Forbes.com reported in 2017 that “the one-year survival rate for [small] businesses hit 79.9% in 2016,” and that “about half of all establishments survive five years or longer, and only one-third survive 10 years or more.” In order to stay afloat in such a competitive environment, making wise purchases for your small business is an absolute necessity. This is especially true as you decide which physical space best suits your needs.
If you are currently searching for a property that accommodates your small business, see which one could be the best fit.
Shared office space/co-working
Considering the purchase of property for your small business? One of the latest trends in small business property is co-working spaces (or shared office space). Since 2006, “the number of co-working spaces and available seats have roughly doubled each year.”For an often reasonable fee, business owners and remote workers can rent their workspace instead of buying property. If you primarily work with clients online but need a physical workspace for meetings (or to eliminate distractions), a co-working rental could be the right option for you.
Standard office space
As of the beginning of 2018, “nearly 50% of American workers now do their jobs somewhat remotely.” While physical office spaces are in decline, there are still excellent reasons to purchase or lease office property for your small business.
First, if the nature of your business requires physical work that cannot be done online, a traditional office might be the best choice. Second, if you need a place to store business-related items, you should explore the idea of buying or renting an office. Also, while it is possible for some businesses to host a large staff online, there are still companies that prefer to keep their employees under the same roof.
If you run either an in-person or eCommerce retail business, a physical retail establishment could be the right move for you. Not only does this provide storage for your inventory, but you also have the opportunity to create a positive shopping experience for your customers.
Short on funds to buy a brand new storefront? Many small retail businesses have gotten creative when it comes to finding a suitable space (e.g. turning homes/vintage trailers into retail spaces).
Every small business has unique needs and goals. Whether you are running one of the latest software companies, or you’ve opened up an online boutique, the decision to buy or rent property is a big one.
By assessing the options above, you can make a more informed decision about which choice is right for your small business.