Working from home may be the most cost-effective option for a solo entrepreneur. But domestic distractions and loneliness, however, make it unsustainable for some. It’s also inconvenient if you want to grow. Traditional office space is frequently prohibitively expensive for small businesses and can necessitate years of commitment. Executive suites and co-working spaces can provide a more affordable and flexible option with numerous built-in benefits.
Cheap office space can be extremely beneficial to a startup looking for their first location. Flexible office spaces provide a new business owner with numerous options for location, size, and other amenities, as well as a variety of leasing terms ranging from monthly memberships to long-term contracts.
Cheap office spaces with flexible, short-term leases allow startups and freelancers to navigate an uncertain business landscape without the hassle of a traditional lease, while still benefiting from the benefits and amenities of fully-equipped office space.
Let’s look at the advantages and disadvantages of choosing a cheap office space.
Pros of Cheap Office Space
1. Professional space
A cheap office space ensures that you always have a professional place to bring clients, hold meetings, and collaborate with employees. You can even use your office space to develop your brand personality and build relationships with your clients. If meeting clients in person is critical to customer service success, a cheap office space may be required.
2. Lower costs
You can get the tools and resources you need at a much lower cost if you work in a cheap office space. You also avoid paying office rent or being locked into a lease.
3. Better location
Executive office suites, which charge a membership fee like co-working spaces, have been around for decades. They can provide access to expensive, in-demand spaces in prime areas that new small businesses would not be able to afford otherwise.
Many businesses are being forced to quickly adapt to new ways of working across greater distances, and with teams increasingly dispersed, it can be difficult to predict where you or your employees will be on a monthly basis.
It also gives you the flexibility and freedom to choose a workspace in a convenient location on any given day, allowing decentralized teams to stay productive and connected in a professional and well-equipped office space.
4. Increased productivity
There’s only so much you can accomplish while hunched over your laptop in a crowded coffee shop. You can boost your productivity by taking advantage of a fully-featured, dedicated workspace with a daily office rental.
By choosing an office close to where you live or near your clients, you can reduce long commutes and free up more time to focus on getting things done. You’ll be more motivated and less distracted if you’re surrounded by like-minded professionals in a focused environment.
(RELATED: Guide to Choosing a Good Cheap Office Space)
Cons of Cheap Office Space
When a large number of people are crammed into a small area, things can become quite noisy. While coworking spaces can be great places to collaborate, they may not be the best place to make phone calls. If you need to concentrate, you should wear headphones.
2. Added expense
Cheap office spaces are significantly less expensive than renting an office space, but they are more expensive than working from home. If you’re just starting out, $300-$500 per month may be out of your price range. Renting a place to work, as well as purchasing supplies, furniture, and equipment, can all add up to a significant financial outlay.
3. You must sign a lease agreement.
Unfortunately, renting office space is a long-term commitment. It can be difficult to forecast the size of the space you’ll require, and growing out of it can result in additional costs if you have to break a lease and find a new space.
4. You’re missing out on talents.
Your talent pool is made up of locals, regardless of where your office is located. Whereas virtual or home offices allow you to hire people from all over the country or the world, a physical location often limits you to those who can commute to work.
While there have been successful startups that began at the founder’s kitchen table or in their garage, most businesses thrive in an environment that provides ample resources, space, and flexibility to get them up and running as quickly as possible.Your workspace (whether physical or virtual) is where you and your team spend approximately 40 hours per week, and it has a significant impact on productivity and happiness. Hence, finding a cheap office space is your best solution.
Enterprise software development experience. More recently in positions including CTO, Lead Developer and Head of Product in Australia. Deep expertise in property and legal technology in Australia with a specialty in lead generation and tech scalability across Asia-Pacific.