Buying office space is different than buying a home. But it’s something that requires careful consideration: you must make sure it works for you…literally. How you do this depends on the type of business you run. The following tips will get you started:
Make sure you want to own
Before buying office space, know what you really want, because there are benefits to leasing. Per Quickbooks, one of the largest perks is no down payment, but that’s not the only one. By leasing, you can deduct rent, you aren’t responsible for repairs and maintenance, and you can lease in higher end areas where you might not be able to buy. This isn’t to say there aren’t benefits to buying – there certainly are! – but make sure you want to own before you bypass renting.
Look toward the future
If you decide that buying is right for you, think about what lies ahead and make sure you buy an office that gives your company room to grow. If you purchase a space that you fear will someday become too small, consider an addendum that allows you to purchase any adjacent lots available.
Make sure it’s convenient
Your office space should be convenient to you, your employees, and your customers. If it’s not convenient to your staff, you risk people quitting – even your best employees may trade in their job for something more accessible. It must also be convenient to customers, especially if your business is the type where clients stop by often. One way to assure this convenience is the parking. If customers have to drive around aimlessly looking for a spot (or pay a small fortune to procure one), they make go elsewhere.
Make sure it’s affordable
Office space is one of your largest expenses. You may be tempted to purchase above your limit, assuming that it’ll improve business. However, running a company comes with all kinds of surprises. Thus, buy what you can afford instead of what you wish you could.
Consider the signal it sends
According to Entrepreneur, the location of your office dictates, in part, its reputation. It can signal to others your level of success, something that can either draw in clients or scare them off. Ideally, your office creates a balance: it’s not so lavish that people think they’re overpaying, but it’s not so basic that people wonder whether you’ll still be around a month from now.
Think about foot traffic
Foot traffic is relevant to some companies and of no concern to others. For instance, if you run a law firm and don’t accept drop-in appointments, you have no need to purchase in a well-walked area. But, if you own any type of business where people drop in at their own convenience, foot traffic is something you must weigh. A coffee shop in the middle of downtown will be more successful than one in the middle of suburbia.
Buying office space is an important decision worthy of time and thought. These tips will help you determine the type of space that’s beneficial and that’s better occupied by your competition.
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