April 10, 2019

Are you tempted to move your business back home?

Donna

April 10, 2019

Are you tempted to move your business back home?

Donna

The-Lab-Factory-2019-29

As we near the end of the financial year, it’s always a good time to assess outgoings, to know where we need to make changes, to ensure we move forward with growing our businesses and bank balances.

For most business owners, the largest expense is normally going to be the premise in which we are based. Whether it’s the high rent or the many bills that are associated with it, it’s most definitely one of the highest stress factors in owning a business.

Is your lease soon coming to an end? 

One of the main ways business owners can reduce outgoings is to reduce the costs involved in having a premise. Some may choose to downsize, others may choose to move their business home to eliminate the cost altogether. As with all decisions, there are large factors involved and pro’s and con’s to all the choices we make in business.

One option that a lot of businesses don’t even contemplate is to actually move away from what is known as the ‘traditional’ premise option. This is where cosharing is proving to be a huge success in the growth of businesses worldwide. But before we get to that, here is some pro’s and con’s of a business premise vs a home office

Home Office

Pros

  • Low overheads
  • No commuting time

Cons

  • Client perception
  • Mindset
  • Eliminates structured hours
  • Staff morale

Premise

Pros

  • Professional Perception
  • Space
  • Structured working hours
  • Work/home balance
  • Meeting rooms
  • Staff Morale

Cons

  • Large Overheads
  • Long lease 3+yr commitment
  • Multiple outgoings

Now imagine reducing your outgoings, whilst also eliminating all of the negative elements discussed above! Joining a cosharing space has many plus points, especially when it comes to benefitting your entire team as well as your bank balance!

Cosharing Space 

Pros

  • Low overheads – one weekly cost which includes all bills
  • Low commuting time – based in a regional area
  • Professional perception – n
  • Space – 550sqm of space
  • Structured working hours – 24/7 access means you come and go as you please
  • Work/home balance – Leave your work at work
  • Meeting rooms – Access to 3 professional meeting rooms at no extra cost
  • Staff Morale – Be part of a bigger team
  • Short lease – Only a 12-month commitment
  • No outgoings – Everything is included
  • Privacy – Choose a private office or a private pod area.

“Sounds great but where will all my paperwork go?”

Here at The Lab Factory, we are all about sharing innovative ways of reducing that carbon footprint whilst streamlining best business practices. One way we do this is by sharing some great ways to go digital when you go from your premise to our collaborative space. We have assisted many businesses in transitioning for the standard filing cabinets to having a safe online storage system assessible wherever you are, meaning if you do need to ‘jump on’ when at home, you can!

“Is it private?”

There is one of two ways you can enter our cosharing space, either by securing one of our ultra-funky cosharing pods, equipped with your very own dedicated desk, or in your own private office, of which we have a few! At this point in time we have a 3 person glass office with park views, or an even more private 2 person office for those wanting a more secluded area to get their head down.

No matter where you are located in The Lab Factory, one thing is for sure, it will benefit your mindset and that of your teams mental health. Our space over the last 2 years has proven to be a positive move for the businesses that have been part of it. Whether its because it has reduced the stress of large outgoings, or the simple feeling of being part of something much bigger. Coming to work feeling part of a 50 person team, rather than being just a team of 2! Here at The Lab Factory, Labbies become friends and want to support each other and their businesses. We found bouncing ideas around with other Labbies has been a positive way in our own business growth.

“How do I find out more?”

Express your interest here! Once we receive your EOI we will be in touch to book you a tour of the space and to ensure we answer any questions you may have. Space is always limited due to its popularity but with our recent extension, we do currently have some amazing spaces available.

Open your business to new possibilities!

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