2017-02-08 00:00:00Growing a BusinessEnglishFind out the major factors to consider in transitioning your small business from a home office to commercial office space.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/business-owner-and-contractor-discuss-renovations-to-commercial-space.jpghttps://quickbooks.intuit.com/ca/resources/growing-business/moving-home-to-commercial-premises/Moving Your Small Business From Your Home to Commercial Premises

Moving Your Small Business From Your Home to Commercial Premises

2 min read

The idea for, and initial stages of, many small businesses often starts at home. You’ve successfully launched your startup and seen profits begin to roll in. One of the biggest questions you may face is whether to move your business to a commercial facility. Before your company can make this transition from home office to commercial office, there are a number of important elements to consider.

Commercial Space as a Reasonable Option

Before moving your business to any commercial facility, you want to determine if it is a feasible option and if it is necessary. If your small business is still relatively new, you may be operating with a limited budget. Opportunities for expansion are likely at the forefront of your mind. However, it is important to realistically consider the state of your business at present. Renting commercial office space opens the door to numerous opportunities for growth and expansion, but it may well be a financial stretch for your company in its current state. Consider what type of business you’re running, how it operates, and the number of employees. If you operate strictly or almost entirely online and have only a few employees, moving to a commercial space may not be a reasonable or necessary option.

Having a Virtual Office

If you want to save money while pursuing opportunities for expansion, working out of a virtual office may be the best solution. It allows you and your employees to work out of different locations while remaining in contact with one another. There are a number of companies and online platforms that provide you with the necessary tools and software to ensure your business runs smoothly across all departments, even when those departments aren’t operating under one roof. Living in the digital age, literally every company uses technology and the virtual realm to conduct business. Software applications are a driving force in the commerce space, especially for companies that function entirely or nearly entirely online. Even if you buy and sell physical goods, a virtual office may still be an option. Many virtual office platforms equip you with tools and services that allow you to purchase, ship, and deliver physical goods.

Transitioning to Commercial Office Space

If you determine it is necessary to move to a commercial office space and you are financially ready, keep in mind this transition is a process, and there are good and bad elements to consider. Upfront costs are the biggest drawback. It is important to scout out a number of commercial space options before making a decision. The monthly fees per space vary by size and location. Don’t make the mistake of going overboard and renting much more space than you need. When looking at spaces, consider locations that offer co-working space. This option puts multiple companies and offices in one building or office space, often allowing you to avoid signing a lease and generally helping to cut down on the rental fees your company incurs each month. Keep in mind, however, that if you choose a co-working space, there may be increased distractions that could take away from the productivity of your company.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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