Starting a business is one of the most exciting journeys in life – as well as one of the most nerve-wracking. There are many decisions to be made at the start of your business – from big ones such as your location and website, to mundane ones like your payroll provider. Any one of these and hundreds of other decisions can support or hinder the growth of your company.
Many established business owners have regrets about these initial decisions. If you’re at the point where important decisions are needed for your new business or are moving into a new phase of your business, you need to avoid getting stuck with products, services, and resources that you can’t use or that you outgrow too quickly.
Nowhere is your choice more important than your office location. You’ve probably heard the old real estate adage “location, location, location.” Well, location matters for your business as well. Starting out in an office that is too small can restrict your growth as a company or force you to move or break your lease early on in your business. Moving frequently and close to the start of your business can spook potential clients and partners concerned about your stability, and cause them to hesitant to work with you. An avoidable move also stalls your company’s productivity.
On the other hand, working from a larger office that has room to grow can cause problems, too. While it’s desirable to have the space to grow your business, this space can come at too high of a cost, a price that is too high for your company to bear in its early days. With so much of your working capital being spent on your image, you may not have enough money to spend on other important aspects of your business operations – like marketing or getting the right people. Selecting an office location that is both prestigious and affordable can be mutually exclusive.
The the right office space can become even more of a burden when you work in a service industry or the type of business that doesn’t require utilizing that traditional office all of the time. If you’re not spending much time in your office, a full-time office space is a drag on your resources.
Fortunately, there are virtual office solutions that can help you grow your business at your own speed. Best of all – your virtual office will have a prestigious location without you having to support a luxury lease. Once your business becomes established, you can opt in real time to use your physical location more frequently, but until needed, you’ll have all of the flexibility that you need so you can grow your business.