When the time comes for your business to expand and move into new premises, you will likely consider the route that the majority of entrepreneurs follow: renting premises in an existing building. This is the standard way of finding the right premises for you– but it’s not the only way.
Many business owners overlook the potential benefits of securing their own land and building their premises from scratch. Some worry such a venture would be too expensive; others are just accustomed to doing things “the usual way”, so they fail to think outside of the box. However, building your own business premises might actually be one of the best decisions you ever make– here’s why.
1) Custom-designed for your benefit
Whenever you move into business premises that are already established, you’re going to find yourself making compromises. You’ll decide that the location is okay or that you can probably handle the issues with the size of the offices, making adjustments to your business to fit into the existing premises.
However, if you build your own premises, then you don’t have to make any accommodations at all. Your business will enjoy custom-built space that is exactly what you think your business needs to be successful.
2) Control over the external features
Even if you do manage to find the perfect business premises inside the building, you might not be able to match this with external features. A great building is useful, but if it has a small car park or poorly-maintained sidewalks, you might struggle to persuade customers and prospective employees that your building is a place they want to be.
However, if you build for yourself, you have complete management over everything, including the car park, the concrete sidewalks, weather protection for customers, and even the lighting of the external area. This control will allow you to ensure that no one is dissuaded from visiting your building due to the poor construction of the external environment.
3) It’s an investment
Renting is effectively throwing money away. You hand money over and it doesn’t benefit you or your company for the long term; when your rent is paid, its gone, and you have no rights to the premises beyond that month’s contract. If your business finds itself struggling financially, all the rent you have paid doesn’t count for anything in terms of assets.
However, if you build for yourself, you’re creating a genuine asset that can help to protect your business in the future. As well as the ownership of the land, you’ll also have a brand-new, state-of-the-art building, one that you may even want to rent out to other business owners when your own company moves on to bigger and better things. In the long run, owning and building your own premises is an investment in the future health of your business,
In conclusion
So if you are looking to expand your business in the future, it’s worth thinking about the potential of buying your land and building your own premises– it might just be the best choice for you.
