When your business starts to grow and get more successful, it’s going to go from a startup business to a fully fledged business! When this happens, you’re going to experience a lot of growth very quickly, and you need to be able to put that growth into an office building to solidify your company, but which option should you take with office space? Well, read on to find out!
Build It
Building an office space is arguably the longest route you could take; using steel frame mats and other steel framework, you’re going to be creating your office yourself! This comes with the disadvantage of it taking a very long time to prop up, so only do this if you have the time to do so. It’s also quite expensive initially, however it does mean that it’s going to be cheaper in the long run because you’re only going to have to pay for the construction of the building and that is it, so it’s a long term money saver and if you’ve got the time and money available to do it, you should!
Rent It
Renting is the most common way that people acquire and then use office space, so let’s have a look at why! Renting office space means that you’re not going to have to spend loads of money on an initial startup; it’s going to be the same amount of money every month for your company which will keep your outgoings down in the onset. However, they fall down sometimes because of contract lengths, which is a set period of time you have to stay there for so you’re going to need to think about whether the space is going to be right for you in a few years time!
Buy It
This option bridges the gap between renting and building, as it offers parts of both. Buying an office space means that, like building one, you’re going to own the building. However, because you’re not building it, it means that you’re going to be able to move into it right away and start using it, just like you would if you were renting! The main problem with buying office space is that you will be paying a huge amount of money for the space, more than you would if you were to build it because you’re paying for the premium of it already being built, so only do this if you have a serious amount of disposable money!
Any of these options are viable, so long as you fit the bill there is one for everyone! If you’re after something with an immediate move in and not a huge startup cost then go renting, if you want your own property but don’t want to spend loads then build it or if you want to own it and have no time to be waiting around then buy one! You might not be at this stage yet though, so have a read of this to help your startup business become a proper one!