For businesses, the costs related to premises are typically one of their biggest (if not the biggest) monthly outlay. If you run a small business or are in the process of setting up a new enterprise, these costs could well be prohibitive. But there is another way. More business owners than ever before are renting office space rather than signing up for long-term, costly leases. And with the many benefits this option offers – aside from the savings – it’s no surprise why.
Benefit One: Flexibility
The great advantage of renting co-working office space is its flexibility. You rent space on an as-and-when-you-need-it basis, meaning you’re not paying for the office and all the associated overheads when you’re not using it. Those businesses who already use rented office space love that they can choose the number of desks they require week-on-week, helping to keep their budgets as lean as possible. And you can scale up as needed, with no hassle. And if you’ve had a slow month? Temporarily scaling down is easy, too.
Benefit Two: Well-Equipped
Most office rental companies provide everything you need to run your business, meaning you and your employees will have access to equipment like printers, scanners, and photocopiers – not to mention the all-important kettle! If you’re running a start-up, this is a vital way to save even more time and money.
Benefit Three: Plenty of Networking Opportunities
Rented offices tend to be communal spaces, offering great networking opportunities and the chance to make important business connections. Who knows, you could find yourself working opposite your next big client, or perhaps chatting to someone who can provide the IT support you’re looking for over coffee.
Benefit Four: Maintenance-Free
If a fuse blows, a window leaks or a scanner breaks down in a rental office, guess what? You’re not responsible for sorting it out! Rental offices are maintenance-free: if there’s a problem or something breaks, simply contact the rental company, whose job it is to get things resolved.
Benefit Five: You’re Not Tied In
Most commercial property leases require you to sign an agreement tying you in for at least a year – if not significantly longer. This represents a huge financial commitment that may be impossible (or at the very least offputting) for many new or small businesses to take on. In comparison, renting office space doesn’t chain you to a long-term contract and all the financial pressure this entails.
Benefit Seven: Your Desk Moves with You
Heading to a meeting in another city or state? With the increasing availability of office space available to rent throughout the US, your desk can literally move with you! Whether you need a single desk to make some notes and calls before a conference or require a larger space for a meeting, there are options.
How About Working from a Rented Home?
If your business is currently a one-person operation, you could consider working from your rented home to save costs. This is certainly an option, but there are a few important things to be aware of.
For starters, you’ll need to check your lease to see whether working out of your home is permitted. If so – great! – you’re good to go, but make sure you have renters insurance policy first. This will provide cover in the event that an item such as your laptop, phone, or printer – (items likely to be vital in the running of your from-home business) are stolen or damaged in a disaster.
Really importantly, just because you’ll be running your business out of your rented home, this doesn’t mean that you can skip getting the necessary licenses. While these differ from state to state, most businesses will need to get a home occupation permit in order to legally operate. Basically, this proves that your home business isn’t going to cause a nuisance in terms of things like noise or increased traffic in your neighborhood.
You’ll also need to check with your local or city government office whether zoning regulations apply in your area. Some residential neighborhoods have strict zoning regulations that limit -or prohibit – the types of businesses that may be set up from homes.
Pros to Running Your Business from Home
- Saves money on leasing a premises or office space
- No need to commute
- Better able to work flexibly
And the Cons
- Difficult to ever ‘switch off’ entirely
- Need to purchase all your own equipment
- Working alone is not for everyone
If you run a small or startup business, renting co-working office space could be a great option! As well as saving you a significant amount of money on monthly lease payments and associated overheads, it also offers the chance to work flexibly on an as-and-when-needed basis. Not to mention the networking opportunities. If you’re thinking of setting up a new business in 2024, taking a look at this option or running your operation from home is definitely recommended.