We have mentioned before about turning ideas into a business and the phases that each business may go through when their business grow and change. When you start a business and plan to grow it as fast and as best as possible, there are a lot of factors you need to take into account.
One of those is deciding whether you need to buy your own business space or just rent it for a certain period. Many businesses reach a point in which they should decide whether it would be beneficial for them to buy office space or continue to rent office space for a certain period. Both cases come with their respective financial benefits and downsides, so in order to make the right decision for your particular business, make sure you know all of them.
As business owners, you are often faced with a number of difficult decisions – many of which are incredibly important to get right the first time around. For businesses that depend on a brick and mortar shop front, the decision as to whether you choose to rent or buy your business space is crucial, as it has the capacity to heavily influence all future operations.
Businesses within the realm of retail or food and beverage services, in particular, should think carefully before making any final commitments. For these sorts of stores, cafes, and restaurants, the overall customer experience is closely linked to their surroundings, and the atmosphere of the space itself can often mean the difference between whether or not a customer will choose to return.
To help you determine whether you should buy or rent, the team at SavvySME interviewed Adam Flynn, CEO/Director at Biggin & Scott Knox and put together a list of some of the crucial factors to consider before deciding what’s best for your individual circumstance in terms of buying or renting your business premises.
Adam knows too well the problems associated with having an unstable lease, and I know just how damaging it can be to a business, to know his top 6 tips for knowing whether buying your business space is the right move for you, read the full Article here.