2 August, 2018
As a business owner, you need to be creative when it comes to managing your expenses. One way to do that is to find cheap office space. But is renting your only option? Here’s your quick guide to office space options and alternatives.
Being an entrepreneur or small business owner means being creative when it comes to managing your expenses, especially if you have a small business. If you’re looking to find new cheap office space, you might be surprised to know that renting isn’t your only option. Here’s a guide to finding cheap office space.
Look Into Exchanging Services for Cheap Office Space
If you can provide a service like graphic design, digital marketing, or videography, you might find out that you can exchange your valuable service for office space.
A lot of businesses need these services, but can’t afford them. And you can provide these services but can’t afford an expensive office space. This could be the perfect trade-off.
To find spaces that might be willing to do this exchanges, do a google search of office spaces near you and make a list of 10-20 potential spaces. Then send an e-mail inquiry to them with your offer and you should eventually find the right match.
In addition to standard office spaces, there are also nonprofit organizations that could really use your services. These organizations usually are running on tight budgets and are in need of your services.
Coworking spaces are more affordable than standard office spaces and they can give you many other benefits. One benefit is working in a community of other small businesses gives you networking opportunities and could easily turn into referral heaven for you and your business.
If your business is based in a metropolitan area, there’s a good chance that your city will have some kind of accelerator program for startups and early-stage businesses. This could be a great opportunity for your company as you will get office space for cheap or even free.
These programs also give you access to mentorship, resources, networking and referral opportunities. All you need to do is a quick Google search to see if there are any accelerator programs near you.
Your Local Chamber of Commerce
Your city’s Chamber of Commerce is another hidden gem when it comes to finding office space for a reasonable rate. Some city’s Chamber of Commerce’s is looking for a tighter grip on the start-up community so the partnership can be mutually beneficial.
Nail Down Your Budget
You need to nail down your budget and stick to it when looking for an office. This is the key to everything else. You need to know exactly what you can afford and how you can afford it if you have ambitious plans for growth.
There are a couple of ways you can make the most of your budget. So if you find yourself worrying too much about costs keep in mind the many benefits of when your business finds it’s professional home.
Work Out What You Want
Office space isn’t just about renting out an empty space with a traditional lease. If you’re a start-up you probably don’t want to be locked down to a traditional long-term lease, because you don’t know where the future will take you.
Instead, focus on what kind of office space works for your business. One alternative is to rent a high spec serviced office with all-inclusive packages that are perfect for business. These could have good levels of capital with low amounts of free time.
You want to make sure that you have a flexible agreement that gives you and your business what you want.
Decide Where You Want to Be
Location is key. You want to make sure that your office space is in a convenient place for your employees and clients. Before clients and customers even come to your office, having a prestigious postcode can really exude that you have your finger on the pulse.
Unfortunately with a prestigious postcode comes a price, so you’ll need to find balance. Decide if you really need that prestigious address, or if you can settle for a nearby location.
Get Out There and View
You need to see your space in person to really see if it’s the right fit for you and your company. A website or posting can only show and tell you so much. Space needs to feel like home to your company and have all the features you need to get your job done.
You won’t know if it’s the right fit until you step through the door and get a real feel of the space.
If you opting for a communal space, it’s so important that you check it out to make sure you like your neighbors. Ask yourself questions like does their business and clientele vibe with yours? You also want to check out things like the noise of the space, are there any distractions that can prevent you from doing your business?
Try to Get Everyone Involved
When looking for a new office space, you should get your staff involved in every step of the process. This will help make your staff feel more connected and valued to your business.
Once you found the perfect space, get people to help you with the moving process. Maybe this is carrying boxes, painting walls, or ordering supplies. Whatever you can do to help everyone feel involved and make this space your business’ home.
This is also a great way for new staff who might not have a strong feel for the company culture yet to fit in. When it comes to office rental, having all hands on deck can make the work feel that much lighter.
Find Your Space Today
Now that you know what your options and alternatives are to finding cheap office space, it’s time to start your search. Maybe you can exchange your service for space or perhaps there’s an affordable co-working space you like. Perhaps your local Chamber of Commerce or Accelerators can help you out.
Whatever you decide make sure it fits your needs and your budget and that your whole company is on board. For more tips and information for your small business or entrepreneurial endeavors, check out our blog.