If you’re a small business owner with every intention of expanding your company, you may be faced with the conundrum to rent or buy office space.
All small businesses will have to face the issue of workspace at some point, because as your team grows, so should your working environment.
But sometimes, buying office space right off the bat is not your best option as a small business owner. On the other hand, renting small business office space is could be more your speed. Find out the benefits of renting in this blog…
Why You Should Rent Small Business Office Space
Let’s get down to brass tax here. Your office space is a direct reflection of your business and how it’s run.
Your level of professionalism is on full display, so when a customer enters your office, what kind of atmosphere do you want them to experience?
Moreover, your office environment is where you and your employees will spend 80% of your day. That’s a huge chunk of your time, so it’s important that it’s an organized and happy place.
But finding the perfect environment to set up shop is not always easy. It can be time-consuming, costly, and complicated -especially if you’re looking to buy property. Here’s why you should rent instead:
1. Prime Office Location
Location, location, location- renting an office space offers you the chance to rent in the best area, which can do wonders for your business. If your business is dependant on image, location or foot traffic, bagging the perfect spot in a busy, trendy, and well-placed location is unbeatable.
Not-to-mention, renting in this location is the more affordable option by a mile!
2. The Opportunity to Network
One of the best things about renting small office space in a coworking building is the opportunity to network and grow your field of contacts.
Some people may think that sharing an office space with another business is counterproductive or distracting. But you can use this to your advantage and capitalize on networking with business-savvy, like-minded individuals.
You never know, these interactions could lead to unexpected collaborations, partnerships, or new business success.
Additionally, a coworking space is a great place to meet new people, foster friendships and make for a happier work environment on a whole.
3. Easier Access to Working Capital
If you’ve invested all your funds into buying real estate for your office space, what do you have left in order to respond to opportunities in the market? Not very much at all.
Renting an office space frees up your working capital and allows you to branch out and grow your business by making the most out of industry opportunities.
Additionally, your ability to borrow funds if needed is not as limited. Whereas when all your capital is tied up in office space, this limits your borrowing power.
4. Business Scalability
The aim of any small business is to grow and expand. If you buy an office space of a certain size, this can be severely limiting to your business growth.
Renting office space allows your business the flexibility it needs to scale in growth. If you suddenly enjoy a little more success and expansion than expected, then moving on to a larger property is far simpler when renting.
On the flip side, if you find that downscaling your business will be beneficial, the same applies. You can easily find office space of a smaller scale to save you money.
Rental agreements are generally very flexible and can be easily renewed from one year to the next. This offers a great level of scalability, no matter how small you start out.
5. More Time to Focus on Your Business
When you become the owner of real estate, whether it’s commercial or residential property, this comes with a heap of responsibility.
All this responsibility of ownership brings with it paperwork, meetings, and headaches you just don’t have time for as a business owner. This is where a leasing option offers you more time to focus on your business and less stress spent elsewhere.
6. Fewer Office Space Responsibilities
When you own a property there are a number of responsibilities that go with that. This includes the maintenance, security, and other management areas of the building.
On the other hand, renting frees you up from these responsibilities. You don’t have to worry about cleaning, painting or fixing a burst water pipe on your time and your dime.
Renting office space allows you to focus on the most important thing- growing your business, without the distractions of building ownership.
7. Strategic Flexibility For Business
Finally, renting an office space allows you more time to plan and strategize for the growth of your business.
You won’t need to stress over meeting monthly mortgage payments, paying owner’s insurance, dipping into your funds for emergency repairs.
To add to this, you have the chance to shop around and weigh up your options when it comes to scaling your business up or down. You are not tied into an agreement. You have the flexibility and freedom to find a location that could suit your business better for the future.
Find Business Success With Us
Now that you know a little more about the perks of renting small business office space, learn more about how to grow your business with us.
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Make sure to check back with our blog regularly for all the business tips you need in order to achieve success!