Many financial advisors — both rookies and veterans — have opted to work from a home office.
“There are real benefits, to working at home,” says Stacey Litwin-Davies of Litwin Davies Design in Toronto. “You don’t have to commute and you don’t have to be away from your children.”
If you are thinking of working from a home office, consider these tips to keep your work space professional and productive:
> Make sure it’s right for you
First, make sure that working from home is appropriate for you and your practice. A home office may take more time and money to set up than you realize. It will involve furniture and decorating expenses and may involve renovations.
And working at home can be very isolating, warns Litwin-Davies. “You won’t necessarily have colleagues you can share information with or problems with,” she says.
> Think like a client
Consider the location of your home in terms of your business needs. If you plan on meeting clients in your office, is your address easily accessible?
Your home office should be separate from the rest of the house. Make sure clients won’t be walking past personal areas, like your kitchen or bedroom. Consider using a separate entrance for the office if it’s feasible.
> Choose the right space
Make sure you have a place where you can close the door for privacy, Litwin-Davies says: “Can you actually get on the phone and have a confidential conversation?”
Think about what makes you productive and what you need in the office to work best. If you’re someone who tends to accumulate papers and files, make sure there is enough storage space.
If you need a lot of light, you may have to take over a room on the main floor instead of moving into the basement, says Meredith Heron, principal of Toronto-based Meredith Heron Design. “You have to think about planning a functional space for you.”
> Avoid the “home cubicle”
A home office is an opportunity to choose furniture that adds your personality and professionalism. Avoid buying an office set at the local big-box store, Heron says; they’re not necessarily functional or professional. “You’re basically bringing an ugly cubicle into your home.”
Instead, look for specific or even unconventional furniture that will work both for you and for the space. For example, Heron says, she uses a table with a large surface area as a desk because it makes it easier for her to organize.
The office should have comfortable guest chairs for client meetings. Stay away from leather, which can be too hot or cold depending on the season. Also, avoid fake leather and dark wood, says Heron, which lack personality. Instead, choose materials like velvet or chenille, and take risks with colours.
> Add finishing touches
Drapes and artwork make your office both professional and motivating. Drapery makes a room look finished, says Heron. “It shows an attention to detail that people want in an advisor.”
Choose photographs and art that show clients what you can help them achieve, such as travel, she adds.
Include a visually interesting focal point for yourself. It can be a wallpaper design you enjoy or an inspirational or comic piece of artwork, Heron says. “When you’re looking up,” she says, “it’s not just a computer screen and it gives you something to strive for.”
> Fit your clients
Make sure your home office suits your clientele. “You need to know your space is acceptable to [clients],” says Litwin-Davies. For example, if you target middle-income families they could feel uncomfortable if your space is too “rich” looking. Conversely, if your clients are high net-worth, the décor should be more luxurious.
IE