When it comes to owning a business, you only really have two options available to you when it comes to getting a premises; do you rent or do you build it yourself? You’re going to need somewhere to put all of your employees, so what are the advantages and disadvantages of both? Well, keep reading if you want to find out!
Renting
Renting office space is one out of the two options that you have available to you. Renting an office space means that you have to pay the provider of the property a given sum of money every month to carry on holding the property for your own uses. You can’t alter the property without the owner’s consent which means that it’s not too flexible in terms of restructuring the building, so it’s not going to suit your function 100%. You’re also bound to a contract with renting a property out, meaning that you have to stay with it for at last a few years before you can cancel your contract which makes them binding. Renting is usually a good option if you don’t have any incredibly specific requirements, you’re going to save a lot of money in the immediate startup costs and it’s going to be somewhere that is connected to the roads, so if you’re looking for something easy and accessible then renting is for you.
Building
Building your own office space is a much more personal experience and gives you the office you want. The good parts about building an office space is that you can do whatever you want with it, you could build it out of see these metal beams that you can get here or out of wood, the choice is yours. You can add any amount of rooms onto it that you desire, and once it’s built because the property is yours you can do whatever you like to it. You can also sell your business property on when it comes to the time when you don’t need it anymore, and you’re not going to have to worry about rental payments and contract lengths! However, building your own property is a very lengthy process and has a huge startup cost which isn’t viable for a lot of businesses so only do this if you can afford to!
Either one of these options is great but it suits a specific purpose; if you’ve got enough money to spend immediately and have the time to wait until the construction of your building is finished then you should definitely think about making your own property as it is incredibly flexible and offers you an unrivalled level of freedom, however if you’ve not got the disposable income and you need a property quickly then renting is going to be to path that you want to take. When you’re looking at a property to rent out or even purchase, you’re going to want to think long and hard about how the property is going to serve your business, so read this to see what you should be looking out for!
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Vinh Van Lam & Stuart Horrex
Your Coaches ArtSHINE industries
