Choosing the best working environment for your Research and Development ideas to flow is really important.
When beginning a new research and development project, when launching a new product or service, you need a good working environment in order to allow uninterrupted thoughts and also brainstorming sessions with your partners and colleagues.
What makes the ideal working environment? Do you really need to invest in an office space? Do you need a head office alongside a physical location? Can you start researching and developing from your bedroom? Where do you think best?
There are many tales of entrepreneurs starting their business from their bedroom or a bedsit, and while it’s not ideal it does cut down on overhead costs. You can claim some tax relief also if using your own home for business purposes, such as a home office, here are the befits to using your own home in bullet points:
- It’s inexpensive
- You can claim some tax relief
- It’s familiar
- It keeps everything in one place
- It saves on weekly expenditure
- No commute to the office
If you have the space it could be an idea to use one room solely for work, or to build a space in the garden in which to work from. Unfortunately, this isn’t the best environment for appearing professional. Clients will not be impressed to be welcomed to the bedroom office, while the address may not inspire confidence.
An environment like this can also stunt the growth of ideas, as mentally, you’re tied to the domesticity of the setting, and this is a thought process that’s difficult to switch off. You deserve a space where you can concentrate solely on your project without worrying about interruptions, the beep of the washing machine or childcare. It takes some mental willpower to be able to separate the two and if you have this strength, a home office could be for you.
A Shared Office Space for Research and Development Projects
A shared office space or a rented desk has benefits. You can separate your home and work life and be surrounded by like-minded colleagues. You’ll also receive a business address to use in correspondence and it can be a professional way to meet and greet clients and investors. It’s not ideal if you want to keep your research and development project under wraps, as it will be impossible to keep your intentions from prying eyes.
An Office of Your Own
An office of your own is the ideal working environment. You can then accommodate your entire team and keep your business plans secret. Few start-ups believe they can afford their own office space from the beginning, however with research and development tax credits and grants on offer, it’s actually a lot more affordable than one may believe.
How R & D tax credits can help
If you know that you can recoup some of the outlay on your development costs through the R & D tax credit scheme you can use this to your advantage. The additional financial support given by the governments R&D tax relief scheme can help you make better choices and increase the chances of your project being successful.