One of the more interesting milestones of starting a business is finally getting to move into your own office. Moving out of your home and into a commercial space often makes things feel more real. But is it really the best option for you?
Rent or Mortgage Costs
One of the main costs that you’ll want to consider when it comes to moving to an office location is the cost of rent each month. Renting out a relatively large office can be incredibly expensive especially depending on where the office is located. Because it can be such a heavy cost to be accountable for over a lease period, it’s important that you think carefully about the benefits that would come from having a physical location.
Ask yourself why an office would add value to your company, how it would enable you to be more efficient, and if there are any other ways to address some of your growing pains without moving to a bigger space. If after carefully considering these questions, you still feel that it would be beneficial to move to an office, go for it.
Another cost of moving to an office space is the cost of energy. For an office space, electricity can actually be relatively costly. So plan accordingly. Think carefully about different ways you can cut down on energy costs. For example, as you plan to install different tech like printers and computers, make sure that you have energy efficient models.
Another great option to consider is getting solar panels. Federal solar tax credits will disappear by 2023, so now is the time to install solar. If you install it sooner rather than later, you’ll be able to benefit from both the tax credits and the reduced energy costs.
In addition to thinking about some of the recurring expenses that you’ll have if you move to an office building, you should also consider the cost of the actual moving process. If you’re moving from one building to another, you might actually have to hire a moving company to move your stuff. This can add up.
But even if your move wouldn’t require significant outside aid when moving furniture into the new space, you should also account for the cost of installing internet and phone services and configuring other IT. These IT costs can become much heavier as well if you do not plan ahead.
When it comes to getting an office space, there are a lot of things to consider. Where do you even start? Thinking about these ideas can help you make a decision.
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