Great opportunities currently exist to help small businesses customize work environments around their unique needs. As a small business professional, you’ll know that today no two businesses are exactly alike—a truth that also applies to workplaces.
When determining the best type of business location for your company, envision the type of needs you’ll have in a routine work day. For example, think about how your business must satisfy the demands you have for yourself, for your customers and for your clients. Considering what your business’ operational demands are will quickly clue you into what type of workplace is best applicable for you.
Home Offices
Home offices are the ideal business set-up for entrepreneurs who run online businesses, consulting services, or who work with clients around the globe. Home offices are also popular for business owners running service-based franchises such as carpet cleaning, pest control, lawn care companies, etc.
A designated workspace in the home can be outfitted with all of the technology, tools, and creative inspiration that you need. Being at home can also have additional advantages, such as being closer to family or being able to better customize your work schedule throughout the day.
Brick-and-Mortar Locations
Physical storefront locations are best for small business owners who rely on foot traffic for sales, require a space for a product demonstration, or offer a business service that requires ample workspace. Franchises in the retail, restaurant, printing and other industries obviously also require a physical, publicly-accessible building space. Brick-and-mortar locations can also be well-suited for businesses with larger teams because they offer a chance for employees to meet and work together in person.
Physical office space requires specific considerations, and, typically, a greater need for working capital to address needs such as real estate costs and fees, maintenance, and more. It’s important to discuss these capital needs in the early stages of business development to ensure you are financially prepared to meet your business’ needs.
Which Space is Right for You?
When determining the perfect location for your business, consider speaking with an expert at Tenet Financial Group to discuss the financial options you have at your fingertips. Our trusted professionals will be happy to provide you with expert industry advice on SBA Loans, 401(k) Rollovers, Working Capital, Equipment Leasing and more.