The general rule of thumb is no more than 10% of your income.
I found this out today as Jacinda and I look to set up Delaney & Thorn in Wellington, on top of our existing office at Kapiti Collective, and sought our accountant's opinion, as we often do! #excitingtimes
This made me think about our business, how far we have come, the current climate, the importance of flexibility, AND spending as little as possible while in the early phases of your business.
However, I don't buy into the argument that all young businesses are best to operate from home in their early phases.
Especially if, like me, you are at your most productive when collaborating, networking, sharing & expanding your ideas and are at your happiest around other people.
In fact, I was a little bewildered by Quora's article appeared first on a Google search - when I consider it such terrible advice.
Especially, when I am such an advocate for culture, clear values and progressing business in a steady and sustainable manner.
I knew it was time for an office after my first year with my business DelaneyPR. My clients were getting bigger and working from home and cafes were no longer appropriate. I also had little children, so the mess and chaos was an unwelcome distraction from productivity.
The decision to come up with a solution, that is now Kapiti's local shared office space, is one that has paid off tremendously - for my business and others that were in the same position.
Almost 2 years on from when I first started coworking, I have made new business connections, won more business, started exporting, met my current business partner, narrowed my target audience, and made more friends that I could ever have hoped for. Friends that like me are determined, professional and so much fun.
Today my business partner and I just had news that we have won another Wellington contract with an amazing New Zealand business seeking market engagement and that we will be able to go ahead with a Wellington office as well - we couldn't be happier.
I think back to the days of working at home and if this would be possible. The short answer is no...
Business growth is not all about growing as quickly as possible, or working in dire conditions until later - it's about enjoying the journey.
And I have to say the view from here is pretty sweet :)