If you have been renting your business’s office space, or other business premises like warehousing, you may be wondering how you can know whether the time is right to invest in buying property. Being in a rented office can have a few benefits – it keeps costs predictable and it can be a bit easier to scale to larger spaces as your business grows. However, in most cases, once your business is past its initial expansion phase, these benefits become less important and you start to see more long-term advantages to owning the premises you are based out of.
Why Owning Your Business HQ is Beneficial
For one thing, owning the business site gives your business a property asset. Investors can be a lot more interested in companies that have some solid assets that could be sold if the business closed. For businesses that provide services, it can sometimes be difficult to show the business’s financial worth, as sometimes their only real asset is a client list and some contracts. Owning property as part of the business can offer a greater sense of security.
Another reason is having the freedom to fully brand your premises and have it laid out just as you want it to best suit your business. Rather than the generic feel of rented offices, you can have a workplace that is impressive for visitors and a productive, inspiring place for staff to work.
Additionally, when you own the site, you can make your own deals for site services, and this can potentially save you money rather than using the suppliers that service the rented space.
Is It Time?
A few questions to ask yourself when you are thinking of buying, or perhaps planning where in the future of your business you think you’ll be ready, include – whether you think your current location in terms of city or region is right for the long term; whether you have a good idea yet of the size of the business in terms of the workforce you’ll need to house long term; and whether it makes financial sense. You can begin looking into loan options such as bridging loans, which you can find out more about at https://alternativebridging.co.uk/commercial-investment/. If you get an idea of the kinds of financial options that could be available and their costs and terms, you may find this helps you get a sense of where you want your business to be when you take the plunge.
How Easy is it to Transition?
A final consideration is that you will need to plan and execute your office move when you have bought a property. Don’t forget to include in any planning that you are doing what will need to be done in order to get set up at a new place, how this will be done, what the costs will be, and how you will handle any down time for the business that moving to a new site may create.
Buying office space or other business premises can be a big step, but if the time is right for your business, then it can also be the right step!