Making the right decisions as the owner of a budding business can be very complicated. Many first-time business owners do not realize that it often is best for them to lease a retail or office space when beginning their sojourn in whatever their field maybe, rather than buying one outright. Indeed, purchasing land in any capacity is a large investment that can jeopardize just about any business. Here, then, are a few ways office space can impact your business both as a renter and as the owner of a piece of property.
The Size Of The Business
If you’re working with a small, limited office space, the space in itself doesn’t encourage much growth. When your business starts to really take off and you need to hire more employees, there simply won’t be enough room to accommodate these positions. That’s why an office rented is an office that affords you the opportunity to enjoy success.
Given that leases can be quite short (between one and two years), there’s leeway to change your trajectory if, halfway through you contract with a property management company, you decide it’s time to expand and seek out a more fitting building for your staff – indeed, reasonable leases can be created with flexibility in mind, so long as you go with a reputable company – such as Summit Properties – that understands the nature of business and opportunity.
For those startups that are just emerging from the depths of their owners’ garages, it’s vital to take those steps towards a larger, more professional space. However, buying property with the intention of using it as an office is a large risk. When you purchase property, it becomes your responsibility to pay it off or file for bankruptcy if payments aren’t feasible. This kind of debt is certainly imminent when startups are in the early phases and the future is uncertain. Whether or not you’ll get investors flocking to your doorstep is highly contingent. Consequently, it’s best not to put all your eggs in one basket and, instead, opt for a business model that includes the flexibility of renting out office space.
As someone who rents a space from a property management company, you are only responsible for the space you inhabit. Owners of property, indeed, are required to maintain the entirety of the building – No doubt, this kind of extensive maintenance task is incredibly time-consuming and would ultimately detract from the exigencies of an up-and-coming business. Moreover, you won’t have to pay for maintenance costs as a renter – the impetus is on the property manager, no matter the cost of the damages (within reason).
To some extent, the office you use can make or break your enterprise. Luckily, with these facts in mind, you’ll be able to make a rational and beneficial decision when the time comes to oversee the future of your business.