How Online Companies Are Sidestepping the Property Market
Keeping up with the property market can feel like a full-time job (and we should know). From inflated mortgage rates to the perils of renting, there are all kinds of factors to consider if you’re looking to find a new base.
For hundreds of years, this has been the case for residential and commercial buyers alike. But today, digital transformation is enabling more companies than ever to sidestep the property market and set up shop online. The internet isn’t just somewhere to play slots online. For millions of people around the world, it’s their bona fide place of work.
There are a number of obvious upsides to running your business from its own office. Not only does it make it easier to meet clients, but it also enables you to foster in-person relationships with employees. That said, there’s no denying that hosting your business exclusively online comes with its own set of benefits too.
If you’re interested in how online businesses are managing to sidestep the property market, read on. In this article, we’ll be exploring the key reasons why many entrepreneurs are choosing to do so.
- You Can Save Money on Rent
Did you know that the average business will spend 12.5% of their revenue on rent? In America, the cost of renting 1 square foot is an average of $6 a month. Calculate the total footprint of your office and it’s clear how quickly this adds up.
Although company websites can be a huge investment too, this is likely to provide a much greater ROI (return on investment). The number of people who can visit your online site is potentially limitless; the number of people who are likely to visit a physical office is, by comparison, incredibly small.
Considering almost every business will need to bear the cost of a website anyway, rental space can be an unnecessary expense if it’s possible for your team to work remotely.
- There’s a Risk of Outgrowing Your Office
No matter how carefully you analyse the market and choose your office building, renting commercial property can always be a bit of a gamble. Your choice of location may make it harder to attract new talent, or you may be limiting yourself to the number of employees you have room for. Although it’s possible to relocate, this can incur a whole load of expenses and cause a lot of disruption to your business.
If you prefer to gamble at the online casino EnergyCasino, rather than on the rental market, hosting your business online could be a smart move. Nobody can outgrow the internet – and you won’t have to worry about affecting your employees’ commutes if you decide to switch domain!
- You Can Hire Co-Working Spaces
Thanks to the rise of remote businesses, co-working spaces are becoming more popular year-on-year. First emerging in big cities in the 2000s, these communal office buildings enable companies to hire workstations as and when they need.
By 2018, an estimated 1 million Americans were members of communal working spaces. These sites preserve the positives of working in an office while removing most of the negatives, including strict office hours, distracting colleagues, and the early morning commute.
As more companies go digital in an effort to sidestep the property market, could we see the price of office rentals start to crash?