When should I move into an office building and should I rent or buy?
Renting or buying is something you should definitely get advice form your Accountant about. It will depend on many things like the equity in your home, your turnover and projected growth and your long term plans. You would probably expect that the repayments of a loan are going to be greater that the cost of renting, but you get the increase in capital value to offset that. However, you still need to have the turnover to be able to afford the repayments.
If you are renting, I would suggest that at the current rates you should not be spending any more than ten to fifteen thousand on rent and ongoings p.a. (however, this may depend on the area you work in and the availability of office space). For this you should expect to get enough space for at least 5 workstations, a small meeting room where you can greet clients, a storage area and a separate kitchen/toilet and at least one parking spot.
And according to our Business Blueprint, you should stay at home for as long as possible so that you are bursting at the seams and move into an office when you are turning over three hundred-fifty to four hundred thousand.
