Although you might be in the market for a new office space, it doesn't have to mean that you have money to waste. It's possible to buy a new property, while still keeping your expenses in mind. Learn how you can search for a new office space and control your costs at the same time.
Look for Subleasing Opportunities
Don't just look at the office as a new home for your business. You should also look at the space as a possible earnings source. With the right property, you can operate your business out of the space, while also renting some of the space to another business owner. With this arrangement, you're splitting the cost of the property with someone else.
Should you decide to go this route, calculate exactly how much space you need for your business, and look for a property that is only slightly larger. You should also only commit to short-term leases with any tenants you secure, so as your business grows and you need more space, it will be much easier to free up the space.
Aim to Put Everything Under One Roof
If you are a small business owner, there is a chance that you might have been operating out of your home or a very small space. If you're now expanding to larger office space, make sure the space is large enough for everything. If you buy a small property and still have a storage space or two on the side that you're renting, you're wasting money.
It's much more cost-effective to purchase a property that is large enough to house every element of your business under one roof so that when you pay your mortgage each month — that's it.
Review Your Long-Term Goals
Take a look at your long-term goals concerning the growth of your business and your past growth to get an idea of just how you're expanding. This information is important because it can help you determine just how large of a space you should get. If you're growing fast and get a space that is too large, chances are that you will outgrow the space rather quickly.
If you need a bigger location, but you can't sell the one you just bought, you will be out of a lot of money. It's best to buy a property that meets your long-term goals so that you don't have to worry about the cost that comes along with renting an additional space while you still own, and are still paying for, another one.
Keep these tips in mind if you want to be a cost-conscious buyer. A real estate professional will be more than happy to assist you with your search and answer any questions you may have about office space leasing.Share