Office rent is not an investment. It’s an expense, and it’s rising at an alarming rate. To make it worse, the traditional leasing model isn’t built to protect your business. It locks you into a long-term commitment before you can possibly know the future needs of your company.
So what’s a small business to do? Before you settle on a space that could soon be too small, or rent a larger space that you might not grow into, think outside the box.
Start by realizing that the traditional model isn’t your only choice. You don’t need to sign a multi-year lease. Your business is dynamic and things change all the time. That’s why it’s important to find space that’s flexible, not fixed.
Here are a few options:
Office sharing: Find another small company with free space who is willing to rent a portion of the office to you. If you have too much space, consider renting out to other entrepreneurs until you’ve grown to fit.
Co-working space: Join a local co-working space, where entrepreneurs and start-ups share a large open office. Not only will you get cost-effective office space, but you’ll sharpen each other’s ideas, gain support from people who understand your unique struggles and have valuable networking opportunities.
Business incubators: A great option for many small businesses, business incubators help entrepreneurs get their business off the ground by offering low-cost office space, furniture and equipment. As a bonus, they’ll provide extra support and resources to help you succeed.
Countybank provides small businesses with flexible resources to meet their changing needs. Whether you need equipment financing, term loans, revolving credit or commercial real estate, we offer personalized solutions for your growing company. Call 864-335-2440.
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.