8 Tips to Consider Before You Lease Small Office Space

SMALL BUSINESSES | ENTREPRENEUR

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by Desmund Ullrich

February 11, 2020 8 min read

Pop Culture Geek | Content Strategist | Marketing Manager

I looked at other articles on this topic and they are definitely for people with money, investors, and good credit. They also give you some pretty common-sense advice like not making impulsive decisions, not relying on listings, going in with a partner, and not procrastinating.

If you want the truth, Ill give you examples from my own experience. My first caution for you is that if you think you need a space, you probably don’t need the type of space that you think you need. Start with this list of tips before moving your business out of the apartment, spare bedroom, kitchen, or garage. Also, I always suggest avoiding those over-priced commercial office spaces like the plague.

1. You probably just need VIP or lunch.

Where you may think that having some fancy office will help you close clients, especially those in Real Estate, Investing, Marketing, and Insurance, you probably just need VIP or lunch. Look into some local venues that offer private rooms, city views, or a unique experience that can save you in the long-term. Save yourself $600-$6,000 per month on a few expensive dinners. Though a lounge or nightclub maybe a risque idea to you, as a Las Vegas local I’ve closed many parojects over bottle service at Drias’.

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3. Get a membership at a shared workspace.

Companies create upscale high-end workspaces just to share to you for a small monthly fee - offering different tier levels for a non-dedicated desk, dedicated desk, office, or team space for as little as $40 a month. Take a look at some of the spaces that Convene, WeWork, Work In Progress, and Next Door have to offer before locking yourself into a crippling contract.

4. Get Studio Space.

Similar to shared workspaces, a studio space is made for those in the health, fitness, creative, or beauty industries. These spaces come at a higher cost, typically $100-$600 per week, but often include equipment, business licensing, and limited liability insurance that is needed when working in these various fields. Through research, I have found photography and podcast studios that are fully equipt. Big chain salon studios like Sola and Phenix offer washbowls and dryers for stylists nationwide. If this isn’t beneficial enough for you . . . this is your friendly reminder that you are still not locked into a lease.

5. Get a work loft.

If you are not a fan of space that is personality limiting - like the before mentioned shared workspaces and studio space, consider renting a loft or work loft. They offer a clean slate for you to design and build to your needs with the ability to co-op with other professionals or go solo. I have seen them with and without lease agreements but still far less expensive than commercial office spaces and storefronts.

6. Co-op or boothing.

While most people avoid renting space in someone else's establishment I support the co-opt and booth renting lifestyle. With these options, you have the ability to work in a commercial space without the hassle, commitment, or responsibility that comes with the upkeep and maintenance. Our only caution is to find office spaces, studios, or salons that do not restrict you as if you were an employee - my first space was an empty office I rented from my former retail boutique manager and I ended up working her business as well as my own.

7. Create a real home-base.

If you take the time to design a home base or office dedicated to your business, your concern for professionalism will not be an issue. In some circumstances, it may even be financially beneficial to move into a new space with a dedicated room for your business rather than paying for an additional location. Consider setting business hours that friends and family MUST follow. Nothing is worse than having your barber’s son on your lap while getting a haircut on the enclosed back porch - trust me, I KNOW!

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8. Consider having a remote team.

If you have the ability to do so, consider having a remote team. Here at Desmund Ullrich Online, my team is spread between the United States, Hungry, and Kenya. I utilize freelancers that I connected with from various projects and websites such as Fiverr. This saves me on commissions, salaries, travel, equipment, and rent - I swear it is the main reason for our high productivity because we all work on our own terms and don’t answer to bosses or office managers. If given the opportunity, I suggest working with a remote team every time.

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