Renting office space is a drain on resources for many small start-ups. Landlords demand three to five years lease terms and personal guarantee before securing an office. These requirements are not ideal for new enterprises that are aiming at growth with minimal liabilities. Thinking creatively and identifying your office needs is a precursor to avoiding additional liabilities. Thinking ahead and coming up with creative approaches will help you save money and time. Below are some of the ideas that help your business save on costs associated with office space.
Depending on the type of enterprise, it could be advisable to start operating from home. Communicating with your clients and generating ideas for your business can start at home using personal tools. With the availability of many technological devices available to disguise that you are not working from an office, an entrepreneur can start working from home for years before he establishes himself.
Entrepreneurs working from home can hire virtual receptionists, have company mail boxes, and have conference halls to hold important meetings with their clients. When working from home, ensure you have a structured work schedule that you can stick to. Also, create some time to interact with other business to get ideas from them. You have to have a designated workspace as well. If you house products or physical materials, think about improving your home security as well. ADT alarm systems improve home value and can be a great way to protect products that need a safe space.
Executive suites are custom made to fit the needs of startups. Irrespective of your location, you will always find spaces that give you access to amenities and fits your office needs. In addition to having shared conference rooms and break areas, renters sometimes have a receptionist who receives calls and greets guests.
In some places, office administrative help is available. Services such as mailing, data entry, and other daily duties are handled. Startups who can’t afford to pay for administrative support, executive suites are the best option. Another advantage of executive suites is scalability. As your enterprise grows, you can move to a bigger office within the same location.
Find a Co-working Space
Co-working spaces have come to meet the needs of new entrepreneurs who need affordable business spaces. With co-working, the fee is more affordable than a conventional office. Some co-working spaces allow you to rent the space for a certain number of days a month, rather than to pay for the whole month. Others come with break areas, conference rooms, and sometimes, it comes with amenities such as fitness center.
With this type of arrangement, you have an opportunity to meet with other startup founders who you can network and even for successful partnerships. Other co-working centers host workshops and networking events encouraging a sense of community among the starters.
Incubators and Accelerators
Incubators and accelerators offer start-up owners with support concerning funding, finding the best location for the startup as well as refining your ideas. As part of your participation, you are offered with office space. Some incubators and accelerators’ programs provide administrative support as well as access to networking and mentorship. These services last between six months to a year, which is enough time to give you the head start you need to move on to a home office, co-working space or an executive suite.
Bartering is a new idea to many startup founders. Many companies have vast spaces and are willing to allow people to use it in exchange for a particular service. For instance, if your startup deals with service delivery, you can get space from a company’s premises and offer administrative duties in exchange for free space.
Startup founders have several rental options that are affordable and suit their business needs. Starting a business with a huge liability of three to five years of the lease plus personal guarantees is a major drawback to your startup. Not only will they find an affordable office to rent, but they will also have access to amenities, partnership opportunities, networking, and mentorship services. Business founders should shop around to find which option best suits their office needs.