For some entrepreneurs, working from the comforts of home seems like a welcome option. With little overhead costs, little or no employees to manage, you can run the business any way you want. But when success comes knocking and the need for a bigger setup becomes necessary for the business to continue growing, looking for commercial space is often a must.
According to management consultant Oliver Juanir of BusinessPlanners.com, knowing when to expand a small business is an important decision.
"Grow too quickly and you can take on costs your business may not be able to support. More importantly, grow too slowly and you may miss out on valuable opportunities. Make sure your plans fit with market conditions and with your personal goals," he said.
When the time comes that you think you\\\'ve outgrown your home office, the most important step is to analyze the costs associated with making your move before signing a lease.
"Consider lower-cost options such as leasing shared space or executive suites, which typically provide receptionist services as well as use of conference rooms and office equipment. A commercial real estate agent may be able to help you find the space that\\\'s right for you. Map out all your expenses, and double check it with your cash flow and expected revenue streams," Juanir said.
A SLOW AND STEADY APPROACH
For internet marketing professional Kenneth Magno, the idea of expanding his business outside his home office has come to him often this past year, as his business has registered steady growth. Lately, he\\\'s increasingly found himself freelancing work to other professionals because he needed the extra assistance. So a few months back, he started looking at office space to house his growing business.