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.
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.
For more information:
Furnished office space for rent in Bangalore
By PIRO4D from Pixabay