Deciding on a workspace for your business is a task that calls for a careful approach. After all, different businesses can have very different requirements for a workspace. For example, a freelance photography business will need a darkroom, while an automotive paint shop could rely on a garage.
It’s tempting to think that working from home must be the most financially streamlined option, but even that can be fraught with pitfalls. In setting up a new workspace, you should watch out for hidden costs of…
Technology
The obvious savings to be made from keeping your business operations at home include those on commuting, meals and work attire. However, in order to work efficiently, you might depend on a vast array of technological products that must be routinely updated and maintained.
Those products could include not only computer hardware and software, but also peripherals such as printers, monitors, modems and routers. You might also find that your Internet speed isn’t sufficient for facilitating file downloading and video conferencing, and therefore needs to be improved at what may prove to be great expense.
Furniture
Even if you have come across what looks like a theoretically usable space, would it really be conducive to corporate use? It might still lack relevant office furniture like filing cabinets, as well as desks and chairs that would be comfortable to use for sustained periods.
You mustn’t underestimate the importance of workplace comfort. As Entrepreneur warns, a range of physical ailments, including carpal tunnel syndrome, have been attributed to lengthy hours of such repetitive tasks as keyboard typing, so you should pay attention to the ergonomic qualities of your furniture.
Office supplies
You can’t expect an office to always be flush with the right supplies, especially if you don’t make proactive moves to keep them topped up. While precise needs can vary between businesses, supplies generally applicable for offices can include envelopes, printer paper, paper clips and tape.
Your workers will need to draw upon regular sustenance for their productivity too, so it’s reassuring that serviced offices can come with kitchens where coffee and high-quality teas are stocked.
Insurance
You might already have home insurance, but would it cover you when putting your residence to business use? U.S. News & World Report cautions: “Standard homeowner policies may exclude or have gaps for business property and liability coverage.”
While it might be possible to simply tweak your existing homeowner policy, it would be wise to consider a business-specific policy, should you have equipment on which your work relies. Losing even basic equipment to fire or flooding could hamper your company’s productivity.
Telecommunications
The No Jitter website has called telecom spending “one of the highest expenses for businesses and corporations”. However, when looking at different offices from which you can choose, you might spot invaluable opportunities to make savings.
The UK-based workspace provider BE Offices, for example, allows users of its serviced offices to take advantage of both local and national telephone calls at no extra charge. You could easily appreciate this bonus as you make many calls with which you hope to grow your business.