Coworking spaces are projected to reach 22,968 by 2024. This would be a 40% increase from just a few years ago.
Despite most modern businesses becoming remote-friendly, there are benefits of working in an office instead of home.
For one, an office provides a private place to meet with your clients. It also shows professionalism, and thus, it can be a starting point to building long term relationships with your clients.
A commercial business address makes it easy to separate your business and personal finances.
So, if you are a young entrepreneur looking for a cheap office space for rent, you have made the best step. In this write-up, we will show you all the best-kept secrets to save costs when renting your first office space.
Rent a Smaller Space
If you can't afford to buy or build your own space, then you may afford to sub-rent somebody else's commercial space. However, renting can be quite costly, especially for people who are just starting. To save cost, consider renting a smaller space.
Many businesses start with little equipment and continue to grow with time. Others have a smaller number of clients at the beginning. For this reason, ample space may not be ideal for you.
Actually, you may end up not using the extra space at your office. It will be economical for you to look for a smaller space, and then look for a larger one when you start making profits.
Look for the Unconventional Offices
One of the main characteristics of being an entrepreneur is being creative. If you don't have enough cash to rent an office space, look for an old storefront or warehouse and convert it to an office. ReadySpaces, a warehouse rental provider, offers customizable solutions that combine space you can configure for a modest reception area, your office, and inventory storage. Most locations also provide kitchen and conference room facilities, all without a long-term contract.
A proper space does not necessarily need to be designed as an office for it to be used as one. So, look for a vacant room somewhere that was not meant to be an office.
Clean it thoroughly and arrange it. Just make sure that you have labeled it well on the outside for people to see what kind of business you have. Remember that a good company sells itself despite its location.
Share with Your Friends
Sharing office space is effective in cutting the operating costs.
If you chose someone or people who work in a supplementary or complementary niche to yours, you would end up being successful.
Apart from sharing the costs, it will create a good network for your business. This is because people coming to your friends' businesses will notice yours, and probably become your good clients.
Although you can share an office with people working on other niches, it's advisable to look for entrepreneurs whose businesses match yours.
For instance, if you have a photography studio, you can benefit a lot by sharing the space with an interior design studio. Above all, look for people who you can easily coordinate with to avoid causing disagreements in the office.
Lease an Office Space
You can either lease a private space or a shared space. Leasing has many advantages, and the main one is that it eliminates all your payments for taxes. It, therefore, makes it easy for you to plan well.
Leasing can also increase your credit score and rating. When your leasing is fixed, the maintenance costs will be taken care of.
As a new entrepreneur, it might not be easy for you to forecast your cash flows and your rate of growth. By leasing, you can get a good exit strategy in case you outgrow your space or downsize your overestimated forecast income.
There are different types of leasing. For instance, in fixed leasing, the entrepreneur pays a fixed amount of rent while the office owner pays all the other expenses.
In a net lease, the entrepreneur pays the rent and a portion of all expenses on top of the rent. So, before you opt to lease, go through the available options to be sure that you chose the best.
Work Outside
A business office does not need to be inside a building. If you can't afford to rent one, look for an excellent commercial place and set up your equipment outside it. You can talk to the owner of the local business house to permit you to use the outside space.
All that you need is a portable desk and the other necessary equipment for your type of business. Outdoor offices are sometimes more comfortable than indoor spaces.
You get fresh air, and you also get exposed to an open place where many people can notice you. If you work smart, you might actually never want to look for an indoor space.
Look for Accelerators
If you stay in a metropolitan area, chances are high that you know several accelerators programs. These programs boost startups and all businesses which are still in their early stages.
The program offers many opportunities which include getting an ample office space for free, or for minimal costs.
Besides the office boost, you can also get access to referrals, mentorship, networking, and other business resources. Use Google to search the available accelerators near you.
Negotiate
You can negotiate on anything, including office space for rent. One primary importance of negotiation is that it improves communication between the two parties.
However, your negotiation can only be effective if you use the right language and the right strategies. When asking a business premise owner to lower the price for you, you must give a good reason for that.
Speak your mind out by giving out legitimate reasons. If possible, tell them that you will compensate for the price when your business grows. Also, if you are dealing with an agent, request to speak with the owner or the manager.
Some agents can be rude and might not understand you since they don't want to lose their job. Be persistent, and use written communication. Written communication is more formal, and it expresses seriousness.
You Must Be Creative to Get a Cheap Office Space for Rent
Finding an affordable office space is not easy, especially in the current world where all prices are going up. But this should not hold you back!
Do your research, be creative, and you will undoubtedly get a cheap office space for rent.
Need more information on finding cheap office space and decorating your office frugally? Check out our blog for more tips on how you can advance your workspace and workplace.
