One of the biggest challenges of business ownership is having the capital to start out with. Over the past two years, it has become increasingly obvious that working from home can decrease costs dramatically. Employees and entrepreneurs tend to save on both fuel and food costs because they don’t have to commute, and they don’t have to buy lunch. It is possible to run a business entirely remotely but there could be instances where it is essential that an in-person meeting takes place. This week we are going to talk about how to start a business without an office and how to overcome some of the challenges it represents.

Here are some pros of starting a business without an office.

There is no rent to pay.

This is one of the most common reasons new business owners decide to work remotely. Not having to pay rent opens the budget for other expenses such as advertising and equipment costs. It also eliminates the need to rent an office space that is large enough for your workforce. The larger your workforce is, the more expensive of an office space you’ll need.

You and your employees don’t have to worry about parking or a commute.

One of the most common complaints we hear from our tenants and meeting room clients is that they made the switch to OfficePlace because their employees were having a hard time finding and paying for parking each day. Even if you run your business remotely, we have several meeting and conference rooms available for rental. These make great spots for in-person meetings for employees without having to pay monthly rent. Our parking is also off-street and free.

You save on startup costs.

There are several items that a business must purchase to furnish and fully supply an office. If your workforce is going to be fully remote, you may only need to provide equipment such as laptops and an allowance for internet. Furniture and office supplies will not need to be purchased. If you do need to have an in-person event, our meeting and conference rooms come fully furnished with full video conferencing capabilities.

Here are some cons to starting a business without an office.

Working at home can be lonely.

Working from home can make certain people start to feel isolated. You may also miss the chance to bounce ideas off coworkers face to face. That’s why taking the opportunity to rent meeting rooms where people can occasionally see each other face to face is important. Some clients and customers may find it hard to adapt to the technology they need to communicate with a home-based business. Giving them an opportunity to have a place to meet will help in developing a good relationship with them.

You may get easily distracted at home.

Working from home is great but it may come with a plethora of distractions. Children, pets, and even household chores may distract you from completing assigned tasks. Establishing strict boundaries will help keep you on track with work but sometimes working out of the home may put you into a better mindset.

You miss the opportunity to get walk-in customers.

Having a physical location can sometimes result in new business because customers are able to physically see your product. Granted a lot of businesses find their customers online but certain clients may feel more comfortable meeting the company they want to hire in person. Having a physical location may also look more professional and make your business look more trustworthy. OfficePlace also offers virtual offices which can give your business a physical location address. Combine that with our meeting and conference room rental and your home-based business should be able to thrive.