Now that you
have decided to move out of your home office to give your start-up a new start
with a professional work environment, and you have to be very careful while
choosing the office space you need for your business as it can be a reason for
the success or failure of your business. Before you jump in to the office space, you have to decide
whether you are buying the space or renting it for few years.
Which do you
think is the best and safest bet? Is it buying or renting? While making this
decision, you have to keep in mind that yours is a start-up, and one wrong move
can be the cause for the failure. You have to consider the pros and cons of
renting as well as buying.
The first
thing that comes into picture is the budget; do you think you have enough
capital to have an office building of your own? Will you be able to manage your
employees considering all the expenses? Analysing the pros and cons, it seems
that, renting has got wide range of benefits when compared to buying. Don’t you
think so?
Here we have
gathered the benefits of renting an office space over
buying; just take a look and decide it yourself.
1. Allows you set up quickly
Just
consider the prospects; if you think of buying an office space, you need to
conduct a thorough research about the office spaces available for sale, as you
are going to stay there permanently. Once you find a suitable space, next stands
the decor, furniture, and other alterations to be done to match the space in accordance
to your business. This definitely takes hell lot of time to get set, and
starting your operations will be delayed too.
And in case
of renting, just choose a fully furnished office space that suits your business
type and start your operations. Which is less time-consuming? It’s undoubtedly
renting. Isn’t it?
2. The COST
Renting an
office space saves you significant amount of money when compared to buying;
want to know how? Just take a look at the above mentioned point. While buying
an office space, you have to spend lots of money on the things mentioned there
like decorating your office space according to the business needs. It covers
the wall décor, the furniture and other things. You also have to spend on
setting up the phone lines and the internet.
All these
costs can be saved on choosing renting the space over buying, and the saved
amount of money can be used to improve your business further like training your
employees to make them masters in the field, or any other developments.
3. Change according to the needs
Confused?
Well, don’t be! When you buy an office space for your own, what would you do if
you see that your business is growing and you want to add few more employees,
but there is no space available at your office? If your answer is buying a
larger space than you actually need, the next question would be what if your
business doesn’t go according to the plan and you end up with space remaining
empty? You will then have to think about sub leasing the remaining space which
would be an additional responsibility.
But when you rent an office space, when a situation arises for you to add few more employees, you’ll always have that room to leave the current space after the term and rent the one that can accommodate your employees.
But when you rent an office space, when a situation arises for you to add few more employees, you’ll always have that room to leave the current space after the term and rent the one that can accommodate your employees.
There are
lots of other benefits associated with renting office space over buying, but
again it’s you who has to decide as you are the business owner and you know
your business prospects better than anyone else. So choose wisely and make the plan work for
you.
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