Hi, I’am Sheryl Hunter, the Entrepreneur’s Attorney and I’m here with the Entrepreneur’s Legal Brief on where to work as you grow your business.
Let’s talk first about phase one. Many an Entrepreneur has started off at their kitchen table, hoping the dog does’t bark or the kids don’t cry during those important calls. Then when meetings need to be held, it’s off to Starbucks or Panera; you know the drill. Typically there are no other employees besides your best friend or spouse and they can work from the couch.
Now you’re entering into phase two. It may take a year, it may take three, it may take a month. But suddenly you realize “I can’t work at home, it’s dulling all my creative juices,” and you have said maybe too many times, “let’s meet at Panera.”
But your funds are still tight, so a good option is to identify a co-work space or an executive suite where you can be a virtual tenant with a professional office, rentable conference rooms and some support camaraderie around you.
Another alternative at this stage in the lifecycle of business is to join a business club; where you can hangout, network, host meetings in private rooms with nice whiteboards, and a wait staff come in and fills your water on demand. It’s pretty nice.
Phase three, you go “Oh my God I need an Office, I can’t keep dragging my laptop around like a nomad. I am too busy for this.” You are hiring employees, you need a filing drawer, and a mini fridge.
So maybe you are ready to enter into a lease. Be very, very careful.
Understand the critical components of a lease before you sign and compare your options. You want to make sure your are confident going into that lease. It’s a big step.
Phase four. You might be at the point where you are saying, “why am I paying this much in rent when I could be buying?”
This may be an especially good option if you have to do custom build-outs that you are going to be investing in that space. You are going to be there a long time and you know you are not going to need a different option down the road. And, if interest rates are good, why not buy instead of rent?
Remember most importantly that whatever phase you’re in, where ever you work, or whatever is happening in your business in your business life, it’s the space between your ears that’s far more important than where you hang your diplomas.
Good luck, this is Sheryl Hunter with Hunter Business Law, and this is your Entrepreneur’s legal brief.
Thank you for taking the time to consider Hunter Business Law to assist you with your legal needs. We appreciate you reaching out to our firm. However, due to our commitment to current client matters and to ensure we are meeting the needs of our existing client base, we are unable to onboard any new clients at this time. Again, we appreciate you reaching out, and we wish you the best of luck with your venture!