Securing a Location for Your Business: Updated Insights for 2024

Jacob Carrico, Director of Advising, Nevada Small Business Development Center • August 13, 2024

The shift towards remote work, accelerated by the global events of 2020, has brought new perspectives on where and how businesses can operate. Whether you're considering working from home, utilizing a co-working space, or renting a traditional office or storefront, understanding the pros and cons of each option is crucial for making the best decision for your business in 2024.


Work From Home


Operating your business from home offers unparalleled flexibility, allowing you to set your own schedule and avoid the costs associated with renting a separate space. However, it’s important to ensure that your home environment supports your work needs. Zoning laws, space requirements, and potential distractions should all be considered. If your business requires client visits, significant storage, or generates noise or odors, a home-based setup might not be the best fit.


Maintaining a productive work-life balance is also crucial. Designating a specific workspace, sticking to structured work hours, and avoiding social isolation are key strategies for success when working from home.


Co-working Spaces


Co-working spaces have grown in popularity, especially as businesses seek cost-effective and flexible office solutions. In 2024, businesses can save as much as 30% on operational costs by opting for a co-working space over a traditional office lease. This is particularly beneficial for startups and small teams, as co-working spaces often come fully equipped with necessary amenities, reducing the need for upfront investments in furniture and utilities.


For example, a business with 10 employees could save nearly $48,000 annually by choosing co-working over traditional leasing in certain U.S. cities. Additionally, the shared nature of these spaces fosters networking and collaboration, which can be invaluable for growing businesses.


Renting an Office or Storefront


Leasing a dedicated office or storefront remains a preferred option for many businesses that require a physical presence to connect with customers. However, the financial commitment is significant, and it’s crucial to carefully assess the location, including factors like foot traffic, nearby competition, and accessibility.


The costs associated with leasing traditional office space can vary widely depending on location. For instance, in some Western U.S. cities, the cost of leasing an office can be nearly double that of a co-working space. While the upfront costs and ongoing expenses are higher, the benefits of having a dedicated space that reflects your brand can outweigh the costs, especially for businesses that rely on customer interaction.


Conclusion


Selecting the right workspace is a pivotal decision that can greatly impact your business's success. Whether you choose to work from home, join a co-working space, or lease an office, understanding your specific business needs and the associated costs will help you make an informed choice that supports your growth in 2024 and beyond.


Need advice on what solution is best for your Nevada small business? Receive no-cost and confidential small business advising from experts at https://nevadasbdc.org.


Through the Nevada State Small Business Credit Initiative (SSBCI), Nevada SBDC advising services are designed to prepare you for access to capital. Thereby promoting economic growth through business starts, increased sales and job creation. To enhance a business’s capacity to secure capital but also fortify its operational resilience, positioning it for sustainable growth and success in a competitive market. With the idea to address market gaps and promote the growth of small businesses across all communities in Nevada, this program very small businesses and social and economically disadvantaged individuals. Learn more at https://nevadasbdc.org/ssbci.

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Postcards can be a great way to tell people about your business, but sometimes they don’t work the way you want them to. If you’ve sent postcards and didn’t get the results you hoped for, don’t worry! There are a few reasons why that might have happened. Here are three reasons why your postcards might not be working and what you can do to fix them. 1. Your Picture Doesn’t Show the Message Quickly When people look at a postcard, they don’t spend a lot of time on it. If your picture doesn’t show them what your business can do right away, they might not even bother reading the words! The picture should tell them exactly what you’re offering in just a couple of seconds. What to do about it: Pick a picture that shows exactly what you’re offering. If you’re selling toys, use a photo of the toys. If you’re selling a service, show how it helps people. Make sure the picture makes the message clear so people don’t have to think about it for too long. 2. There’s Too Much Stuff on the Postcard Sometimes, people think if they add more information to a postcard, it will help. But if there’s too much stuff, it can make the postcard confusing. People might get overwhelmed and not know what to do next. That means they might throw it away. What to do about it: Keep your message simple. Tell people one main thing about your business. Use a few words and make it easy to understand. Focus on one thing you want them to know or do, like “Call us today for a free trial!” or “Visit our website to get your discount!” That’s all they need to know! 3. You Tried to Make It Yourself Instead of Getting Help A lot of people try to make their own postcards. But if you don’t know how to design them well, the postcards might not look professional. A postcard that’s messy or hard to read will make people ignore it. What to do about it: Get help from a professional. They know how to make postcards look good and get people’s attention. A designer can make sure your postcard is easy to read and looks nice. They’ll help you say the right thing in the right way so more people will want to take action. Conclusion If your postcards aren’t working, don’t give up! By choosing a clear picture, keeping the message simple, and getting help from a professional, you can make postcards that grab people’s attention and get the results you want. Start making changes today, and you’ll see more people interested in your business! Book an Appointment and Get 5,000 Free Postcards! Click here to book an appointment and get 5,000 postcards for FREE: https://qr.rsvplasvegas.com/calendlymobile/HCCblog1 About Tim Knifton Tim Knifton is a marketing expert who has sent over 15,000,000 postcards in Las Vegas! He knows how to create successful postcard campaigns that help businesses grow. One of Tim’s biggest achievements was helping a company earn over $2,500,000 in just six months with direct mail. Tim loves helping businesses succeed with direct mail, and he continues to be a leader in the marketing world.
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By Nevada Small Business Development Center • December 3, 2024
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