Renting an office can be an excellent option for growing small businesses. This can help them expand their business capabilities and work more productively, saving money on costs that are incurred when buying an office. Nowadays, you can find furnished and fully equipped offices ready to go at any time.
This allows them to move in and get instant access to potential markets. Do you want to know the benefits associated with renting an office space? Take a look! Here we will tell you some of them and why it is better than buying an office.
What are the benefits of renting an office?
Buying or renting an office is one of the main uncertainties for those who have a small business. In order to decide which of the two options the best is, owners will have to weigh the advantages of both options. Let’s see the benefits of renting an office instead of buying one.
Low financial commitment
There is no down payment when renting office space. You only have to pay a refundable deposit, which is generally equivalent to one month’s rent. Some landlords may request a six-month rental as a deposit, but it is still cheaper than buying office space.
The lease option allows you to use the extra money to respond to opportunities in the market, such as organizing events for brand recognition, etc. It is always good to have more working capital, especially for startups and small businesses.
Access to first-rate properties
It is impossible for small business owners to raise the amount of money they would need to purchase commercial property in an upscale area.
If a prestigious address and image are needed for the type of business you run, renting would be a better and cheaper option. Renting an office allows access to high-end properties in popular areas, which otherwise would have been impossible to buy with the capital you have.
Even if you had the money, it would still be difficult to find one as most commercial properties in well-known locations have already been bought by real estate agencies in hopes of leasing them for a high price in the future.
Expand your horizons to new markets
Moving your business to an untapped market will automatically increase your customer base, although it may take time to become familiar with a new place. You can take advantage of things like knowledge-sharing sessions, industry-related seminars, cocktail parties, outdoor recreational activities, and other networking opportunities in local communities.
This brings us to an important point that is often overlooked. A lease should not be signed if it does not specify who is responsible for what. The landlord should be responsible for the repairs and maintenance, not the person who rents it.
The point of not buying your own place is to avoid the responsibilities that come with it. Yes, the tenant is responsible for keeping the place clean and undamaged, but the landlord must agree to pay for repair and maintenance costs, as well as any improvements, as long as they are within a previously established budget.
For example, if the heaters stop working, the tenant does not have to pay for repairs since it is not his or her responsibility. Therefore, it is important to discuss all these issues with the landlord before signing the contract to avoid problems in the future.
Some landlords may agree to pay for a certain service, such as waste management, but regardless, the services are your responsibility, so you cannot blame them if they do not do it. Some may even agree to pay for security within the premises.
Easy to move in
All companies grow as they receive more and more customers and employees. If at a certain moment, they feel the need to look for larger office space, everything will be easier since they will only have a few worries because the place is rented.
Several additional options to choose from
According to the above, if you decide to upgrade your office space or move to a new location, it will be a quick and simple process. You can even move to another location at any time if it offers a better solution for your business.
There are so many options to choose from, so you can easily find the rightfully equipped office space for your business, according to your number of employees. You can also take advantage of the reception, business lounge, rest areas and/or meeting rooms when you need them.
Save money with flexible leasing
Renting an office only when you need it, for as long as you need it, can help save a significant amount on monthly expenses. There is no capital investment or long-term investment, so every business can find the right solution for their budget and business needs.
Take advantage of technology and customizable solutions
When renting an office, you can find all the necessary technological solutions to help you work and conduct meetings. If your business needs something special, you can get it. Customizable offices can include made-to-order arrangements designed to suit your business needs and preferences. You can also find assistance with everything from company registration to setting up tax and accounting procedures