How do you know you’re ready to move into a physical space?

Every business is different so I can’t tell you if you are ready but I will give you things to consider as you work through this decision.

First explore your why. We get caught up in what everyone else is doing so it’s important to make sure you’re doing it for the right reasons. Try a brain dump for this. Write it all out and consider the good and the bad. Just because something is fun or cool doesn’t mean it’s the right fit for your business. A local photographer I respect chooses to rent space as needed instead of getting her own space. She’s decided that though her business could sustain it she doesn’t want the commitment of a studio. It gives her more flexibility for travel and time off without having the overhead of physical space.

Many small businesses start by sharing spaces. This helps build a strong foundation for when you go solo later. Photogs will rent or share studios. Artists will share storefronts or sell via consignment. Wedding vendors will join a collective and hair stylists may spend time renting a chair. These incubator spaces allow you to offer brick and mortar to your clients with less risk and financial burden to you.

The most important thing to work through is the financial changes this brings to your business. How much overhead are you taking on? Have you considered all of your costs like utilities, gas, furnishings, repairs. How will the benefits of having a physical space help generate revenue for you? Do you have savings to carry you through a few months in a pinch?

Be sure to consider impacts and burdens beyond finances. How will these changes effect your quality of life. What do these changes look like long term? Will they improve? Is it sustainable?

Finally be sure to build a team of trusted experts to help you along the way. You’ll need an accountant to help with the finances. A commercial realtor to help you navigate finding a space and negotiating a lease. You’ll also want to have a lawyer review your lease and any new business contracts you’ll need for these changes.