subject: Tips For Securing Office Space As A Start-up Business Or Entrepreneur [print this page] A friend of mine recently launched a new business venture and one of the first major decisions he had to make was regarding office space. Should he and his employees simply work from home and have more of a virtual office space environment where they connect through Skype, email, and phone, or should he shell out a few bucks to secure physical office space? This can be a tough decision for new companies that are not yet producing revenue. Here are a few challenges new businesses may face when thinking of office space, as well as some possible solutions.
Challenge:
One of the challenges of securing office space is finding the right lease term. For example, if you lock in a 12 month lease on a less expensive office space in an undesirable location, simply because you cannot yet afford a really nice space, then you may be a bit perturbed if the company starts bringing in solid cash flow 6 months later, and you can afford the nicer space, but you are locked into a 12 month lease.
Solution:
One option is to consider negotiating with business parks where you really want to be. See if you can get into a smaller office in an environment where it would be easy to upgrade during the life of your lease. The space may be smaller than you really want, but it also helps you get into the actual location you want to be at a price you can afford. Then, when working capital becomes available, it is easy to transition to a larger, nicer workspace.
Challenge:
Another challenge in the decision of office space is price. Private offices can range from $500 to $2000 for a single person. This may not be feasible for a startup company.
Solution:
Possible low cost office solutions are to opt for a Virtual office space or coworking style space. Top-tiered virtual office spaces provide conference room access on an as needed basis. These deals come in many shapes and sizes, but it is common for some conference room access to be included in the deal, and for additional hours to be available on a per-hour basis. Coworking spaces provide a shared physical workspace at a desirable rate and offer the opportunity to network with fellow entrepreneurs. Remember to think long-term when you are considering your office space plans!
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