Rent costs are typically determined on square footage. When it comes to rentals, smaller is better when starting out. When searching for rental space for your small business, follow some tips to help you make an educated decision. If there comes a time that you want to leave that location, you have the option to rent out certain areas of your business or even the entire building, earning extra income. When you own your own property, you build equity as well as benefit from increasing property values. As long as you stay within building codes of your locality, you can do whatever you want with your building property such as expanding, upgrading, renovating, and so forth.īuying pro: Building equity. Renting pro: Maintenance issues such as landscaping and upkeep of the building itself, from plumbing to electrical to repairs, is the responsibility of the landlord, which means more time to focus on your small business.īuying pro: Buyers have additional flexibility when owning their own location. Renters are not typically required to pay as much upfront versus a small business owner buying a business but don’t forget about the security deposit you’ll likely have to pay. Renting pro: Renters have the flexibility to close out a lease and change locations if they decide they don’t like their present location or if they want to expand. Study aspects of each that might make more sense for your goals.
While there are benefits to both, all small businesses are going to have different needs.
buying, take into consideration that both have benefits. Benefits come with renting and buyingīefore deciding on renting vs. To make the process a little easier, we have broken down the pros and cons of each option so you can make the best decision for your small business. Whether you are working out of the home office, a garage, or you want to launch an actual brick-and-mortar store or shop space for your small business, you will want to consider the pros and cons of renting versus buying.Ī number of considerations go into any decision of renting or buying, especially for independent business owners.
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