Bedroom to Boardroom: Ready to Move Your Business?

credit

So many people start businesses from the comfort of their own home these days. Yet few ever make it beyond their bedroom, office or garage walls? But if you are successful, it’s very likely that you will need to take your business out of your home – and possibly into a boardroom.

There are, of course, plenty of reasons for keeping your current enterprise an at-home business. It costs you less in overheads, you don’t waste time commuting, and you can work for as long – or as short – a time as you like.

But the positives of having a proper business address and employees working for you are also worth remembering. You will be seen as more professional, and attract a different kind of client. You will be able to expand your reach a lot further, because two, three or ten pair of hands is better than one. The big question is – are you ready for it? These ideas should help you work out what you need to do before you make your move from bedroom to boardroom.

A good location

First of all, it’s essential that you choose the right location for your business. There will be many options, from the classy – but expensive – office in the central business district, to the quaint – but quiet for passing trade – of an office block on the outskirts. Think carefully about this, because while you want to save as much as possible, you also need to be on a good transport route to ensure you are getting customers. There is a happy medium – your job will be to find it.

credit

Leadership skills

Let’s not forget that running a business with employees is a vastly different experience to doing everything by yourself. You might think about doing something like an online BBA or getting some human resource training. Alternatively, an HR professional might make your perfect first hire – to ensure you are getting the right people and meeting all your legal obligations.

Legal knowledge

On the subject of the law, there are so many rules and regulations at state and federal level about running a business with employees. You will need to cover your back for all of them. That includes liability insurance, employee insurance and considerations on everything from health and safety to contracts. It’s a good idea to get some support from a business attorney.

Paying for it

One final thing to realize is that all these additional parts of your business are going to cost. And jumping in straight away without acknowledging the risks to your finances is wildly stupid. So, make sure you have plenty of cash in reserve, and a solid plan to take your business forward . An accountant – or possibly a financial manager within your business – will be critical to ensure you don’t end up overspending and ending up stretching yourself to far. It happens, a lot – so be careful!


Do you have any tips to add about bringing your business to the boardroom from the bedroom? Feel free to leave them below!

Speak Your Mind

*