When you’re first starting out as entrepreneur, it makes sense to work from home or the local coffee shop, but as your business grows, so does the need for professional office space. (Read: 5 Signs it’s Time to Move Out of Your Home Office.) Unfortunately, many small businesses and entrepreneurs just don’t think they have it in the budget. So how do you find office space without breaking the bank? Here are 5 cost-saving secrets to help you lease an office on the cheap.
Consider Co-working Office Space
If you need office space, but are short on funds, co-working office space is an affordable alternative. By sharing overhead costs with other businesses and individuals and taking advantage of IT infrastructure that’s already in place, you can decrease your expenses and streamline your office space setup. In addition to affordability, shared offices spaces offer many other benefits for startups, including networking opportunities and referral business.
Become a Sublessee or Sublessor
If you’re struggling to find office space you can afford in a desirable location, subleasing may be a viable option. As long as the property manager approves, you can rent more square footage than you need, and then sublease part of the space to another company to help cover the costs – this is a great solution if you think you may need the room to grow in the future. Alternatively, you could become the sublessee and rent unused space from another company.
Hire an Interior Designer
Office space is typically priced by the square foot, so the more space you need, the more it costs. An interior designer can show you how to maximize a small office, both with furniture selection and placement, so that you can rent less space and pay less rent. This also works for businesses that feel they’ve outgrown their existing space. Rather than moving to a bigger office, a consult with a professional designer, plus new furniture and layout modifications, may be all you need to accommodate a growing team.
Think Outside the Box
If you truly need a large space on a small budget, it might be time to stop looking at office space altogether. No, we’re not suggesting you give up, but rather get creative. Perhaps a remote work environment would suffice, at least until you have the capital to expand. Or, depending on your needs, it might be cheaper to rent a warehouse or retail storefront and convert it into a useable office. Just because a space wasn’t originally designed as an office, doesn’t mean it couldn’t be repurposed as one.
Choose the ‘Burbs over Boston
Downtown office space may seem super cool, but it comes at a premium. If you’re on a tight budget and location is not crucial for your business, an easy-to-access suburb of Boston makes much more sense. In fact, there are many benefits of working in a suburban office park, aside from the obvious perk of saving you thousands of dollars per month on rent. In fact, you just might find that your employees prefer the commute and your clients like the lack of traffic, too.
Affordable Office Space Near Boston
Located just 12 miles north of downtown Boston, in Wakefield MA, The Lakeside Park offers businesses an alternative to the expensive Boston real estate market. With prices starting as low as $16 per square foot, including utility costs, The Lakeside Park is an affordable option for companies looking to lease office space in Boston.