Affordable Office Spaces For Entrepreneurs
Entrepreneurs run their own business amidst many financial constraints, hence they aim to provide value to their customers at a minimum cost. One of the most expensive recurrent costs any business faces is office space rent, with the prices skyrocketing every year.
In Washington DC – office space is hard to find and, in most cases, is extremely expensive. Additional cost includes office furniture, personalizing the space and adding communication technology like internet to the space. For an entrepreneur, a formal office is important in portraying the image of professionalism and reliability, and it’s also a place where your clients can easily find you. A permanent residency for the business is required for your business cards as well as a website.
A full-time office is the best option it conveys prestige and reliability of a firm, however, this option is often very unaffordable to entrepreneurs. Cheaper part time options should be considered.
What cost effective solutions, can entrepreneurs consider?
Co-working is a great compromise between a standard office and a home office. It involves renting out furnished offices that are shared with other businesses. The offices have quality furniture and communication technology like phones, internet and conferencing services all setup. The offices in some cases do also offer friendly support staff services. Shared offices have many advantages, the major one for entrepreneurs is that it’s more affordable than a corporate office. There is also more opportunity for social interaction in a shared office, something that might help entrepreneurs get more business. Distractions in an office are less compared to a home office or public meeting points, like a restaurant or coffee shop. Privacy is maintained, it also easy to maintain a positive work-life balance. Renting office spaces can be a flexible solution in that the entrepreneur can choose a space that he can afford.
Different office space sizes, rent out for a different cost. Small entrepreneurs can get very small spaces while average sized businesses can get bigger sizes that can also accommodate its employed staff. Depending on your business performance, you can even choose to rent out the office space for a particular period such as during the high seasons while relinquishing the office spaces in low seasons.
Having a business as 100% online, can be another solution for entrepreneurs, whose businesses cannot handle the cost associated with office spaces. An online business can be run from any location in the world. It’s a great starting point, however for growth in the future a permanent office residency or co-working space should be considered.