You know you want to rent a space, but do you know what you really want or need? If you just have a vague idea, it's time to go back to the drawing board. In order to reap rental property benefits, you have to have a firm concept of what you'd like in a space and what is essential. Here is a guide to help you determine whether or not you should rent or buy your new office space. Being willing to compromise is also a good thing as the space may not have all the whistles and bells you want, but has the things you need.
Create a list of your wishes, your needs and your make or breaks. For example: you need a space that is wired with CAT-5 for an Ethernet. The space you found that is within your price range is not pre-wired, but the landlord is willing to let you install cable and give you a rent break for the improvement to their property. Ask yourself if this is an agreement that you can live with, or if you should keep looking. On the one hand, it is favorable to you, but do you have the time to wire the location?
No rental office space advice would be complete if it didn't mention rental costs. Profits may be on the rise, but don't use that as a carte blanche for renting the best available office space. Keep costs reasonable so you can weather them during a slow period. All businesses have their ups and downs, but bills still have to be paid. This may mean compromising on the space for something a little less than what you desire, but it can help you keep your doors open in the long run.
Find a number that is your drop dead point for rent payments and stick to it as best you can. The right space may be a few dollars more than that point, keeping it within the realm of affordable. What you don't want to do is go way over your budget.
Location, Location, Location
Hub83 offers professionals and businesses the opportunity to rent office space in a variety of configurations at different price points. We are strategically located off I-90 in South Barrington with other locations coming soon. Our offices have full amenities including conference rooms and a lounge to meet with fellow entrepreneurs. Contact us today for a tour of our spaces and learn more about our virtual mailbox and receptionist services.