Your team has nearly doubled in size since you first started out, and it's high time to find a suitable office space that fits your team comfortably and allows for even more growth down the road. But between cost, location, and accessibility, there are multiple factors to consider before you start packing up your boxes. That’s why we asked nine entrepreneurs from Young Entrepreneur Council (YEC) the following question:
Q. What’s your best tip for finding affordable office space when you know your team is going to keep growing?
1. Consider the Suburbs
I think the "cool factor" often lures entrepreneurs into justifying expensive downtown office space when there's really no business case for it. Location is crucial for some companies, of course, but for others (like ours), an easily-accessible suburb is just fine. Our employees love avoiding the traffic, our clients don't care, and we save thousands a month on rent. –Jesse Lear, V.I.P. Waste Services, LLC
2. Consider Transforming Your Current Space
Bring in a professional interior designer for a consultation to offer new insights for your current space. When the conversations started about our limited space and growing team, we hired a local design consultant who helped us see our office in a new light. We expanded our physical presence in our coworking collective, brought in new furniture, and are now able to accommodate our growing team. –Peggy Shell, Creative Alignments
3. Leverage a Longer Lease
A stable tenant can often become a landlord’s best friend. That said, many landlords are willing to negotiate heavy front-end discounts on longer term leases, especially to reputable tenants. This can allow a business to acquire a larger space than it currently needs without increasing its immediate overhead while at the same time buying the company time and money to continue to hire and grow. –Mikhail Zabezhinsky, OceanTech
4. Find a Recently Vacated Office
We moved from a startup incubator to an office tower downtown. We were able to do so economically because a Fortune 500 company recently renovated the space and then suddenly decided not to move in, providing us with pristine executive offices. Ask a commercial real-estate broker if they know of a lease about to expire or a company preparing to downsize--then get ready to pounce! –David Ciccarelli, Voices.com
5. Find a Sublessee
We found affordable office space in a prime location in downtown Berkeley. We decided to rent more than we needed and then subleased part of the space to another company (with the property manager's approval, of course). We now have access to that space when we need it, but don't have to pay for it today. –Bhavin Parikh, Magoosh Inc.
6. Create a Virtual Workspace
Eliminating an office space gives you limitless boundaries for growth. Using powerful project management and time tracking tools, such as Podio and MindMeister, you can track what all employees are working on and keep a strong infrastructure as you grow remotely. You can also find and hire talent from a worldwide pool of applicants. Include yearly company meetings at a central location. –Marcela De Vivo, Homeselfe
7. Consider Leasing From WeWork
ZinePak has been working at our WeWork location for more than two years. It was a great option when there were only two of us, and it's been the perfect option for every team size we've had yet, up to 11 (and counting). The key is finding a month-to-month solution so you have flexibility to ramp up or scale back without any interruption in your business activities. –Brittany Hodak, ZinePak
8. Choose an Open Floor Plan
An open floor plan leaves you with room to switch up the layout when needed. My company just moved to a new, entirely open space in the heart of Philadelphia, and when we first found the space it was a cubicle farm. We tossed the cubes, ripped down drywall, and tore up carpet—and now we have way more square footage to work with. –Nick Bayer, Saxbys Coffee
9. Look for Month-to-Month Rent Options
We found a large coworking space that rents out desk spaces month-to-month so that we can easily buy up desk spaces as we add more employees. We are a seasonal business, so this is great for months where we need to decrease in team size as well. –Diana Goodwin, AquaMobile Swim School
