When Office Renovation Outweighs a New Rental
When it comes to choosing a new business location, making that final decision can be overwhelming. You might be wondering if you should stay and renovate your old place or get a new rental. After all, the type of building you have can affect the quality of the work going on inside of it or the kinds of clients and customers you attract. Luckily, there are a couple different factors that can make your decision much easier.
If your office is already in the ideal location, then this would be a good reason to renovate instead of moving. If you want to change a few things about the office, add more space, or just modernize, you can probably accomplish it without throwing off your whole location. Items that determine a good location can be transportation, restaurants, and supporting businesses that you partner with. Be sure to look into renovation costs. If it gets to be over budget to upgrade rather than to move, maybe it’s time to rethink.
Consider the layout of your building. If it is already suited to what you do, you might not want to configure your operations to a whole new location. For instance, if you run a call center in an office building, maybe the only thing you need is a few new windows that brighten the place up and give you better energy efficiency without sacrificing your layout. Moving into a smaller building with a lot of different offices could change the open structure you’ve achieved. Keep your daily tasks in mind and be sure to compliment them with your building.
For some businesses, your building has a lot of history. It might be where the founder started the company, or where a special event occurred. It might even be a tourist attraction and bring you revenue in the form of that. Don’t move if you don’t have to. Consider renovating the building in the original style first.
Taxes and Regulations
Beware if you move across state lines, or even county or city boundaries, you could be liable for more taxes. It depends on how your business is set up. If you think that moving is cheaper than renovating, that isn’t always the case. Check with the local business bureau to see what might change in your new circumstances.
When your employees aren’t working, they can’t produce revenue for you. When you are moving, you are creating a lot of lost time that needs to be made up. Be sure to include this in any costs you are counting.
If you are deciding whether to renovate or get a new business rental, you should consider the advice above. There are many situations where renovating can meet all your needs, so don’t miss out on the chance to make your current location perfect for you. That way you can enjoy a more productive work force.