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Thinking of Getting an Office Space? You Should Think Twice

A good number of entrepreneurs can’t imagine carrying on their businesses without an office space. Well, for this set of entrepreneurs, having an office space is a norm – something they have always known to be the modus operandi. It’s understandable anyway. But, the reality is that renting an office space may not be necessary, especially in this present highly innovative business world.

So, if you are considering office space, the following thoughts may help you reconsider your decision;

#1: The Costs of Office Can Drain Your Business Purse

Perhaps you have not considered there are other costs that come with renting an office space. For instance, you will need to buy furniture, work types of equipment and other kinds of stuff that give an office space the ambiance it deserves, as well as utility bills. In fact, you are likely to spend more on furnishing compared to the rental cost.

You may also want to decorate the office in line with colors and other decor features that psychologists suggest will boost productivity. Even if you choose not to feature those extras, it is still quite expensive to rent and maintain office space. Such a huge budget can be invested in growing and expanding your business.

#2: Remote Working is Cost-Effective and also Trending Right Now

No doubts, having a physical office location is a norm that is still embraced. However, working remotely – a cost-effective and practical option to having a conventional office is trending right now. According to Gallup’s State of the American Workplace Report, more than 42% of Americans worked remotely in 2016 — this is a about a 4% increase in the number of people who worked remotely in 2012.

You should also consider the tons of benefits that come with remote working. These benefits are listed as follows;

  • Boost in productivity
  • Increased efficiency
  • Lower operating costs – a typical example is the costs involved in renting and equipping and office space
  • Enhancing employee engagement.

Other benefits include access to the best talents from all around the globe — which is definitely not the case when you have only a sample and choose prospects from your location.

And, the best part is that you will be able to access these talents at more affordable rates — one of the beneficiaries of this is the Blockchain Technology sector — it’s usually difficult to find local professionals and, when you find one, it is too expensive. This is one of the reasons many companies are looking overseas to hire talents.

What’s more? Taking advantage of remote working is also a great way to let independent contractors handle those tasks you are not expert in so that you can focus on the core tasks.

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 “Thinking of Getting an Office Space? You Should Think Twice”

  1. Jeffrey Shaw says:

    I just wanted to say Thank you so much. you guys always come up with so much important & useful video. Thanks.

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