170 - Do You Need A Physical Office
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In this video, I discussed whether or not a physical office is necessary for a business. When I started my own business, I worked from my spare bedroom and garage as a storage facility for my inventory. However, if you're in the inventory business, you'll likely need a physical location to store your products. But for a media-only business, like mine, I don't think it's necessary, especially if you're a one-person operation.
When my son took over the extra bedroom, I moved my business to a real estate office that gave me access to their warehouse. After a year, I decided to move to a smaller office located centrally. Nowadays, I do have an office, but my employees don't work out of it. I realized that a physical office isn't necessary for my type of business, as long as my team has all the tools and resources to be successful and know what is expected of them.
I've also learned that my team is more productive when they're not constantly being interrupted by others. We accomplish less when we had an office full of employees. Nowadays, we only use our office space for onboarding new employees, meetings, and providing studio services to our customers.
If you're working with others, you'll need to find a way to stay connected. If you don't have a physical office, there are many software platforms like Workplace, that you can use to stay connected. I also create weekly update videos to keep everyone in the loop as to what is going on in the company, like customer feedback and company priorities.
I wouldn't recommend starting a business with a physical location, especially in the beginning stages of your business. It's important to keep costs as low as possible when starting out, so you can use that money for other business priorities like equipment and customer acquisition. But if you do have a lot of money set aside for your business, do what you feel works best for you.
In conclusion, a physical office may not be necessary for a media-only business, especially if you're a one-person operation. You can still stay connected with your team using software platforms, and you'll be able to save money by avoiding rent and other expenses associated with a physical office.
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