There’s no denying that the way we work has changed considerably over the past 12 months. As more and more people return to the office, the question is should you work from home or hire an office space? It’s a difficult balance between being productive and effective, isn’t it? Office spaces cost money, yet working from home can be littered with distractions, so which one should you go for?
Working from home
The most compelling reason to work from home is that it is more cost-effective. You’re not going to need to pay a rental fee to work from home. Plus, you can list your office room as a tax expense. All of the costs associated with working from home represent a tax write-off. Another benefit associated with working from home is that you don’t need to spend time travelling. This can mean more time spent working on your business.
The cost savings associated with working from home are compelling. However, the real question is whether they come at a greater cost overall? Yes, you don’t need to pay rent, but if you struggle to be productive while working from home, your bottom line will suffer. This is especially difficult for business owners with children. Plus, there are still costs associated with working from home, so don’t forget about these! You will need to purchase equipment to get your business up and running, and your utility bills are bound to increase as well.
Renting an office space
When you rent an office space, you are going to have a monthly fee to pay. However, the utilities are typically included within this cost, as are furnishings. From co-working spaces to meeting rooms, you can ensure you have everything you need within the monthly cost. This does help to make your expenses manageable. This also provides you with great scalability. Most business owners aim to grow their company and push it forward, and office space can help you to achieve this. Agile offices are popular today, enabling you to decrease space when times are slow and rent more space when your business is thriving.
A lot of people also find it easier to work in an office because their focus is on work and work alone. Furthermore, working in an office brings a great level of professionalism. You will have a professional business address, as well as a sophisticated space to run your business out of. This can help to boost the appearance of your brand in the eyes of potential clients.
So there you have it: an insight into the arguments for both working from home or hiring an office space. There is most certainly no right or wrong answer. It is all about understanding the way you work and what is going to be best suited to this. Some people thrive while working from the comfort of their own home, whereas others need to be in an office space so they can be taken away from their at-home comforts and distractions.