A year ago you decided to leave your nine to five and build the business of your dreams from scratch. Now, things are really starting to heat up and you need a little more space to let your creation breathe and grow. You’ve heard friends talking about renting commercial space, and it seems like that’s what everyone’s doing. All of the entrepreneurs you know are paying monthly for storefront space. Rest assured, there are multiple other options for finding space to house your flourishing business.
Buying Property
Sure, you’ve thought of renting, but buying? Before you write it off completely, sit down with your financial planner and crunch some numbers. Often, the price per square foot is minimal compared to what you would pay in rent each month. There are also numerous perks to owning your own space. Your decorating options are unlimited, you don’t have to worry about a landlord or middle man, and it provides added stability. There are no concerns about the property manager deciding they’d rather sell the place a year from now and leave you out of luck. Buying property affords predictability and a sense of proprietorship that renting just doesn’t.
You might even consider reworking your living situation while you’re at it. Buying a two-family property so that you can live in part and transform part into a studio, storefront, or otherwise is a very practical business move. The price is right.
Virtual Office Space
Not quite ready to take the leap into buying or signing up for a monthly rental payment? Utilizing the internet as a virtual office space is the next best thing (or maybe even better, depending on your needs). Webinars, abilities to contact and order goods through a personal website, and opportunities to submit payment electronically make cyber-business a snap. The options are infinite in this realm, and overhead is nonexistent.
Renting Business Space
Renting is a classic move for a reason. This provides all the luxury of decorating and managing a space without having it attached to your kitchen. Being able to (literally) separate work and personal life means instant balance. A challenge for lots of entrepreneurs, this move might foster your self-care in a way that works perfectly. Knowing all of the steps involved in the rental process is critical. Touring, bank account verification, applying for tenant screening, and the intricacies of background checks are all involved in becoming a renter. Talking to a friend who has gone through the entire process can be particularly helpful.
Building an Office out of Your Existing Space
Maybe you have the space where you live, but haven’t figured out how to utilize it most efficiently. Does your bonus room, attic, garage, or basement scream to be re-invented? Getting creative with decorating and layout can mean the difference between relocating and staying put. Residentially located businesses provide a quaint, comforting atmosphere. Depending on your business, this could be exactly the right move (or lack thereof). Working from home never looked so smart.
Truly, there is no right answer to finding space for a business and no right way to go about doing it. Purchasing land or property, utilizing the internet, renting space, and reinventing where you already live are all completely viable options for making your dream work into your life as seamlessly as possible. With some careful planning, consulting friends and acquaintances, and sorting out details, you’ll soon be on your way to launching your business in a completely different venue, whether it’s brand new, reimagined, electronic, or rented.
