Many people who start a business begin very small, often with themselves as the only employee. At that point, office, retail or production space probably isn’t much of a concern. But as the business hopefully grows and adds more sales and employees, business housing may become very important. Here are four ways entrepreneurs can find a home for their business.
Many businesses start out as home-based ones. Working out of a home office can save entrepreneurs much-needed funds that they can funnel into higher priorities as they try to grow their business from the ground up.
If you have an office-based business, then a co-working space could be the right place to house your business, at least at the start. Co-working spaces are essentially shared office spaces. They usually allow entrepreneurs to start out renting nothing more than a desk space, and many don’t require long-term leases. Such spaces often have offices, conference rooms and other amenities that can be used for additional charges. Starting out in a co-working space allows you to have the space you need along with space for potential for growth without having to make a long-term commitment.
Once your business is established and stable, you can consider renting a business space. Some companies, like Hartman Income REIT, know that this can be a viable option for many businesses. Before taking this step, you will want to make sure you can live up to the commitment of a lease that lasts a year or more. If you need alterations done to the space, most owners will pay for them up to a certain amount and add the cost to your lease. Taking on the cost of a lease is a big step, so you want to be sure you are in a place where your business can handle it.
If your business has achieved long-term success and has good future prospects, you may want to look at buying or building your own space. This is a big step that ties you down financially even more than a lease, but it does have some big advantages, such as more control of the space and the ability to take tax write-offs for owning property.
Choosing the right space for your business is an important part of being a business owner. It’s vital to consider several factors, including cost, the business’s need and potential room for expansion. Fortunately, there are several good options that can fit businesses of all sizes.