Finding affordable office space is a necessary activity that you must accomplish for the sake of your business. Prior to deciding upon a certain office space you need to do some critical thinking to ensure that your choice does not become the source of a myriad of difficulties down the road. In this day and age that is synonymous with economic downturn aftermaths including downsizing, retrenchments and closure.
You really have to make sound business decisions to enable you to get the results you desire. These decisions include and involve the business’ fixed costs of which office space rent is a major component. With a suitable, affordable office space your business will definitely be better positioned to perform healthily. What is this decision pegged on?
1Knowing the Amount of Money to Spend on Rent
As a business owner you should have a clear picture of the maximum amount of money that you can allocate towards paying for an office space. During times of economic prosperity many businesses will tend to ignore such concerns only to rue their ill-made decisions when a recession strikes. Finding cheap office space for your business must begin with an estimation of your rent expense ceiling. To do this, start by calculating your current income and the income projections for the next 11 months to get an annual estimate. Calculate the monthly average income and then multiply the figure by 30%. What you get is the average amount that can be apportioned to rent and as such you should find an affordable office space that fits within that budget.
2Pay Attention to the Location you Choose
In business circles perceptions are very important for success. A business that has its offices located in a desirable part of town is deemed to be performing better despite the economic downturn. Such a company will have an easier time getting new business because prospective clients will look at it with confidence. It is certainly difficult to find an affordable conventional office space in the esteemed parts of town but if serviced office spaces are available in these areas then the monthly rates will be worth considering.
3Cheap Office Space: Serviced Offices?
Serviced offices are establishing a reputation for being the sole option that business owners can explore in their search for cheap office space in desirable locations. There are a lot of advantages that accrue from renting a serviced office; the monthly fee guarantees you a designer office space, receptionist services, a boardroom and around-the-clock security. Businesses based in such spaces retain their identity to the extent that each of them has a designated company telephone number. Another feature that adds to their desirability is the fact that the lease periods are flexible enough (including quarterly, semi-annual, and annual options) such that even small businesses can apportion their often restricted resources for rent purposes quite comfortably.
4Incorporate Expansion Possibilities in your Office Space Decision
As a business owner you should always have an entrepreneurial optimism that your venture will expand. Concurrent with these thoughts, you should choose an affordable office space that also features additional space for that anticipated expansion of operations. This consideration is most relevant since being forced to relocate as the business grows is really inconvenient, not only for you but for the customers as well. The change of addresses, business cards and website details can also prove to be a costly hassle.
Viable Alternatives for Cheap Office Space
5Owning your Business Premise
This is an alternative that is only applicable to certain types of businesses whose expansion is bound to make renting of premises a handicap to overall financial performance. To own your premises you can make use of a commercial mortgage plan which is characteristically based on the financials of your business rather than personal income. The main advantage of such a plan is that its repayment is likely to match the expenses you would incur as monthly rent for the same property. You will also not be subject to the conventional hikes in rent.
As a premise owner you can decide to make extra income via subletting, especially if the property you acquire has residential spaces on the floors above. The main disadvantage of owning such property is that you will need to surrender a hefty deposit, money that could be invested in the business and used to achieve growth. Refer to www.smallbusiness.co.uk for more information.
6Using a Virtual Office Space
This is a great alternative for affordable office space, especially if you have a small business that does not necessarily require a conventional office space but has the need to wear a professional identity. You can ideally work from home but have a professional business address in a high profile building in an esteemed part of town. Virtual office spaces just require you to pay a really affordable base rental. You can then pay for the services as you require them. Similarly, you can select the lease term that suits you best; it’s even possible to get a month to month arrangement. More information is accessible at www.officefinder.com and www.businessknowhow.com.
With a virtual office space you will be provided with a local phone number including reception and/or forwarding services, a day office on rental basis should you need it, meeting room or boardroom, access to administrative support and business equipment, directory listing, guest reception during business hours, etc; all offered in suitable packages for your choosing.
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