Why renting an office space is better than buying

Posted on November 08, 2019

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Every new business owner or entrepreneur wonders whether he should buy or rent an office. The answer is to pick the option which is more profitable in the long run. Owning an office space is a large amount of money upfront and then smaller and regular payments for management, upkeep, amenities, utility bills and other services. Over a period of time these costs add up and dig into your savings. On the other hand, finding a serviced office space for rent in Mumbai can actually be much cheaper. A serviced office is an office space or building fully equipped with meeting rooms, kitchens, phones, printers, fax machines, Wi-Fi and anything else a professional might need. Here are 3 reasons why renting an office space is a better idea than buying one.

Filled with amenities

Coworking and serviced office spaces are growing in popularity, with even corporate offices now relying on coworking spaces. This has sparked competition among coworking space providers to provide better and more diverse amenities. These include parking spots, a yoga room, meeting rooms, printers, fax machines and even whiteboards as an amenity. At certain places you can have the office space or meeting room set-up according to your requirements.

Any renovation or utility costs for the building are absorbed by the office space provider and paid through the fixed rates of renting out desks and meeting rooms. All of the amenities you enjoy at a coworking space are provided free of cost once you have booked a desk.

Flexibility

When looking for a furnished office for rent in Mumbai, entrepreneurs and small business owners often hope for flexibility of scaling up or scaling back without drawbacks. Most landlords provide tenants with a lease that dictates the need to stay at the location for a certain period of time. In contrast, coworking spaces are built with flexibility in mind. They provide flexibility in the number of chairs you wish to book and the timings in which you prefer working. As a coworking space you can book the exact number of desks you require, making scaling up or scaling back a breeze.

Networking

Buying your own office space could lead to you and the people you hire being the only professionals regularly visiting your office. This greatly hinders new networking opportunities. Renting a desk at a coworking space in Mumbai puts you in touch with other like-minded professionals from your city, who are working hard at achieving their dreams. Many coworking spaces hold networking events and workshops that encourage getting in touch with other people and forming personal and professional bonds. Coworking spaces provide the right environment to interact with people from varying professional backgrounds. These interactions can be converted into leads, partnership opportunities, mentoring possibilities and the discovery of new talent.

To sum it up, coworking is a service that lets you focus on running your business, instead of running your office. Apart from the above mentioned advantages, many coworking spaces also have receptionists and virtual administrators for certain tasks. You can pay these receptionists and administrators exclusively for services rendered instead of a fixed salary per month. Buying and maintaining an office is an ongoing cost that might be too much for a young start-up or a freelancer. If you want to get your service out there as fast as possible then renting is always the right way to go.

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