Renting Vs Buying Office Space
How your office says a lot about how your business is. The image the office crates is what customers will keep of your business as a whole. It is where you host your employees. If it well-appointed, it will make for a suitable work environment, which leads to better productivity. Owning an office complex is no small investment. You can manage to access such facilities through office rentals still.
Renting is how you can access the best business location without paying huge real estate fees. The cost of such buildings is discouragingly high. There is a need to place your business in the best possible light in the market. Considering such costs are prohibitive; you are better off renting in that area.
Renting is also the hassle free option. When you buy, you will find it comes with so much work. There are areas that need tour attention, such as equipping the office, offering cleaning services, and others. You cannot forget about repair and maintenance work.
There is also assured flexibility. As the operational environment of your business changes, so will your needs. At the same time, businesses are evolving, thus bringing forth new needs and expectations. You cannot change so easily when you need more or less office space if you own the building. But if you had rented, those changes are easily accommodated.
You will also have less of a financial burden when you rent. The cost of running an office is not cheap. Since you own the premises, you have no choice in the matter. Since you have rented, you only have the monthly rent to worry about. The savings you make in this regard can be directed towards more progressive goals, such as expansion and diversification of your business.
You will also have plenty of working capital. Considering you have fewer operational costs, you are in the best position to save so much of what you make. You can, therefore, fund activities like bonuses for hardworking and effective employees, research into better ways of approaching the market, product and service improvement, and such.
You also create a professional business image. Renting office space has worked especially for small businesses, startups, and freelancers. You will have that professional image, as well as a chance to perform in the same class as well established players in the market.
You also get better networking. You may fear that sharing office space at such close proximity is inviting theft of ideas and such vices. It is, however, the perfect chance for you to connect with other businesses and share ideas.