.png)
Your business location plays an essential factor in making it successful. When it comes to first impressions, a business location is one of the first things clients and employees see. Therefore it offers a competitive edge.
Home or Office Building?
Most businesses are located in permanent office spaces, giving employees a sense of inclusivity and productivity. Being around working professionals and a productive environment also encourages employees to do their job well.
On the other hand, some business owners choose to do their business from their homes, but it also has its fair share of disadvantages. Home offices cut the professional feel of a workplace, which could lead to unproductiveness.
While home offices help office building rentals maintain affordable leases, this doesn’t always end up being true. Office spaces also have risks like the inability to move to a more prominent location as the company expands due to long-term leases.
To cut it short, office locations, whether home or office building, have their fair share of pros and cons. We’re here to weigh those pros and cons and show how your business location can make or break your business.
1. Compliance and Business Regulations
Some homeowners associations and apartment complexes do not permit residents to run businesses from their homes. Rental agreements and zoning laws also prohibit home-based businesses, which means that running a home office may be an immediate problem. In addition, a business address is registered as public information, so if this is your home address, it might be something to think about.
2. Client and Customer Engagement
Home addresses can be really problematic, especially during first impressions with clients since they run the risk of sounding small or unprofessional. Your business may suffer brand degradation simply due to its location. This is an essential thing for solo entrepreneurs that are thinking about running their businesses from home.
3. Business Tax Returns
Tax rates generally depend on the municipality and state your business is located. This means that deciding your business location is a significant factor in your tax bill at the year-end. Other than that, your business location also matters in your income taxes, sales tax, franchise tax, and gross receipts tax.
4. Business and Professional Networks
Coworking spaces are great for businesses that want to surround themselves with similar-minded firms and professionals. It’s good to have networking opportunities that give you a chance to source ideas, strategies, and tactics. It also helps you evaluate new products and services, as well as additional business opportunities.
5. Talent Recruitment and Retention
Workers generally prefer businesses that are located in large metropolitan areas that have access to apartment complexes nearby. However, due to traffic congestion and high real estate prices, workers are beginning to avoid these urban areas like New York.
In addition, workers nowadays prefer companies that offer flexibility and prioritize work-life balance. Employees now prefer work-from-home or hybrid situations because of their convenience.
The Verdict
Deciding where to locate your business is a significant initial step to success. There are numerous ways to consider, such as the lease, the network of companies, choosing between a coworking space or a rented day office, and more.
Another obvious factor to consider is, of course, the type of business you are going to run. Finance companies are better surrounded by similar businesses while advertising agencies are best found in casual, more open locations. Still, as more and more people opt for flexible and hybrid work arrangements, it’s time to elevate your workspace in the “new normal”.
Work Hub Suites is a state-of-the-art facility that provides a collaborative workspace environment in New Hampshire. We are located in Londonderry and just a few minutes away from Boston Airport and Manchester Airport. We offer workspace packages at competitive prices with fully equipped facilities. View our offers and get in touch with us today!