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Tuesday, June 13, 2006

To rent or to own

Owning your place of business is ideal, but if you're just starting, it's wise to rent your location first until you have the money to buy the property.

To rent or to own? That is the question. Off the bat, renting the best location puts one over owning the second best site because the right location often spells the difference between boom and bust. Renting also has its benefits, especially for starting entrepreneurs. Buying a business location from the start also entails heavy capital outlay and high costs of construction and repair. In contrast, renting has the benefit of having a landlord take care of all repairs.

Owning your business site must be part of the goal. "Personally, I consider owning my business location as a measure of psychological success. It's like announcing to the whole world that our company has arrived."

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