Module 1 . Being Business Ready

Where Will You Work?
Rented Premises
Pros (Advantages)Cons (Challenges)
Work-life separation is good for balanceIt’s expensive, especially if you don’t have a cash flow in place
Often, spaces come with facilities such as an on-site café and car park, internet, phone and building insuranceDepending on the contract, you may be tied in for a period without a break clause
Professional business kudos
Provides a central place for staff to come and work
Where Will You Work
Shared space such as work-share offices or a multi-use warehouse
Pros (Advantages) Cons (Challenges)
More cost-effective than private rented spaceThere may be additional add-on costs for services such as internet/parking
Often the location is somewhere you couldn’t otherwise affordPrivate meeting spaces may be difficult to come by
Could introduce you to valuable business opportunities, professionals and contacts that you may not have otherwise come across
Using domestic space – either an office or a building on your property
Pros (Advantages) Cons (Challenges)
Cheaper than other optionsWork-life barriers could blur
May offer more flexibility; i.e. dropping the kids off to school is more straightforward.Access to your office may mean you work more than you intend
No commuting timeYou may be using up resources that need to be shared with the rest of your household
There may not be adequate space for client meetings
There may be restrictions in using a domestic space for work premises. For example, local authority may need to give permission if you are receiving customers at home.
Additionally, there could be complications with your insurance causing increased premiums. You will need to check that it still applies.