Blog: The Healthiest Way to a Healthy You
by PaisleyH

6 Ways to Afford Your Next Office Space

Find an office space within your budget with these tips.

Date:   5/23/2022 2:59:21 AM   ( 85 d ) ... viewed 28 times

A business can get office space without breaking the bank. It does take planning, but a little foresight goes a long way. The list below covers six approaches in particular.

1. Expand Your Search Radius

Downtown and city rents can be expensive. If location is not super important for your business, consider leasing the office space in the suburbs or in a cheaper part of town.

2. Look into Co-Working Spaces

With co-working, people from various businesses gather under the same roof to carry out their operations. They work on neutral territory. Co-working typically offers amenities and benefits such as Wi-Fi and printers, and some spaces have snacks, coffee, tea, and the like. The more bare-bones the space, the less it tends to cost.

Depending on the area you're in, a lot of co-working spaces might be available. If so, you could choose among industry-specific spaces, incubators, open co-working spaces, and private co-working spaces. In smaller areas, you usually do not have as much choice.

Co-working spaces are cost-effective because you pay for the space you use rather than paying to lease an entire office or facility. You also don't need to worry about furnishing the space with desks and decor. Taxes and utility bills are not an issue, either.

3. Compare Mortgage Loans

It can feel overwhelming to take out a mortgage for business space, so take it one step at a time. Above all, compare loan rates instead of accepting the first or second offer that comes your way. Use a mortgage loan calculator to estimate what is reasonable. You get an idea of mortgage payment amounts and whether you might be better off leasing.

4. Focus on Working from Home

Not every business needs office space, or at least not when starting out. Working from home is a lot more common and socially acceptable these days. Clients and potential job candidates are less likely to think less of your company if employees work from home.

Of course, you and your workers do need some kind of office space when working from home. Still, paying for equipment, internet, and other aspects of office setup can be much cheaper than actually leasing an office. As always, run the numbers first and compare both scenarios instead of assuming.

5. Check Out the Library

If you have absolutely no money at all (or even if you do but the business is brand new), the library might be a solution. You can even use the computers there, typically. It's free, although time on library computers can be limited since all patrons share them. If you have a laptop, bring it for more time to work. Similar alternatives include Starbucks and other coffee shops.

6. Ask a Business Owner You Know Well

It's a rare business owner who turns away a prospect for good, reliable income. If you know business owners with extra space in their office, inquire whether you can use that area. Hammer out the logistics in advance, for example, when rent is due and if you're allowed to bring clients by. Sign contracts to avoid headaches down the road and to signal professionalism.

Similar options include churches, which are usually quiet during the week. If you have a major client, you could even ask about working in the client's office space.

Final Thoughts

Finding affordable office space can require creativity and persistence. The newer your business is, the less you probably need to worry about spending money on fancy digs. Co-working spaces are good ideas in such scenarios. When you are more established and financially viable, then looking into mortgages and owning the office could be feasible.

 

 

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