By Orlando Ring
Though traditional office space works for many businesses, today’s shaky economy has more business owners searching for ways to save money on long-term leases. Through utilizing flexible space that allows for shorter-term leases and temporary renting arrangements, businesses are able to save thousands or even hundreds of thousands of dollars on rent payments a month.
A flexible workspace is ideal for the small business owner who is just starting out and not ready to commit to a traditional lease term, short or long. By having the opportunity to negotiate terms that work particularly for the small business owner, he or she is not taking a huge financial risk but is still able to rent an office. In traditional lease terms, for short or long term leases, the rules and regulations are often more strict and require standard adherence for all tenants across the board. With flexible space, a more individualized approach makes renting commercial real estate an option for people in all situations, even those who are looking to downscale.
With the economy in an unreliable place, many larger businesses are finding themselves struggling to make ends meet. Layoffs are a norm and the number of them is only expected to increase. One way that big businesses are attempting to save is on their brick and mortar expenses. As entire office buildings are being closed, businesses are looking toward flexible workspaces to provide them the time and space to keep moving forward without the burden of committing to long term leases they may soon be unable to afford.
If you decide to use a flexible office space, be sure to use the time you have to build up your business. Because you will be saving a lot of money on rent, you are able to save up the funds to make purchases on items you will need when you move out of your flexible office space. This is also a great time to prepare your business for the move. Get all the paper work you need done. Apply for small business loans to help support your move once you are ready and work on building up a valuable staff. Though you may not have room to support a robust staff in a smaller flexible office space, you may be able to bring people on using virtual office techniques that allow your employees to telecommute to work. This will save you money while still providing you the ability to train the staff you want to move into a more permanent office space when you are able.
Because many such spaces offer the option of being fully serviced (meaning already set up and ready with the essential furniture and office equipment), you are also able to save money on purchasing bulky furniture and tools that will be difficult to move. This is particularly advantageous for the small business owner or a startup company that does not want to or simply cannot make an initial investment on more expensive office items.
Flexible office solutions make a lot of sense in today’s economy and can provide new businesses with the leverage they need to get going even on a tight budget. However, they’re not only for the little guys. Big business can use flexible workspaces to help save them money and ultimately improve their bottom line.