Starting your own business is an exciting venture. It is a time where you can finally put all your dreams into action and watch your ideas become a reality. One of the many decisions you will need to make is where you plan to set up your office, and whether you will be renting an office space or buying one. This could possibly be one of the biggest decisions you will need to make, as your office space needs to be flexible in terms of growth, both in the size and operations of the business, but also in the number of employees that your office space can accommodate.
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With the global economy currently in a decline, more companies are opting to rent office premises, rather than buy. Let’s take a look at some of the benefits of renting an office space rather than buying.
- Renting provides more flexibility. When your lease is up, you can reassess your needs and budget, and either extend your current lease or search for another office premises that would suit your needs more.
- Renting means fewer responsibilities as you will not be responsible for the maintenance, upkeep, remodelling or management costs associated with owning an office building.
- As you are renting, there is no mortgage to worry about. This allows you to free up your money as and when you need it and put it towards another part of the business.
- There are tax benefits to renting instead of buying. Renting a property is tax deductible, and can be added to operational costs.
- Renting also makes doing your company taxes that much easier, as there will be less paperwork involved than if you owned your office space. Your taxes will be easier to file.
- There is no large down payment required for renting an office space. Renting requires only one or two months rental costs as a deposit.
- Rental costs are often negotiable. If the office space you are renting is in an area with many other offices, such as a business park, you can negotiate the rental amount that you will pay.
Renting an office space is the best option when your business is still young, or you have just started out. It gives you the freedom to move to larger premises as your company grows, and your number of employees increases. Renting an office in a business park also has the advantages that things like telephone and internet lines, as well as security are already in place, which saves you installation costs. Saving money where you can on operational costs can increase your profit revenue, which can be used to invest in other areas of your business, such as strategic planning or the hiring of new employees to expand your business ideas and possibly branch out into new ventures.