5 Cost Saving Techniques for Renting Office Space
Real estate is often the second or third largest expenditure for businesses, and that rate is even higher for small businesses. Renting office space can quickly become a money pit if you’re not careful. Here are 5 quick and easy cost saving techniques you can use to reduce the costs to rent office space in London.
- Rent what you need.
Consider the exact amount of space you’ll need for your business. Stick to that amount, and don’t be tempted by agents to go over budget. Rented office space comes in a variety of sizes, so keep looking if you don’t find what you need right off the bat.
- Start your search early.
Waiting until the last minute to find a property can leave you with limited choices. To get the best deal, make time to tour numerous spaces until you find the right one to fit your budget and needs.
- Figure out where you can lose.
Part of renting office space is learning when to concede on price or amenities. Determine what it is that you can afford to do without and keep that in mind when searching for the right space. Doing so saves you money and heartache down the line.
- Plan for the worst.
What happens if your business goes under a year into your lease? Can you afford to float the rent payments? If not, then keep searching for a space that either a) is more affordable or, b) has a shorter lease agreement. Even if it makes you uncomfortable, planning for the worst can save you turmoil if it does in fact happen.
- Read the fine print.
Don’t get caught in agreements you didn’t read or sign paperwork that is no different than signing your death wish. Read through the entire leasing paperwork or hire an agent to do it for you. Aspects such as late fees, early termination, and maintenance agreements are covered in the fine print and you should be aware of them to save money.
No matter where you choose to rent office space in London, the fees and costs vary. Start your search early and get the best deal with these five beginner tips.