Your small business has taken off, and now you’re contemplating the fact that you need to expand. What to do? Taking the step to rent a commercial space can feel like a big change—and that’s because it is. But big doesn’t mean bad. As a matter of fact, there are many advantages that come with renting a space for your business—and you should be ready to embrace those benefits…
- You’ll gain access to more resources.
When you rent a commercial space, you gain access to the resources that the property manager provides to its tenants. For example, a warehouse rental service can include extremely sophisticated management systems, including inventory tracking and automatic ordering fulfillment practices. Some commercial renters even have access to services and personnel that can enhance your productivity and efficiency.
- Renting can help you expand at a lower cost.
While buying property may in the (very) long run be less expensive than renting, you can tailor your expansion to your resources very precisely with rental spaces; you don’t have to make a long term investment. When you purchase a space or property, you may need to expend capital, whereas a rental space can be categorized under operational expenses.
- You can make delivery to customers faster—and cheaper.
Your initial business space was probably determined by pre-established factors—whether you’re your home office or another property you already own or rent. But those spaces probably aren’t optimized for the efficiency that today’s consumers demand when it comes to delivery. If you rent an optimized warehouse with established distribution systems already intact or find a commercial space on the high street, you can easily manage delivery at the standards demanded by today’s customers and offer supreme convenience at the same time.
- More space at your headquarters.
In the beginning, it may have seemed like a reasonable choice to have inventory stacked up around your shoulders—after all, it was only you and a few family members making up your core group of employees. Today, however, it projects unprofessionalism when you’re trying to hire the top talent. When you rent a commercial space for inventory and other business needs, you’ll be able to create a professional and appealing ambiance at your headquarters or main offices.
- Renting can be tailored to your specific needs.
You might be imagining a situation where you have to rent a cavernous space for your commercial needs. However, that’s not necessary. Your leasing team will be able to find a space that suits your needs and should be able to help you scale up as necessary as the business grows. They’ll know what’s available and what’s about to come available and they know what you’re looking to achieve – so they can provide the support you need and tailor your new commercial space selection to suit you and your growing business down to the ground.
- Flexibility is key with rented premises.
Rented premises give a much greater degree of flexibility than purchasing a commercial space would – which is important for those businesses just getting off the ground or expanding into new areas. Unless you have a large deposit or are renting a very large commercial space, the rental term on a business premise will generally be less than then term of any mortgage required to actually buy the space. This gives more flexibility and the freedom to adapt to changes in circumstances more quickly than a purchase would.