There are a lot of factors to consider when you are growing your company. One of the biggest decisions you will have to make is whether to rent or create an office space. There are pros and cons to both options, and it can be difficult to decide which is the best for your business. In this blog post, we will discuss the difference between renting and creating an office, and help you decide which option is best for you!
Renting vs creating your own office – What are the main differences?
Your growing business will need office space at some point. The question is – should you rent or create your own office? On one hand, you have the convenience of simply just paying for rent for a building; while on the other hand, you have various sheds for sale that can make your business more permanent. Of course, each comes with its own set of advantages and disadvantages. So, when comparing, it is crucial to keep your business goals and objectives in mind. While renting offers great flexibility, creating your own office space gives you more control. Let’s go over some key points to help you make this decision:
The cost difference
Creating an office space will generally be a more expensive upfront cost than renting. You will need to factor in the cost of materials, construction, and any permits that may be required. Additionally, you will need to make sure that the space meets all the safety and health regulations. On the other hand, with renting, you will simply need to pay for rent each month. However, keep in mind that rental rates can increase over time, so you may end up paying more in the long run if you choose this option.
The time difference
Creating your own office space will obviously take more time than renting an already existing space. You will need to factor in the time it takes to find a suitable location, build the office, and move in. Plus, if you are not familiar with construction, it may take longer as you will need to learn how to do things or hire someone who can help you. However, building your future office in your own backyard can actually be much more beneficial than renting. Renting office space, on the other hand, is a much quicker process. You can simply find a space that meets your needs and move in relatively quickly. However, you cannot have as much say in the location of the building.
The flexibility difference
Renting offers much more flexibility than creating your own office space. In case you need to relocate for some reason, you will do it much easier while you are renting. You simply have to give your landlord notice and move out when your lease is up. With your own office space, you will need to sell the property, which can be a lengthy and complicated process. Additionally, if you need to downsize or expand, it is much easier to do so when you are renting. You can simply negotiate a new lease with your landlord.
The control difference
When you create your own office space, you have much more control over the design and layout of the space. You can build it to specifically meet the needs of your business. Additionally, you will not have to worry about meeting the standards of a previous tenant or landlord. Most importantly, utilizing a shed to create your office gives you the ability to have your business in your own backyard! This can be extremely beneficial, especially if you work from home. With renting, you will need to work with what you have and make do with the space that is available.
So, which option is best for you – renting or creating your own office space? The answer depends on your specific business needs and goals. If you need a more flexible option, then renting may be the best choice. However, if you want more control over your office space, then creating your own office may be the better option. Consider all of your options and make the best decision for your business!