When starting out in private practice irrespective of the type of business one chooses, there is always the challenge of whether one needs to hire an office space or work from home or having a virtual office but what is the cost of each of these choices?
The kind of practice or business you run will greatly determine the choice and the cost of money you have. If you intend to open a law firm it will be very important that you have a physical location because clients will attach a lot of significance to it and you may get clients based on the state of your office.
Immediate or future opportunities
“Does moving provide immediate or future opportunities that will generate revenues and profits not available to you as a home-based business? Has the convenience of home allowed too many distractions that interfere with developing efficient and effective work processes?” Gene Fairbrother, small business consultant told Bloomberg.
However if you do not have savings to rent out an office and again depending on your type of business you may have to share an office space at cost of about Sh10,000 to 30,000 in Nairobi with a shared secretary and coffee and internet at places such as Nairobi Garage at Mirage Plaza and several others.
Work from home
However you may also start from home and build up your clientele until you become very busy and your clients increase before heading for an office. If you are running a business like an online store, you may not need a physical location as long us you can deliver when required to.
Sometime choosing to work from home does not necessarily save you money but instead reduces your income and in the process takes money away from you. So one needs to be careful when making such decisions.
Some people cannot work from home since they cannot get in the office mood while at home like one person intimated here.
Stayed in my pajamas
“I would have stayed in my pajamas, played with my dog, napped, and watched Colbert Report re-runs all day and not gotten anything done. I would have been lonely, probably depressed and unmotivated.”
The best thing you can do is be realistic about your needs and work habits. Sometimes you just need to be with likeminded people seated nearby and that sharpens you and keeps you focused.
Other experienced people in business advice that you start out without an office for about three months as you market yourself and increase the flow of clients before committing to paying for an office space, since your clients may not be enough to pay for your office at the beginning.