Is It Worth Renting Your Own Office Space?
For a lot of business owners, deciding whether to rent your own office space can be a very complicated process.
When you were just starting out, you most likely worked wherever you could find wifi and desk space, whether it was at home, in a cafe or a park. As your business grows and you gain employees, you may need to start accommodating your workers as well.
Not every business needs to rent their own commercial property to run their company. Some thrive without this space, but for others it is essential to running your business.
It’s important you take into consideration your own unique business needs, as well as your employees.
Working From Home
Let’s be honest here, working from home is a totally valid option for a lot of business owners and employees. We’re not here to tell you that working from home isn’t an amazing option for many people.
Having a home office, like anything else, comes with pros and cons. You can save on your commute costs, as well as other little expenses that add up like your morning coffee and lunch.
However, working from home isn’t suitable for every business or employee. Some people find it difficult to focus when they’re at home, and others don’t have the space in their home for a desk or office.
If you’re considering having a home office in the long term, you should make sure that your employees are set up for this, if you plan to have any team members.
Depending on where you live and your community, you may have access to certain shared workspaces. Whether it’s a library room you can book in for, or a small office space you can rent for a short period of time, there are a lot of options available that don’t involve renting your own commercial office.
This can be a great short term option, allowing you to work closely with your employees on projects, but it’s not a very sustainable long term option.
If you plan for your employees to work from home most of the time, a short term shared workspace can be a great alternative for when you really need all your team members to come together to work on something.
However, this isn’t a very reliable or stable place to conduct your business, especially if you want to keep any equipment on your premises.
Does it suit your business?
Obviously if you plan to sell products in person, it makes sense to rent your own retail shopfront.
For other businesses that don’t rely on foot traffic for their sales or a warehouse to hold their stock, you may have more wiggle room to decide whether it’s necessary to have your own private office space.
Renting a commercial office space can do amazing things for your business, including giving you greater brand visibility and trust, as well as enabling you to grow your business larger with more employees.
It’s all up to you whether the benefits of leasing a commercial property for your business will be worth the cost.
Talk To Englander Principal Today
When you sign up for a commercial space, there will be a lot of operating costs that come with it.
If your business isn’t ready to handle these costs, it’s probably best that you don’t sign up for a lease, and then have your business ruined before it can even really begin.
As great as an office is, there’s no point leasing one if it means you won’t have anything left over.
Here at Englander Principal we understand that you might be ready to expand your business and grow in a new office space, but you might not be financially ready to start that journey.
We work with you, the tenant, to negotiate the best commercial lease terms for you. We are not real estate agents, we are negotiators.
How does saving 24 months of rent sound? Having your rent cut in half? Or even just having it decreased? We work to save you money on your office rent, so that you have more cash flow to invest back into growing your business.
Your landlord will be earning nicely from you, especially if you are signing a 5 or 6 year lease, so you might as well get some benefit from it.
We work on a No Win, No Fee basis. If we don’t secure a win for you, you pay nothing.
However if we do manage to save you money on your rent we charge a small 15% commission on the money you saved.
If we save you $40,000 on your rent, we take $6000. That’s $34,000 you have to invest back into your business.
So if you’re ready to save, chat with us today.