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Consider Other Alternatives to Renting a Physical Office Space

These days, business owners are increasingly seeking ways to cut back costs and increase profits. As a result, they adopt different techniques that have proven to be effective for achieving this purpose over the years. A typical example of such techniques is outsourcing, which is the act of hiring employees who work from home or from their own offices. As a result, these businesses save huge costs on office renting and overhead. Have you considered other alternatives to renting a physical office? Keep reading to learn more.

Typical alternatives to renting a conventional office for the business purpose would include the following;

#1: Co-working Spaces

One of the viable alternatives to owning an office to yourself and bearing all the cost burden is co-working spaces. A co-working space can make the need for a conventional office unnecessary. This type of workspace is cost-effective. Usage requires monthly membership fees. Some of these co-working spaces come with conference rooms – for those who need to meet with business partners and other stakeholders of the business — but this may require a higher fee.

#2: Small Business Incubators

Another option to save money on a traditional office is the small business incubator. So, as a small business owner or startup, if you are located in such areas that make small-business incubators available, consider applying for such business space. It usually comes at a discounted rate. However, application for such spaces is sometimes strict and targeted to specific industries.

#3: Home Office

If you are just getting started in the business, or you have fewer business activities that would warrant an office space, you should consider a home office. This is a situation where you can convert a part of your home to an office, especially if you have a sizable home space. However, to avoid distractions, you should seclude the part of your home that you want to convert to an office and give it an office atmosphere. This will help you have the mindset of someone working in an office (focused and productive) rather than someone working at/from home.

And, if you have co-dwellers or family members, it should be clear to them that the office space is strictly an office — no one should interrupt or try to access it while you are at work.

Obviously, there are alternatives to consider renting a physical office. This is especially necessary for start-up entrepreneurs who do not necessarily need a regular office at their start-up stage. Instead, you should focus on re-investing additional income into growing and expanding your business. This is a more sensible move to make. But, if it is necessary to get an office space due to the nature of your business, you should consider less expensive options.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.

One Response to “Consider Other Alternatives to Renting a Physical Office Space”

  1. Tim Bean says:

    Thanks, Daven… Helpful advice.

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