When you’re a small business owner, you’ll have a huge range of tasks to think about, from your marketing and branding to your turnover and your staff. With so much to consider, it can sometimes be hard to make all the critical decisions. If you’re looking to get some property but not sure if you should rent or buy, then you’ll want to take a look at some of these key considerations.
Reasons to buy
If you buy a commercial property, you’ll be making an excellent investment. Paying into property to gain ownership often makes much more sense in the long run than the money paid into renting which you’ll never see back. In addition to this, if you’re only using one part of the space that you buy, then you can rent out the other floors and make some money on this. If you’re keen on this option, sites like www.proplist.com
have some great options that you can search right away without needing to spend time finding a particular agency first.
Reasons to rent
If you rent a property, you will have much more flexibility if you want a short-lease, a change of location or decide to switch to a remote company format in the future. You won’t be tied into anything long-term, which is why many start-ups opt for renting in the beginning because there’s less risk this way. If you are renting, you might be able to have more control over your location because buying in more desirable areas comes with a big price tag. You could end up renting something lovely in a very sought after location that, in turn, contributes to your business image and your branding. As well as this, renting a property will save you considerable time compared to buying, which is generally a longer more drawn-out process. If you’re a new company trying to grow, you won’t want to slow down and wait around!
Due to advances in technology, it is easier than ever before to run a business remotely. So many companies are going for this option because of the minimized costs and levels of flexibility. Depending on what kind of business you have, it may not be entirely possible to jack the office in! However, if you think that this option could work for you, it’s well worth considering. There are so many tools available that aid remote working companies; you can get yourself a virtual business address and use things like Slack and Zoom to communicate and collaborate with your team.
The decision that you make will largely depend on which stage you are in on your business journey. It will also depend on what type of business you are. The first thing to do is to write down a list of your current goals and priorities for your business. Once you’ve done so you’ll be able to see if you are swayed in one direction or another. Your team may be able to help you come to a decision.