in business, time is money. One of the biggest benefits to working from home is that there’s no commute, you always have instant access to everything you need and it’s incredibly convenient. This can save you time and therefore money, after all, there are only a set number of hours in the day and using those hours spend travelling takes away from other things you could be doing. Unless you're lucky enough to live right by your commercial premises then there will always be some form of travel involved.
Have you considered moving your business from home to a commercial premises, or would you prefer to stay where you are?