should I buy a small building or rent or lease?
Jun.23, 2009 in
Uncategorized
oceanwaters asked:
I want to start a small business and just want to know which would be best? I don’t like lease or rent b/c to me that seems like throwing money away? do most people who open a small business buy their building with a banl loan and they pay the extras like air,water,power,alarm bills…
I want to start a small business and just want to know which would be best? I don’t like lease or rent b/c to me that seems like throwing money away? do most people who open a small business buy their building with a banl loan and they pay the extras like air,water,power,alarm bills…
I just don’t understand? do most people really rent out buildings? isn’t that like throwing your money away b/c you don’t own it?
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invoice factoring
June 25th, 2009 at 6:35 am
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I see this as different than buy vs. renting a house.
Keep in mind, that if you start a business (and buy the building), if the business struggles, then you are going to be struggling to pay the mortgage. And that mortgage is going to be hanging over your business’s head from day one. Starting a business is hard and it may make more sense to rent for a year or two, and get you business on firm ground before saddling it with such a large expense.
June 26th, 2009 at 3:28 am
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If you are just starting out, you should rent. If your business fails which like 1 in 3 do within the first year than yourll be up a creek. Because you will still be paying the loan off on the building. You also might have a hard time even getting a loan since your business isnt started and you might not have the prequalifications for such a loan. Most banks want like 25% down on investment/commercial property.
Id rent for a year or so and get yourself established. Technically yes I see that you may be “throwing” away your money but in this case I think you should consider this insurance. Best to be on the safe side than to try to save a few grand for one year.
June 26th, 2009 at 10:37 pm
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In the beginning, rent your space absolutely..
It is true what they say about LOCATION. If you haven’t done the right research on your location, and you’ve bought the building.. yikes. In the beginning you want to leave yourself some room for error.
June 28th, 2009 at 11:43 am
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The most common type of lender is the commercial bank, credit union, savings and loan companies, or investment companies. These lenders offer business loans, however, often times these loans must be secured. This could mean offering up your personal assets as collateralwilling to loan them business capital. Organizations such as the Women’s Business Ownership, Women Entrepreneurship in the 21st Century, and several others cater to lending money to women that wish to start-up a business, still others actually guarantee them business loans.