Looking for your very first office for rent? It can be a difficult decision for a young business. Not only are property values climbing, space seems increasingly difficult to locate in some metro areas. Renting office space today is a good exercise in finding more ways for your small business to save money over both the short- and longer term.
Saving Money on Office Space Means Working Smarter
Locating the right office space at a price you can actually afford may require that you think outside the box. There are ways to save money that go far beyond your office’s base rental price, provided you’re willing to do a little legwork to find them.
Here are just three ways to save money on your first rental space:
- Look for community incentives. Some communities are looking to bring new blood into the area or encouraging types of businesses that don’t currently exist. They often offer grants, loans and other incentives to small businesses that will relocate and bring jobs with them.
Whether you’re a marketing firm or a telephone support facility, you might be able to find a lot of help with establishing your business in a brick and mortar location this way.
- Think sustainability. You might not think much about renting a building that’s outfitted with solar panels or other green features, but those extras could end up saving you a bundle in the long run. Free electricity from the building’s own solar panels, for example, will offset your energy costs as long as you’re an occupant.
That approach could mean hundreds or thousands of dollars in savings over the long term. It’s not a reason to automatically gravitate toward a green building, but it’s a consideration to include on your office space rental balance sheet.
- Find a partner or two. Often, larger spaces are much less expensive to rent by the square foot. If office spaces are more than your small business can bear alone, you might consider going into a large building with other related companies.
For example, if you run a real estate office, having a banker and accountant in your office could be both cost-saving and convenient for your clients. You might even find that you generate more business by working together than you could alone.
Savvy small business owners can save more money on their first office space rental with a little extra effort. It can take time to find the right office, but a carefully planned move is going to give you the time to collect cost-cutting tricks before you even get your keys.