Tina Samuels

Tina Samuels writes on budgeting software, mobile marketing, small business, and social media.

Tina Samuels has written 23 articles for SB Informer.
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Keys to Saving Money on Office Space

Tina Samuels

October 23, 2013

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If you own a small business then you're most likely aware that affordable office space can be difficult to come by.

The key is to be patient before you choose to lease space for more money than you can afford. If you become financially obligated to pay for office space you can't afford, then you can stand the chance of losing money.

Take a close look at other businesses that have failed and succeeded. The businesses that have failed or relocated can provide you with great office space options. One of the reasons for this is that you can find great subletting opportunities. This becomes especially important in contracts which do not contain a cancellation clause.

Some successful business owners choose to move to increase sales and productivity. In some circumstances there are years left on a business owner's office space lease.


Is Subletting an Option?

Subletting is an excellent option for those who want to get premium office space at a great price.

Sometimes office space is priced highly due to the location. The price per square foot of this space can be far too expensive for small business owners.

As a result these small businesses become mired in debt. There is more pressure to increase sales due to leasing prices as well. You want to make sure that as a small business owner, you're free to concentrate on making the business grow, rather than on leasing obligations.


Do Your Own Thing?

Another great way to save money on office space is to create your own.

This means that you might be able to run your business from home. Although it might not seem feasible, think about what your employees need to function and carry out their responsibilities.

A growing business does not always need a larger office space. You might be able to downsize by leasing less square feet. The costs associated with rent can be much smaller, and you can instead choose to equip your employees with the tools needed to be successful.

When leasing always be sure that there is an option to renew at the end of your contract with the leasing agent. Make sure they are aware of your intention to renew once the lease is up, and if the market lowers, you can renegotiate your renewal rate at that time.


Protect Yourself and Your Interests

There are ways to protect yourself as you look for office space.

For starters, see if the real estate agent can provide a cancellation clause in your contract. For example, if you rent office space for 5 years, and your company outgrows the space in only 3 years, then it is time to leave.

However, if you have not negotiated a cancellation clause then it can be very expensive to move locations. Remember to always measure the office space yourself. Some people who list space might measure it incorrectly, and this can lead to more spending.

Take your time to research your options, and work through a real estate broker to ensure that you get the best deal possible.


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