In the wedding industry many businesses are based out of the home for the purpose of convenience and low overhead. The Internet has leveled the playing field and with a combination of the right website, good online visibility, strong reviews and a professional looking workspace, a home based business can have as much perception of reputability and credibility as an office or storefront location has.
There are, however some disadvantages. It can be very confusing for wedding business owners to juggle their different roles as a businessperson, spouse and parent. It is very challenging to leave work mentally when you are not really leaving work physically. For some people leaving a physical location after a full day’s work and going home creates a psychological shut down that allows the transition from business to personal life. Children often get conflicting messages of priorities when they are told to be quiet in their own home because mommy or daddy is on a business call.
When a successful home based business expands to a physical location, the entity usually has to grow their business substantially in order to stay profitable and it also has a greater need for financial reserves during slow times. A whole new set of accounting responsibilities ensues. You may need to hire employees or have sales tax responsibilities, which forces you to spend more time on accounting and other functions, rather than simply selling or running the business.
However, one can have a retail location without many of the retail headaches. Many wedding businesses with retail locations can potentially have space to sub-rent inside their location. The advantage of you sub-renting from another business is that you have built in potential clients and/or referrers. At the same time you are helping reduce the overhead of the business that is sub-renting to you. And negotiating a flat rental per month where you have access to the location as needed, can allow you to have that retail exposure, separation from the endless vacuum of business immersion that can happen when working from home and you can have the benefit of the free online exposure Google, Bing and Yahoo have that favor local retailers.
If you are looking to take the leap of running your business from home to running it out of a retail or commercial office, there is no better time than now. Wedding business owners are usually hands-on and easy to approach. Just visit different stores, envision if there is an opportunity to pursue and carpe diem!