In business, you can never–absolutely never–be too smart with managing your money. There will always be ways to reduce costs and increase profits. It really is a learning experience full of adjustments, recalibration, and adapting.
That said, it’s important to always be on top of one of the most expensive aspects of managing a business: running an office.
The cost of starting a small business can cost you anywhere between $14,000 to $500,000, most of which goes to setting up an office space. If you’re running on a tight budget, you’ll want to make the most out of every dollar.
Here are some ways to Save Money On Office Space.
- Scout Every Possible Location
Steve Jobs and Bill Gates both got their starts in a garage. While this doesn’t mean you have to follow suit, this just goes to show that there are many opportunities outside of traditional office spaces.
Most office spaces lie on prime real estate, which makes them expensive. Try looking for more unorthodox locations like warehouses or convertible residences. The trick is to get creative with your search.
Also, never underestimate your local office space for rent. They might just be able to provide you with exactly what you need to get started.
- Save On Office Supplies
Instead of going ham in Office Warehouse, make a list of all the things you need and don’t buy more than what’s necessary. Small purchases like punchers, pens, and staplers may not cost a lot upfront but they can add up unexpectedly.
Being on top of every purchase, no matter how small, lets you to see exactly where your money is going.
- Skimp On Furniture
Modern office designs usually sport an unpolished, industrial appearance. Skimp on some of the more expensive accoutrements such as couches, tiles, wallpaper, fixtures, and several others.
Keeping everything minimalist will not only allow you to save money, it’ll give your workplace a modern, rustic vibe. Talk about chic for cheap.
- Invest In Software
In this day and age of technological innovation, software allows you to save on manpower and additional hardware. Automating certain tasks helps you ease up on hiring, which helps you save money on desks, chairs, and other supplies additional employees may need.
Letting a computer handle certain (read: repetitive) tasks is much cheaper than hiring additional personnel.
- Don’t Get An Office
Want to know the best way to save on office space? Don’t get an office.
A virtual office or coworking space like Common Desk can save your business lots of money AND provide you with the office environment you need. Not to mention it can spare you the stress of constructing your own office.
Establishing your business in a virtual office or coworking space instead of building an entire office from scratch allows you save tons of cash on office infrastructure. This frees up more funds to spend on other more important aspects like employee development, IT, operations, and many others. Furthermore, you’ll be able to move in a fully furnished office stacked with amenities right away.