Module 1 . Being Business Ready
Where Will You Work?
Rented Premises
Pros (Advantages) | Cons (Challenges) |
---|---|
Work-life separation is good for balance | It’s expensive, especially if you don’t have the revenue to cover the cost |
Often, spaces come with facilities such as an on-site café and car park, internet, phone and building insurance | Depending 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 |
Shared space such as work-share offices or a multi-use warehouse
Pros (Advantages) | Cons (Challenges) |
---|---|
More cost-effective than private rented space | There may be additional add-on costs for services such as internet/parking |
Often the location is somewhere you couldn’t otherwise afford | Private 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 options | Work-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 time | You 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. |