If you’ve recently started up a company, you probably realise all the problems that are associated with new businesses. If you’ve been running it from your home as a family job, now you may have rent, leasing options, employees and other situations. It may be beneficial to consider renting your office space, which could become a flexible business solution. You’ll be able to keep costs low, but will also be able to grow with the company.
Most landlords require at least three years for the lease, and some may require up to five years. If your firm doesn’t succeed, or you decide that building doesn’t work anymore, there’s not much you can do. Most start-ups can’t handle that much revenue going out the door every month, so rentals could be a good choice.
You may be able to minimise your workforce to save a little bit of money, but most people have the bare minimum already. If you can cut back on employees, it may be wise to do so, but it may also be wise to keep them. As you grow, you’ll then have to find new employees that you trust and that are reliable, which can be difficult to do. For most companies, staffing isn’t the problem, but rather the beginning of an expansion. Therefore, you may be better off thinking of some other way to reduce costs.
Co-working spaces are available all over the world and can allow you the flexibility you require. You can usually rent by the day, month or year. In most cases, you can have almost any rental agreement you need, including weekly and bi-weekly. More and more virtual companies realise the benefits of having a physical location if only for a few months to get noticed and branded within the community. Then, they can go online entirely or move to another place and get branded within that community.
You may also find that sharing office space is helpful, in that you can save a little money and have the extra benefit of bouncing ideas off someone else. However, it works best when both companies are similar and there is trust between the groups.
If you require flexibility because of your company, then you will need to get creative about your offices. Renting is a simple approach that can allow you to grow and build the business, or move on when the need arises.
Renting office space can be a flexible business solution for many start-up companies. Visit Corporate House today to learn more.
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