3 Essential Elements to Consider When Renting Office Premises
Photo by Nastuh Abootalebi on Unsplash
When it comes to running a business, no matter how much you love it, there’s always going to be a cost associated with it. From renting office premises, lease or loan payments to employee salaries, all business expenses are bound to have a cost.
Working in an office can get expensive pretty quickly. To keep your business running efficiently, you need to find ways to keep your office costs as low as possible. Luckily, there are several ways you can save money on your office costs without giving up any of the benefits of working from home.
Location, Location, Location
If you’re looking to save money on rent, one of the first things you’ll want to do is work to find a location that’s cheaper than what you are currently paying. Finding a more affordable office location is often best done by researching nearby suburbs or cities. If you aren’t sure where to start, ask your landlord or leasing agent for the location’s Rental Index (R.I.) for the area. A key element to keep in mind is to try to keep your office space size as small as possible. Rent a place where you’re maximizing every inch of the location. Reduced square footage will help save you a ton of money in the long run.
Work Smart, Not Hard
Another smart way to keep your office costs down is to use virtual meetings or web conferencing instead of traditional face-to-face meetings. By opting to use remote meetings, meetings don’t have to be scheduled, meaning meeting times can be scheduled around your team member’s busiest times. By using remote meetings, you also avoid having to make your team members travel long distances to meetings, which can be very expensive. Think long and hard about whether an office space is absolutely essential. Can you utilize a co-working space and work from home on an ad hoc basis instead?
If you decide an office is a necessity, we recommend instructing a Property Tax Accountant Specialist who can help make sure you’re clawing back every cent and dime you’re entitled to.
Get to Know Your Neighbors
One of the quickest ways to keep your office costs down is to make sure you are getting to know your neighbors in the neighborhood you are looking to rent office premises in. When starting the search for cheaper office space, your local community is likely to be critical. They’ll be able to give you an idea of what the going rate is in the area to help you understand whether your space is overpriced. They’ll also be able to share some useful information that only comes with having been established in the area for a few years. Don’t feel shy about walking into a local business, introducing yourself, and asking for a chat with the manager or owner. This is commonly overlooked, and local companies usually are more than willing to lend an ear and a hand to new prospective startups in the area.
Final Words: Key Takeaway
Keeping your office costs down is a matter of knowing where to look for possible savings and what to do about them. By keeping your office as small as possible and working to keep your workspace clean and clutter-free, and investing in networking and event strategies for your business, you’ll be able to find cheaper office space.
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