Is Renting Office Space Really Worth It?

Renting office space in Shoreditch can be an expensive undertaking. For many businesses, the expense is becoming increasingly unnecessary. Many companies are finding that the cost of renting a business space is simply more than they can bear. In today’s day and age, many people work from home. In addition smart phones, iPads and laptops mean they we can work on the go. For the small business the time spent at the office is time that could be spent generating business.

In some cases businesses do not realize the full extent and cost of having an office. You will need to pay rent on the space itself, as well as fees for internet access, electricity and countless other fees. This does not include the cost of employees to man the office. By contrast, many businesses can run from the home of their owner, where these cost are already allotted for. Many clients meeting are held at the office of the client, or on site where the work will take place.

It is best to weigh the costs of renting an office space in your area, prior to signing a lease agreement. You want to make sure that these fees are well within your budget and still allow you to make a profit. Business people often forget that these diminish their profit and bottom line. Ultimately, this means that you are losing a substantial amount of money that could instead be profit for your business.

The decision of renting an office space will largely depend on the industry that you are in. If you are in a business where people expect you to have a brick and mortar facility, then you will need to meet these expectations. If you are in a business that allows you freedom and where you are required to work at sites or off premises, then you may be able to save. When you are making your initial business plan, you will want you make sure that you have considered all of the options that are available to you.

New companies are sprouting up that will allow you to rent a space for a meeting for as little as a few hours. You can rent these spaces on a monthly basis, as well. They will charge you a flat fee that includes your rent, phone internet and even a receptionist to care for your clients when they arrive. These services do not require annual contracts, but will require a security deposit.