Not that long ago, looking for an office space was one of the first steps you took in starting a new business. Much has changed over the past few years, specifically after the market collapsed and the economy took a dip. In today’s workplace, an office is now nothing more than an afterthought and a nonessential part of the business. In fact, the number of investors without an office and working from home is now the majority of people in the investing industry. The need to have a dedicated office to conduct business is slowly becoming a thing of the past. Working from home has become the norm for real estate investors, but is it right for you?
Like most everything else in business, there are pros and cons for working out of your home. The most obvious pro is the money that is saved by not paying rent every month. Many novice investors think that they need an office to conduct business and use it as a place to meet people. The reality is that business can be done anywhere from coffee shops to a public library. With the recent improvements to technology, the need for a physical office has been greatly reduced. Business can be done on your mobile device just as quickly and easily as it if you were in front of a computer screen at your desk.
In addition to not paying rent, you can also save money on utility and travel expenses. A small area of a finished basement or even a dining room table can now be used to conduct business. For as easy as it is to get work done, working from home can also have its downsides. You need to have a certain self-driven personality to work out of your home. It can be easy to see the sun outside or to lose hours playing around online when nobody is looking over your shoulder. Most people who don’t get a set salary, like investors, are self-motivated anyway, but when you work out of your house it is easy to get distracted and even a little lazy at times.
The best way to handle this is to treat your home office like any other place of work – with a definite schedule and dedicated hours. If you start and finish your work at the same time you would if you had an office, you can still get your work done and enjoy the benefits of being home. If you have a printer or scanner set up, that is a bonus. Ff not, you can always find a Staples or other neighborhood place to print, copy or scan any documents. Working out of the house may not be for everyone, but not having an office should not limit you from getting and closing deals. All you really need is a laptop and maybe a good phone and you can do just as much, or more, than the investor with an office they don’t really need.
In 2014 you can work anywhere and in almost any manner you choose. If you want to get started in the business by working out of your house, so be it. Working from home may not be for everyone, but it is certainly a viable option.