5 Tips for Finding a Suitable Space in Your Price Range for Your Growing Team

When you started your business, you may have been the only employee. Long gone are the days spending your hours working in your home office in pajamas or on the couch in your underwear. As you’ve grown, it may have become necessary to hire extra staff. Success! Growth! Space constraints! People tend to take up space, and you’ll have to put your minions somewhere if they are to aid you in your quest for world domination. Chances are that you don’t have a huge budget for workspace. Here are five ideas to find something in your price range.

1. Use a co-working space

Co-working spaces are all the rage among the hipster set of freelancers. These spaces benefit you by giving you a work environment outside of your home, free from the distractions of domestic life. Fast Internet and a coffee maker usually come standard. Options range from flexible desk space a few days a week, all the way to office suites. Each facility has its own culture and ethos, and most serve only a particular range of industries. These can include design, photography, and videography, tech start-ups, et cetera. The biggest benefit is month-to-month rental, instead of being tied into a long lease. You have the freedom to upsize or downsize your space as your circumstances demand.

2. Sublet your extra space

Once you have taken the decision to rent office space, one question remains: How much do you need? This can be tricky, because too small a space could limit your growth; too big a space can be a costly waste of money. One option is to lease a larger space than you need, and sublet the surplus. That way you have room to expand as you grow, without needing to move your business. Just be sure to get your landlords’ permission to sublet before you decide on this option.

3. Move to the suburbs

Everyone wants their location to be in the trendiest part of town. The old adage of “Location, location, location” springs to mind. But along with being in a prime location comes exorbitant rent. You may not need to be in the city at all. Depending on your business, the suburbs may be much more sensible. You could rent a house or an office at a local shopping center for a much more reasonable rate than in town.

4. Choose an open floor plan

Many people climbing the corporate ladder may dream of having their own office, but an open floor plan will give you much more flexibility as you grow. All that is necessary to accommodate new hires is to rearrange the furniture to fit in an extra desk or two.

5. Let your team work remotely

Another option for reducing the cost of office space is to have none at all. In our digital world, entire industries exist in the virtual realm. Your employees can work remotely, and save you a fortune on furniture and equipment. Employees can live anywhere, but they will always be an email or Skype call away.

Rent is the single most daunting aspect of housing your growing business. Although the temptation may be there to splash out on a lavish address just to say, “Look out world, we have arrived”, there’s no sense in paying through the neck for office space if it will hamper your growth. One of these five tips could just be the magical elixir that alleviates your growing pains.