Do you need an office? Before the crash, maybe you thought, of course I do. I have to look professional or I can’t work from my home, it’s too distracting.
But after the crash everything is different for small business owners.
If you run your business by yourself, a one-person shop, maybe you can work from home? If so, you can significantly cut your monthly overhead, increase your profit margin and enhance your lifestyle.
Five years ago when the economy was booming, we had no problem adding to overhead if we thought it would make us more productive, after all, we only needed to pick up an extra client or two to cover the additional cost. But now we think in terms of what can we cut to make us lean and mean. The less your overhead, the fewer customers you need to meet your budget and profit goals. It’s amazing how much of what you think you need you really don’t need. Just because the other guys are doing it that way doesn’t mean you should. You can do it better.
If you only need an office to meet with clients and most of your work is outside the public view, could you work at home and meet with clients in an executive suite that you pay as you go? Run the numbers, it may reduce your bottom line and get you closer to the profits and lifestyle you really want.