It’s a great start – you’ve made your plan, you’ve seen how much money you can use, you know what you want to do and the niche of your business, but you still have a problem – what location should you choose for your business?
Many people think that having a physical location is important, but they don’t consider everything that there is to consider. It’s true that you need a location, but why not make that location at your house, especially if it’s possible.
Let’s see the differences that there are between a home-based business and a business that has a downtown location.
The Home-Based Business
If you want to consider to run your business from home, there are several advantages and disadvantages. Firs of all, you will be closer to your family, but that’s not necessarily a good thing. A business that needs just a computer is one thing, but a business that needs a whole room is an entirely different thing.
Your family needs to agree with all this, as you will be at home all the time, and they might need you for some thing or another. The support of the family is very important, because the house is the place that all of you share, and they need to agree with your occupation.
If you can work from home and run your business from there, make sure you have strict working hours and you need to respect that schedule. This is because being at home and working at the same time can lead you to two situations – you can either work all the time, or you can postpone working and procrastinate. None of them is a good situation, so the schedule needs to be respected.
If you use your house as your headquarters, you need to have a room or a place to work. Depending on your type of business, there might be different materials or items that you can use – you don’t want someone else to go through your things, so a room should be adequate for it. If you have children, it’s even more important to keep them further away from your working table – some activities can be dangerous for them, like when you create scented candles and work with melted wax and other similar materials.
A Rented Location
When you need a location for your business, and you can’t work from home, the only thing that you can do is find a location to rent. However, this can be good or bad, depending on how you see things.
First of all, you will have to invest in the aspect – apart from the money you will have to pay for renting the place, you can’t find all the time a location that looks like you want it. This is why you will have to buy furniture, paint the walls, make improvements and other things that you want.
This can cost you some money and you will have to have them available in a very short period of time.
Apart from this, the license will be given for your type of activity and for that location only. If you’ll want to move somewhere else or if you’ll like to expand your business, you will have to pay another sum of money for a second license.
Another thing is that you won’t be working from home – you will have to go there every day to make sure that your business runs perfectly. It doesn’t matter how many employees you have – you are the manager and you will have to be there. There are contracts to be signed, you have to deal with customers, with vendors and other people that you interact with every day.
However, you might spend more time at work than with your family, especially in the first period after you have started the business, to make sure that everything works perfectly. Apart from this, you will have to financially sustain it until it starts producing profit. This could be between three months and a year, depending on how good you manage it.