Often, choosing what office we set up our business in can be a relatively easy consideration. Not only do we have a responsibility to make sure the space can comfortably seat all of our employees with a respectable amount of personal working space afforded, but you must factor in room for growth.
A much more popular option these days is to invest in a spare land lot and build an Armstrong office structure there. Either that, or purchasing the office space outright and avoiding rental costs can afford you greater autonomy over the business space that is rightfully yours.
There are many benefits to spending the time to purchase or invest in your own space, and it’s often not understood by those who have rented a place all of their business lives. For this reason, we’d like to suggest some of the benefits and drawbacks of doing so, to help you make the decision you truly want, and the one which would be most suitable.
While some might consider this a total and complete benefit, you’d be unwise to neglect some of the drawbacks. You will be completely and totally responsible for maintenance, and your own security. Often offices will come with some form of secretarial, cleaning or security service, but when you own the plot, you will have to invest in these too. This might prevent you from gaining discounts from your previous office management company. You will also be responsible for office safety, and ensuring your staff completely for any potential harm. This is a lot of responsibility, but can be worth it.
No one said that it would be cheap. Purchasing your own land can be costly, and building can be too. For this reason, it’s more important than ever to find a good deal.
Cheaper long term
Of course, you can be sure that there’ll be a much larger initial investment in your office space. This might take a significant chunk out of your savings, or out of the investment, your angel or shareholders have placed in you. However, long-term, you can save thousands, and maybe even hundreds of thousands in rental costs. Not only this, but the space will be completely yours, free to renovate, change and replace damage at your own leisure. This allows you to effectively budget upgrades you might have otherwise gone without.
From day one, you will be able to tailor your plot during construction, bringing the space to a perfect 1:1 representation of what your business actually requires can save you plenty in storage or utility effort down the road. This can also help you with smaller tailoring considerations, such as setting up your office so more employees can work there at once, or simply upgrading the space by knocking through walls and constructing offices where before there weren’t any. You could even have environmental sustainability and ethics at the core of your construction effort. Every entrepreneur dreams to have the exact space they have always pictured, and here it could be a reality.
With these tips, balancing your decision could be easier than ever. Is it right for you? If you feel it is, good luck. Your business will only blossom as a result.
*This is a contributed post