When were you ready for an office space/studio?

[brookeborton]

Did you wait for things to be at a certain level with your biz before you purchased or rented space outside your home? If so, what level was that? Or did you get the space first and then enjoyed increased business? Did any of you get space too soon and tank, having to go back to Starbucks for consults?

I had a 9x10 office space for a year that I never used. It was cheap and I had hoped it would give me more exposure (it was on a main drag in a busy part of the next town over), but due to a year-long near-divorce, I never finished furnishing it and never used it. My lease is up and luckily another business with the same color in their branding is taking it over (so I don't have to paint it from purple to white!).

I recently found another space that I believe has many benefits, such as:
- 450 sq ft at $0.55/sq ft (my other one was 90sq ft at $1.55 per)
- front office 12x13
- private bathroom
- second room 16x13, large enough for a backdrop system
- rear room 8x13, suitable for storage and large enough to also serve as a dressing room
- located on the main drag with 4 prominent sign locations
- month to month rental

I can pay for it in 2 sessions, or 1-2 wedding deposits (accounting for taxes and utils etc). I would start with very basic expenses, no luxuries. I have a backdrop system I can start with and furniture and some paint. Here in Michigan it's too cold for outdoor portraits half the year. Having an indoor location, even if just for babies and boudoir, would be awesome. We rent a small home so I can't do sessions here or even fix it up to be a nice location for consults - plus my husband works from home three days a week which means the office is off limits even if I could fix it up. It would be nice having a space so close to home. Our downtown development authority does a lot to attract people to new businesses (feature articles, social events, festivals, etc).

So... what indications should I look for when it comes to deciding whether to just go for it or continue to put it off? I fear I'm growing too fast for my britches and I'm not even actively marketing that much. I can't imagine what a stable marketing plan and this new presence could do for me. I've established good business practices. I have my finances in proper order. I have more support from my hubby than I did last year.

Thoughts?

 

[Bitter Jeweler]

Thoughts?

I bet you can eat a whole jar of pickles in one sitting.

 

[brookeborton]

No fair you cheated.

 

[Bitter Jeweler]

:greenpbl:

 

[tirediron]

Discuss it with your accountant, act on his advice.

 

[j28]

I have been very cautious in moving forward. I wanted to make sure that my business did not impact my personal finances any way but positively, so I decided to wait for a studio until my business made the profit level I deemed necessary (growing enough to cover the added expense of the lease without decreasing profit) for six months. Two months in a perfect space fell in to my lap. I decided I would be foolish to let it pass me by because it would likely not be available again. I rearranged the business budget and put off a couple of equipment investments I was looking at to make sure I had enough to cover the entire lease term available. It has worked well.
Personally I don't want the stress of worrying about my family's finances being tied into my business ones. I want to know that even if the bottom falls out tomorrow the only thing damaged is my pride. If you feel confident you can afford it (and this sounds like a very good opportunity, that is a nice price!) then I would go for it. If it will cut too far in to your bottom line I would wait.