Nowadays, work opportunities are not limited to nine-to-five corporate positions. With the overwhelming numbers of fresh graduates and a lack of available employment, many individuals decide to start their own businesses instead of acquiring a job.
If you are looking into opening a startup business, why not make the most of the growing numbers of entrepreneurs and freelancers and establish a co-working space or an office rental? An office space rental is a highly lucrative business, considering that it caters to any professional who needs a temporary workplace.
In this guide, we’ll discuss the fundamental steps of starting a space leasing business.
Decide on your niche
Do you want to issue long-term contracts and lease your office to an individual business, or do you prefer to build a co-working space that charges by the hour? Both have their perks and downsides, so you must assess every factor carefully. However, a co-working office space is easily scalable and less costly to set up and manage, not to mention that it doesn’t require complicated legal contracts.
Select a suitable location
The location of your business directly affects profitability. You have to make sure that the area you choose is exposed to your target market. For instance, according to Talk Business, a UK-based resource centre, if you want to operate in London, you can opt for business hubs and niche circles like Croydon, Canary Wharf, Shoreditch, and Clerkenwell as they reportedly are preferred by freelancers and creatives.
Alternatively, you can go for a location near universities because students in search of places for group collaborations or 24-hour study rooms can also be your potential customers. It all depends on your chosen target market.
Secure all necessary legal documents
The legal documents that you must acquire depend entirely on your type of business, whether it’s office leasing or a co-working space. Moreover, the regulations and legal requirements vary greatly depending on your area of operations so you have to check with the department of your specific state and city. In addition, you have to take care of issues like taxing reports, and if you plan on subleasing, you need to discuss with the owner and agree on a contract.
Obtain essential office items
Now, let’s move on to the actual set up of your office space. First, you need to coordinate with an efficient Internet service provider. Next, you must purchase functional office furniture like chairs, desks, cubicles, or other pieces of your choice. If you plan on having private discussion rooms, it’s good to buy executive desks and rotating chairs from London shops. Whiteboards, projectors, and widescreens should also be installed in these rooms.
Additionally, you need office equipment like a copier machine, printer, and computer for tracking your business operations. You should prepare log-in sheets for your customers. A pantry is also necessary because providing unlimited beverages is an effective way to attract customers. Therefore, you should have storage for your supplies (packets of sugar, juice, coffee creamers, etc.), sets of mugs and glasses, beverage dispensers, and a coffeemaker.
Finalise your pricing
Set your rates and think of appealing service offerings. If you plan on running a co-working space, you need to establish an hourly rate as well as promos for specific numbers of hours. You have to set different prices for private discussion rooms and charge additional fees for the use of exclusive office equipment and devices like widescreens and projectors. In addition, you have the option to offer packages of long-term leasing or even memberships to regulars.
Starting a business requires diligent preparation and extensive market research. By knowing your niche and providing efficient services and high-quality facilities, you can gain and sustain customer loyalty.