Let’s face the facts; there are some necessary expenses you have when running a business. One of these expenses, which can be a bit costly, is your office space. Whether you work from home or rent space, there are plenty of ways to save money. You should not think of your office as a dead investment. If you think smart and use it effectively, you can increase your bottom line. Let’s take a look at four ways to do this below.
Work From Home
Whether you own or rent your office, you’ll still have plenty of costs. However, now be the time to initiate a ‘work from home’ plan at your company. More and more businesses are finding it’s cheaper to allow employees to work from home. When employees work from home, you can save money on electricity, gas, and water. These fees are often included in the cost of the space you would rent. You can also save costs on maintaining an employee breakroom and insurance. If the coronavirus pandemic has taught us anything, it’s that we don’t always need to be in the office all the time.
Renting Out Space
There are plenty of companies out there who need access to office space but don’t need a full office. Many will look at a coworking space, a shared office, but these costs can still be high. Many companies, especially ones just getting started, just can’t afford it. Could you rent out a vacant portion of your office to a young company? So long as they’re not a competitor, it can be a good way to boost your income. You would also be bringing some new energy to your workspace. Suppose you don’t want to rent out space on a long term basis. Consider hosting events. This would really be great if you have a centrally located space and is fully equipped to handle such events. If you have the extra space, it’s a great way to bring in some extra revenue. Be sure to have a contract and explain any restrictions you may have in place.
Minimizing The Costs
You can make money from your office space, as we’ve just seen above, but you can also reduce the amount of money you’re spending. That’s just as good as making money! Just getting something like a cost segregation analysis can help you save a significant sum of money each year. It’s simple enough to do yet can greatly improve your cash-flow. Other ways to reduce costs include looking at who’s supplying the energy to your office (could you get it cheaper) and reviewing all your other expenses.
Furniture and Other Upgrades
Finally, let’s think about the furniture in your office, which you’ll have to upgrade from time to time. Chairs do break, and your office’s overall look will need to be modernized and upgraded periodically anyway. Spending money on these things can leave a big hole in your budget. However, it’s possible that you don’t need to spend quite as much as you thought. Why not look second-hand? There are always businesses getting rid of their old infrastructure for various reasons. You can usually get high-quality, perfectly acceptable furniture at heavily discounted prices with this approach.
Many expenses come with running a business but, by being smart and thinking things through, you can find ways to save money, starting with your office space. These are just a few ideas you can consider, and stay tuned as we share more business tips and strategies throughout the year. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive, and Leadership Coach. She is the President of Infinity Coaching, Inc., where she can help you up-level your skills so that you can up-level your income, career, business, or life. Infinity Coaching, Inc. provides organizational training and one-on-one and group coaching. She is also the host of “Let’s Coach with Carolyn.” You can listen to the show on Spotify, Apple Podcasts, Stitcher, or wherever you enjoy listening to podcasts.
