How to Save Money When Renting Office Space

There comes a time when that basement or spare bedroom you’ve converted into an office just doesn’t cut it anymore. You need a real office space — a place where you can meet clients without your small toddler crying in the background, a place where your filing cabinet doesn’t double as a table for the microwave.

And unless your business is picking up pretty good then you probably don't have that extra money to rent an office space.  However, there are a few things you can do to help you save money without feeling like you’re cutting too many corners.  Here are some tips to help you get started:

1. DO THE LEGWORK YOURSELFHiring the help of an agent may seem like the correct thing to do.  But hiring an agent means there's going to be fees to pay. So in order to save some money you might want to go solo on your office search. You'll find it easier to find the perfect space, after all you're the one who knows more about your business.

2. HOW MUCH SPACE DO I NEED? Before you go out looking for an office space, you need to stop and calculate how much space you will need.  You don’t want to end up renting a 10,000 square feet office when you only really needed 7,000 square feet.  Which would mean you will be paying every month for an extra 3,000 square feet of office that you don’t really need and aren't really using.

3. FURNISHING THE OFFICEWith the great list of used and refurbished office furniture available today, purchasing new is most often a waste of money.  Don't go buying new furniture when there is many thrift shops or classified ads that have office furniture that is in very good condition and for a very good price.

4. PREMISES TO MATCH YOUR TYPE OF BUSINESSDon't underestimate the value of appearances. How your office looks can have a huge impact on business & investor relations so it is crucial that the premises you choose match with the image you want for your business.

5. NOT CONSIDERING FUTURE NEEDSRenting office space can be risky because it may be difficult to predict your future business needs. Renting the proper amount of space, in a location that suits the business, is sometimes a great risk you will be taking. The property owner does not share in your risk-taking, and it won’t be the landlord's problem if the office turns out not to suit your needs. If you signed a contract, it’s your space until the lease terminates.         

         

Five Important Steps to Start Your Own Business

 

Start your own business today

1. WRITE DOWN A BUSINESS PLAN
The main biggest mistakes a young entrepreneur makes is not writing down a business plan. Not only is it a good planning tool, but it also the key element that will help you raise money. Include research into things like how much you can charge for your product/service, how much it will cost to produce or deliver.

2. FIND A LOCATION FOR YOUR BUSINESS
Although the idea of starting your business at home is money saving there is many factors to look at when starting at home. Will the kids interfere? do you have space? If these in fact are going to be a problem. Then go out and look, for an office space. 

3. SIGN A LEASE Ask for a copy of the form lease from your potential landlord. Read it and try to understand it. If you don't understand the legalese, find an attorney. Start-ups should look for flexibility and try to sign as short-term a lease as possible. Understand the details of what you're committing to when signing the lease.

4. MARKET YOUR BUSINESS Even though social networks are essential, don't underestimate the old ways of marketing. Your business is barely kick starting so you need to get the word out, let people know of your business, what products or services you provide. Embrace and use the most effective online tools (Twitter, Facebook, YouTube, LinkedIn) available to broadcast your news.

5. KNOW YOUR COMPETITION Many businesses fail because they underestimate the competition. Often, it is not necessarily the quality of that competition, just the mere presence of it. You may think that you can drive your competitors out or at least steal some nf their business by offering a better price or better service, but many businesses can breed an intensely loyal following of customers.

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