If you are a startup, one of your main goals is to focus your finances on developing your products and services. Since you are just entering the industry, you have to prove to investors and clients/customers alike that you are legitimate. And, the best way to do that is by setting up an office. Renting out an office can have tons of associated costs. Saving money on office space can help you divert those funds into actually running your business.
Here are some useful tips to help you save in office space rental costs:
Flexible Leasing Contracts
Before signing a leasing contract, make sure that you scrutinize every detail. Often, landlords take advantage of busy entrepreneurs who rarely look at the fine print in their rental lease contract. Jeff Tabor Group (jefftaborgroup.com), advises businesses to work with an expert lease negotiator who can work out landlord concessions such as free parking.
Renegotiate Lease Agreement Terms
Before signing, always make sure to come back with a counter-offer. Be careful about the cancellation clause. If you are a startup and you’re still unsure of your funds, ask to make the contract easier for you to ease out of the lease if trouble happens. If possible, rent the space for a short-term. By doing so, you can assess whether the office is a good fit for your business and ensure that your business is flourishing.
Assess Your Office Requirements
Often, businesses spend too much on an office space rental because they have too many office requirements. If you want to save on rent, carefully assess the things that you need. For instance, you won’t be needing ten computers and space for them if you only have five employees. Downsizing will help you save not only in rental space but also in utility costs and other overhead expenses. The general rule here is – anything you don’t need, remove it from your expenses. Smaller office spaces are much cheaper, so you have to weigh the importance of your office requirements.
Reuse, Recycle, Repurpose
If you’re moving to a new unfurnished office location, bring your old furniture with you. Choosing to rent an unfurnished office space will definitely be a lot cheaper. If you have old, worn-out furniture, think of something that will make them useful again. Pinterest have tons of ideas for repurposed office furniture. Choose the ones that you think would work in your office that can be refinished to look appealing.
Consider Co-Working Spaces
If your team is small and you won’t have any significant office requirements, then it might be best to consider a co-working space. There are hundreds of co-working spaces that offer flexible terms. However, if you are working with highly confidential data, then that might not work for you.
Remote Office Spaces
If most of your team are overseas and you can manage to run your business at home, then setting up a virtual office space might be a good option. The only problem here is that you cannot expect everyone to work in the same timezone as you are and you don’t have control over their activities during working hours. If you need remote office spaces, check out Queens Virtual Office for some great options.
Starting a business can be pretty challenging, mainly if this is your first time doing so. There are tons of challenges that you have to face, and one of them is managing your finances while running a business. It is best to get all the advice that you can to help you budget overhead expenses and run a successful company at the same time.