Are rental homes a good idea for entrepreneurs? It is the question asked by practically every small business owner just starting out in business, and it is an important question to answer earlier rather than later.
So let’s get to answering it now!
The quick answer is no!
But let’s assume you want a reason for that answer, so here it is. It is two-fold and it is important, so pay attention.
We understand the thinking when an entrepreneur rents a home for his/her new business. Home-based businesses are the rage these days, with 20% of adults in the United States having one. We applaud that kind of productivity, and we love the determination it takes to start up a business, and if that business remains small, and is served well by the constraints of a work from home atmosphere, then everything is fine. If a person is running an ebay business, selling collectors’ items found in thrift stores, chances are that conducting business from home is a suitable approach, and a home for rent is a great idea.
The problem arises once said business outgrows the home.
Let’s take an accountant for instance. The accountant in question begins by opening an office out of the spare bedroom in his home, or maybe he converts his living room into an office. He starts out with a couple customers, and for the first few months everything is working perfectly. Then he adds a couple new customers, and word-of-mouth spreads and suddenly he has more customers than he can handle, and that means he needs to hire another accountant, and suddenly that living room or spare bedroom is woefully inadequate as a place of business.
Not to mention the fact that it is somewhat tacky to entertain customers in your spare bedroom, and in business, image is vitally important!
So now that accountant is really up against it! His business is about to take off, but he doesn’t have the space to accommodate the growth he has dreamed of.
And that’s why we say rental homes are a lousy idea for entrepreneurs.
So what is the solution?
Begin your business with growth in mind! Assume you are going to be successful and plan for it. Stop looking at home rentals and start looking at office rentals.
Back to our example: a guy, or gal, decides to start an accounting firm. They are currently renting a house for $1,500 per month. They cancel their lease and they lease a small studio apartment for $800 per month. They then go out and find a great office for rent for an additional $800 per month When all is said and done, they are paying an extra one-hundred per month, but they have planned for the future and they have a professional look to their business.
They are on the road to success! Practical office suites for lease are available and should be considered.
In the Fort Worth area, check out Box Office Warehouse Suites, the first and only business park in Fort Worth made entirely from shipping containers. Inexpensive, eco-friendly, flexible commercial space for an office, warehouse, or artist suite, the ideal commercial space for an entrepreneur with one eye on the future and a pocket full of dreams.