One of the biggest questions that you’ll have to ask yourself as a business owner is whether you should work from home or work from elsewhere. Of course, each option has its pros and cons, and once you’ve made your decision, you could be left with even more questions. If you decide to work from somewhere other than your own home, you have to then pick whether you should buy the premises or rent them. Both of these options also have their own pros and cons, so we’re just going to focus on buying today. Here are three reason why buying business premises is the right decision for you and your business.
You Have Control
As a business owner, you are likely to be an incredibly strong-willed and independent individual. Because of this, you probably like to have as much control as you can, especially when your business is concerned. If you rented premises, you have to abide by the terms of your lease. This means that you won’t be able to change little things, such as the commercial carpet, or bigger things, like the electrics. When you own the premises, you can do pretty much whatever you like, so the office will look and function exactly as you would like it to, rather than you just having to muddle on with what you’ve got.
You Can Save Money
People often decide to rent business premises, rather than buy them, as it’s cheaper, but this isn’t necessarily true. In the long run, buying is almost always going to be cheaper than renting, and moreover, it’s an investment, rather than just throwing money away, and is one that you can sell at a later date, usually for more money. As well as this, once you’ve paid off the cost of your office, you won’t have to pay a large chunk of money each month to keep your office open, so your monthly expenses will be reduced, and this extra money can be saved or used elsewhere.
You Can Make Money
Businesspeople tend to buy buildings or houses, rather than single offices, which means that you’ll have a property which you won’t need most of. Some people would see this as a waste, but you could turn it into a money making-opportunity instead. Rather than leaving any extra rooms empty or as storage, you could rent them out to other business people. This money can then be used to pay off you premises quicker, and later could be used elsewhere to benefit your business.
In case it wasn’t already clear, buying business premises can benefit your business in a big way. If you choose to rent, you would have increased monthly expenses, but when you buy, in time, your expenses could be reduced, and you could have another source of revenue on top of that. Of course, no option is perfect, and buying business premises does have its downsides, which you should research and consider before making any major decisions, but it’s hard to argue with the benefits.
Featured Image by Shutterstock / By Vereshchagin Dmitry