5 Tips to Save Money on Office Space
How to Save Money on Office Space
Most businesses aspire to have a trendy office with all the state-of-the art facilities, but for small businesses or start-ups the reality is often quite different.
Renting office space is a big commitment and you need to be sure you have the budget available to meet the upfront costs of an office relocation, as well as meeting the ongoing monthly rental commitments. If you are finding it hard to meet the cost of renting office space, there are still ways you can cut your rent.
These include:
- Don't Let Your Heart Rule Your Head: it's easy to be lured by a beautifully renovated office in a prime location, but these property types usually involve big financial commitment. If you are a small business, many communities have economic-development zones that offer low interest loans, and other amenities to attract start-up businesses.
- Share: Many companies share office space and the arrangement can work well from both a financial and practical point of view. Sharing office space cuts your running costs in half and provides short term solutions for small businesses who are looking to grow.
- Plan Ahead: It's important to consider future growth plans when you are choosing office space. If you take on a property that all your staff just about fit in, how are you going to expand during the course of the lease? Finding the ideal office space is about thinking strategically about your growth and likely space requirements in the future.
- Negotiate Hard: If you do decide that renting office space is the right solution for your business, make sure you hire a broker who will negotiate hard on the rent and lease terms. There are plenty of deals to be had, and lots of choice for tenants at the moment, so be sure to factor in plenty of time for lease negotiation.
- Do Without: Ask yourself - does my business really need an office to operate effectively? Working from home and outsourcing some of the workload to contractors or freelancers may well prove to be a viable and sensible option, particularly if you are a start-up. This will enable you to focus on growing your business, whilst saving some cash for renting office space when your business is at the right stage.
For more information on saving money when you rent office space, check out these tips in the Office Space Checklist.
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