If your business is successful and your current lease is about to expire you may want to consider buying commercial space or industrial space rather than continue leasing space for your small business. In this article we will explore the pros and cons of leasing a business versus buying commercial space.
When thinking of buying your own building to house your business remember that location is just as important with commercial space as it is with your own home. If your customer base is primarily in a particular part of town you will likely need to continue operating close to your current location and if the market is tight it may be difficult to find space to purchase in the same area. A different location may not appeal to your customers.
If your business is suitable there are a great many advantages to operating a home based business. Aside from not having to commute to work, home business owners typically have a better work life balance, and the expenses related to the portion of the home used business are fully tax-deductible. If you're interested in starting a home business see:
Before You Start a Home-Based Business
How to Start a Home-Based Business That Will Succeed
The Best Home Business Opportunities
In any decision to purchase commercial space make sure you have the right people on your side and involve them at all stages of the decision. This includes: