If you have an excellent idea and you want to make it a reality in the form of a business, then you might have come to the right place. New businesses start every day here in Thailand, and statistics tell us that two-thirds of them fail within the first two years. You need to do everything to make sure that you’re not one of these statistics, so get the notion out of your head that you want to buy a business property, instead of renting one.
It is crucial that you pick the right location for your new business enterprise, and it makes a lot more sense to find an office for rent in Sathorn, known in Thai as เช่าออฟฟิศสาทร, in order that you can try out your new business idea first.
It would be incredibly frustrating to find out that what you thought was a good business idea turns out to be something other than that. If you have already purchased the business property, you have spent all of your money, and you have nothing to show for it. The following are some of the reasons why it makes perfect business sense to rent your business property, rather than buy it.
- The upfront costs are reduced – To buy a business property would require you to have an incredible amount of money. Even if you want to take out some kind of mortgage, the down payment would be significant, and it would be a lot higher than paying rent for a year. The property may also need to be renovated to suit your business ideas. By renting, the upfront costs are minimal compared to the other option of buying.
- You are not locked in – The hope is that your business idea will be a complete success, and a few years from now, you might want to move to bigger premises. If you have bought the building in the first place, you need to try to sell it before you can move on. This is a lot more difficult than you might think, so it makes perfect sense that you would rent the property that you want initially, and then relocate to bigger premises.
- It comes with less responsibility – If you own the property, it is up to you to make sure that it is properly maintained and that repairs are carried out on a regular basis. One of the major selling points of renting your business premises is that your landlord takes care of all of the maintenance, especially on the exterior of the building.
- You know your costs – When you’re starting a new business, it is essential that you know how much money you have to pay out every single month. You will sign the rental contract for around 12 months, and this way, you know exactly what you have to pay. When you own the building, property taxes can go up, insurance rates can increase, and repairs will certainly come up from time to time.
It also takes time to buy a business property, but renting is a much easier proposition. Many landlords just want the first and last month upfront, and some kind of insurance deposit.
