Working in your slippers in front of the TV, or forking out for prime-location office space?
While one option may save you money, you might be missing out on vital interaction and inspiration. As research from AXA Business reveals that 70% of start-ups are based at home we asked two business owners – one working from a spare room at home, and one who is renting office space – to talk about their working arrangements.
“Running a business from home brings a number of benefits”
Judi Faithfull started the Impact Events in 2001, organising events for corporate clients from industry awards through to business and consumer exhibitions, and conferences and networking events too.
“It was an industry I already had 9 years of experience in and although I had loved my years being part of a major corporation, and heading up a large team, it felt like the right time to branch out on my own and to run my own business.
The decision to work from home was something I weighed up very carefully. At the outset there were two main drivers – firstly as a fledgling business I was keen to keep unnecessary costs to a minimum. Secondly I had recently had my first child and being at home made it easier – although certainly not easy – to juggle the twin commitments of motherhood and work.
From a business perspective it is an ongoing consideration and I have thought seriously about taking office space on a number of occasions. Because my business does not require many office staff and because I carry out a lot of my work away from the ‘office’ those considerations have never quite tipped the benefits over towards taking an out-of-home office. However, the home office has evolved over time – we had a loft extension a number of years ago and moved the office into a purpose-built space, which helps disconnect the working space from the rest of the house. If we hadn’t done that, I may well have taken office space.
''The most obvious benefit is cost''
If you can find an effective way to work from home then you save on all the rents and premises costs that come with an office, which comes through on the bottom line and the profitability of my business. It also makes it easier to work in the evenings or at weekends, which could be considered both a benefit and a disadvantage but is an inescapable reality with an events-based business. What you do avoid, of course, is the commute, so that gives you back otherwise dead time at the start and end of the day.”
“It's important to have a professional, client-facing side to the business”
Patrick Moloney is Managing Director of EireChrom Ltd, a life sciences and chemical analysis company and a leading Mass Spectrometry specialist in Ireland, which is based at Regus City Gate, Cork.
“The main reason I decided to take an office with Regus was the prestigious business address of the Cork centre. City Gate is home to a lot of blue-chip companies and it was an ideal fit for a young company like ours to be among them. We not only gain a prestigious image by being headquartered here but it also allows us to conduct our business with our key clients.
I’m often out on the road or at client sites, it’s vitally important to have a consistent, professional client-facing side to the business. This is what Regus offers me, as all incoming queries coming into our office are swiftly handled by its staff.
A key advantage of renting office space is that my calls are always answered professionally. This is a key element to EireChrom’s business model – we insist on excellent customer service from the onset. This means I never lose out on business and secondly, that the first point of contact that clients have with my company always gives a great impression. Not having to worry about that means I can concentrate purely on running my business.’