Your path to entrepreneurship is unique. Maybe you’ve always wanted to build something from the ground up. Maybe you had innovative ideas that you needed to share with the world. Maybe you got tired of working for someone else. Whatever brought you here, your path likely required agility and flexibility. Entrepreneurs quickly learn when to zig and when to zag, and they also know that there is more than one way to solve a problem, complete a project, or build a thriving business. This is true of how you work, but it is also true of where you work. With that in mind, should you consider office rental space?
Commercial Leases May Not Work for How You Work
While there are many businesses that own the building in which they work, the greater percentage opt to lease. This saves them from having to shell out for the down payment and other costs associated with ownership. Leases allow them to channel those funds to day-to-day operations, as well as strategic growth.
That said, commercial leases are complex, and businesses may end up paying more than they realize. For example, if you agree to a triple net lease, you take on all of the expenses of the property. Yes, your base rent is generally lower than with other lease types, but you are also paying the property taxes, insurance premiums, utilities, repairs, and maintenance. Everything.
Landlords also typically want a “bondable net lease” in these cases, which means you cannot back out until the lease expires. If maintenance costs exceed your expectations, if you need a new roof, if you need to scale up or down, you do not have the flexibility to do so.
There are less restrictive lease types (e.g. single net and double net), but here too you will find that your needs as a business can be hampered by the physical space you are in. Simply put: your work environment should be able to adapt to you instead of the other way around.
But as we mentioned, entrepreneurs know that there is more than one way to solve a problem and build a thriving company. Office rental delivers an alternative to a conventional commercial lease, one that can accommodate your needs – even if they change at the speed of business.
What is Office Rental Space?
Office rental works on a different model from a conventional lease. With the latter, you are locked in – even if your rent and associated costs are not. With a rental, you can book the space you need, when you need it. If you need more, add more. If you need less, subtract. The math is easy on this one!
You can also secure a space that works for the way you work. For example, you may be a solopreneur looking for a desk in a coworking situation. This allows you to enjoy a contemporary, fully-equipped workspace, connect with other professionals, build your network, and get to work.
But you may need a private space to meet a prospective client or partner. Or you may need a larger room to host a meeting or run a training session. With the right provider, you can rent private offices and conference rooms on your terms.
Office rental space also allows you to access desirable business centers, such as Tampa Bay. As we have all heard, ad nauseum, it’s all about location, location, location. Leasing or buying in these markets may be cost-prohibitive; renting, however, gives you the cache of the location, along with the amenities (e.g. close to transit, restaurants, services, parking, etc.).
If you have previously been working in coffee shops, cafes, and on your dining room table, it also gives you a legitimate address to increase stakeholders’ confidence in you as a professional.
So, should you consider office rental? That’s a hard yes. But what, specifically, should you look for?
- Location. We covered the benefits of leveraging an office rental provider’s prime location.
- Accommodations. Do they have the types of spaces you need (e.g. desk, private office, conference room)?
- Ease of booking/payment. It should be as streamlined and seamless as possible. Also, inquire how far ahead you need to book to ensure you have the space you need.
- Perks. Does the provider offer a shared receptionist? Kitchen and/or lounge area? Wireless internet? Phones? Copiers? Available tech (e.g. screens for presentations)?
Bottom Line: Office Rental Makes Sense
Office rental offers a number of benefits, particularly to entrepreneurs and business professionals who need to remain agile and flexible. In uncertain times, you need to respond, to scale back or scale-up, to add onto your team, or to stay lean. Office Evolution provides contemporary spaces that are tailor-made for productivity, innovation, and collaboration.Does office rental make sense for your business? Contact Office Evolution and find out.