Starting a business can be an exciting milestone; something you’ve perhaps wanted to achieve. If you have started your own business, then how big will it be? Will you hire employees? Will you buy rented office space? If you’re interested in buying an office, you will need to think about the positives and negatives to this. Here are the pros and cons of buying your own rented office space.
First of all, you need to think about how big your company will be; will you be a sole trader? Will it be a partnership? or will it be a company with a number of employees? If you’re going to be a sole trader, it will most likely be a waste of money to buy your own rented office space, but if you are planning to own a company with other workers, you will need an office space to work.
The positives to owning your own office space are that the upkeep and maintenance will not be your responsibility as it is a rented office space; if it’s a building with lots of different offices, it will have its own cleaners and maintenance workers. It will even have Dust Monitors from companies such as http://www.mattsmonitors.co.uk/construction-dust-monitors.html who will monitor the air quality of a building. You may also want to own your own office if you are struggling to stay motivated in your home environment, and it will also create separation from your personal life and work life. You could even look into coworking office spaces that you can pay for a certain amount of time, this will be cheaper than owning your own office space, but it also means that you can get out of your house from time to time to socialise.
The other positives to owning your own office space are that it makes your company appear more professional, which in the long run will attract more clients. If you are someone who regularly has client meetings, they may not be comfortable about visiting your home address – this is where an office would be useful.
The negatives to owning your own rented office space are that it is very expensive; if you are paying for a mortgage on a house and paying bills, then the added cost of having an office could leave you pretty short of money – only have an office if you are in desperate need of one. It also means that you will have to pay for petrol and travel to get there every day; it would be much cheaper to work from home.