When you decide to become a self-employed individual (or the decision is seemingly made for you), things are going to change. Not only will you have to take on many roles in your new company (all the roles, actually), but you’ll have to figure out where, exactly, you’re going to conduct business. There are a few different options to consider and each comes with some pros and cons. So how do you decide between running your business from home, leasing a dedicated office space, or seeking out a coworking situation? Which is right for you? Here are some things you’ll want to consider before making your final decision.
Work from home
Working from a home office will provide you with the opportunity, first and foremost, to save on overhead. Rather than having to pay for the use of two separate properties you can let your mortgage and utility payments do double duty. As a bonus, you can skip the morning commute, set your own hours, and work in your pajamas if you feel like it. It is also likely to offer you the most eco-friendly route since you won’t be adding to your carbon debt with additional greenhouse gas emissions, AC usage, and energy drain that comes with an office building.
Unfortunately, there are also a few downsides to choosing this route. For one thing, you might not want to host clients in your home, meaning you’ll have to schedule meetings offsite at their offices, a coffee shop, or the like. And working on your own all day, every day can leave you short on inspiration and feeling a little isolated. Plus, you might not be able to motivate yourself to get work done when the TV is staring at you, just begging you to watch the “Real Housewives of New Jersey” marathon (man, that stuff is addictive).
Lease an office space
But what about a leased office space or a coworking situation? A leased office space is only really a good option in a couple of instances. If, for example, you have to hire on additional help, either in a subcontractor or employee capacity, and you need to keep your workers in your presence rather than letting them telecommute, a leased office space is probably better than squeezing everyone into your dining room. Expanding your operation to include others may necessitate the adoption of a professional business space. And if you have to host clients frequently, having an office away from home is probably advisable. Of course, you could find yourself seeking “sell my house online” websites to pay for it if your workload doesn’t cover the costs.
Coworking spaces provide an interesting alternative to traditional options. These offices allow you to pay a minimal monthly fee for what basically amounts to a dedicated work station outside the home. In addition to other lessees, you will pay a portion of the lease for this space and enjoy the ability to separate your personal and professional spheres, add structure to your day while maintaining a flexible schedule, and interact with other professionals. In short, you can get the many benefits of a leased office space without most of the drawbacks. And if you end up with like-minded professionals, you could end up in a space that espouses the same eco-friendly ideals.