Finding the Right Place for Your New Business
As with finding a home, there are important considerations for finding the right place for your business. Once you’ve settled on a suitable location for your office or practice, it’s up to you to determine if you’re better off leasing, owning or building something new. Here are some things to take into account.
Leasing a Space
If your business doesn’t require special facilities, your best bet might be to lease an existing space. Depending on the location, this might be the least expensive and if you’re lucky, you may find a space that requires little in the way of work to have it meet your requirements. Even if you find a place that needs major work yet the geographic location is perfect, consider a provider of architectural planning services to help you explore your renovation options.
Your bottom line in the long term may be better served by buying a property. As with a home, you’ll be responsible for maintenance, insurance and taxes, but ownership might be in line with your goals. As the owner, you’re in control and there are tax breaks for mortgage interest, depreciation and other expenses that you’re entitled to. You have more flexibility when it comes to making changes to the property that are in line with your operational needs.
Sometimes it’s best to build a new location on a purchased lot. You’ll need to check local zoning regulations and secure proper permits. The major advantage is that you have the freedom to design and build a structure that is suited to the exact needs of your business. If you need a facility that offers multiple types of space, for example, office and warehouse areas, you can work with a professional architect/contractor to get exactly what you need.
The location of your business is a critical element of its success. Once you’ve settled on the place, carefully consider whether leasing or owning is best for your bottom line. Work with professionals who can help you realize your dreams safely and in compliance with local laws.