Whether you've broken out on your own on the business frontier or you're a salesperson constantly chasing success around the country, there's no way you can get stuck in a traditional lease (which can mean three years or sometimes even up to 15 years.) Cue the flexible lease, which allows for a shorter term from a couple months to a couple years, so you can come and go as you please more easily. But there are plenty more advantages to these kinds of office space arrangements, a few of which you'll find below.
1. React to Changing Business Conditions
If you're running a fledgling business that's just getting off the ground, you might be fairly uncertain about the future. Whether it turns out you have to move your business to another location, or simply work from home to save more money, a flexible lease allows you to factor in changes to your situation.
2. More Available Capital for Your Business
While it's often the case that flexible leases have higher rental rates, it's cheaper in the long run if it's what you truly need. The alternative is paying lower rates for a longer term and spending more in the process to have an office you might not even use every day. This is especially important if your business is just starting out because that capital could be better spent on the core functions of your company instead.
The rent you pay for a flexible lease isn't just for your office space. It also provides you with amenities like personalized telephone answering services with voicemail, mail collection and distribution, and on-site administrative support. Those are services your business must have that you would either pay someone else to do, or waste time doing yourself instead of spending time on money-making activities.
Having a professional place for your business to call home even for a short period of time can help you meet professionals you never would encounter otherwise. You can build connections that bring about collaboration or even new business if your flexible lease is in a busy office space. That would make it really pay off!
5. Professional Image
Even if you've just formed a company that's also still forming an identity, having a professional image can help give you an edge over the competition. Clients interpret a professional office space as a signal that you take your work seriously, and you can still project that image even if you're trying to keep your office space options open.
6. Workplace for Employees
Many business owners decide to hire help eventually, and having the space for employees to work in is a must. If you hire more people in a shorter period than you thought you would, a flexible lease allows you to easily find a place with more space on a faster timeline than if you'd signed a traditional lease.
Flexible leases can seem more expensive than a long-term lease at first, but they bring with them value that traditional contracts don't. The ability to react to business conditions quickly, keep all your options on the table, and still maintain a professional image can all make this type of rental more valuable than it might seem.
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