Owning your own business can be a rewarding experience. But it also comes with many challenges. One of the most difficult, at least for me, was finding an office space that I could afford. I live in Los Angeles and commercial real estate is notoriously expensive here. This made it hard to find an affordable office space that was also convenient for my employees to reach by public transportation. And since I was running this business from home, at first I didn’t even know where to start looking for office space.
In the end, I was able to find a great deal on a beautiful office space that I’m now renting from a coworking company. Here are some things you need to consider if you want to do the same:.
The Benefits of Starting a Business From Home
Starting a business from home can be a great way to save money, on everything from office space to taxes. And it’s not uncommon for people to turn their homes into thriving, successful businesses.
Is It Possible to Start A Business at Home?
There are a lot of people who want to start a business from home. They don’t want to commute to work every day, they want more flexibility in their hours, and they’re looking for a way to limit their expenses.
If you’re one of these people, you might be wondering how feasible it is to start a business at home. Can you really run your own company from your house when one of the main benefits is saving money?
It turns out that running a business from home can be very possible and even affordable if you take the following steps:
1) Figure out what type of work needs to be done in-person.
2) Find an office space within walking distance that’s affordable and doesn’t require too much space.
3) Hire employees! A second employee can help with in-person tasks like meetings or client visits while still allowing you (the CEO) to live at home and save money.
Find the Perfect Office Space
for your Business
There are many benefits to coworking spaces. They’re an affordable option for people who want to work from home, but don’t want to go without the benefits of working in a communal space (think: free coffee and use of the kitchenette). Plus, coworking spaces often offer office space rentals at a discounted rate.
If you’re on the fence about giving coworking a try, here are four reasons it might be worth it for your business.
Considerations for Renting Commercial Real Estate
There are many reasons why people might look to rent commercial real estate.
Maybe you’re just starting your business and don’t yet have enough money for a down payment on a building. Or, maybe your company is expanding and you need more room to house employees or customers. Regardless of the reason, finding an affordable option that suits your needs can be challenging.
Before you start looking, there are some things that you should know:
– Location: Think about where you want to set up your business and consider how it will affect your employees and customers. If you need to be near public transportation or other businesses, make sure the location has what you need.
– Eligibility: Make sure the property is eligible for commercial use before applying for it. For example, if the building is classified as residential space, it won’t be eligible as commercial property.
– Building type: Consider the type of building that’s best for your needs. The type of tenants in a building can also affect what type of commercial space might suit them best. For example, retail stores would do better in a storefront than an office suite with private offices and meeting rooms.
Considerations for Purchasing Commercial Real Estate
Commercial real estate can be a very attractive option for purchasing property. One obvious reason is that the property usually comes with a long-term lease with low or no maintenance. It also gives you the opportunity to have your own space – rather than paying per square foot in an office building.
However, it’s important to consider all of the factors before moving forward with the purchase of commercial real estate.
The first step is to determine your budget, which will vary depending on how much space you need and what area of the country you’re looking in. Remember – commercial real estate is typically more expensive than residential real estate, so make sure you do your research on average costs per square foot in your area.
For example, if you want to find affordable office space in Los Angeles, it ranges from $2-4 per square foot on average. On the other hand, if you wanted to find affordable office space in Chicago, Illinois it ranges from $8-10 per square foot on average! You may need to adjust your expectations on size and location based on these figures before buying commercial real estate.
Financing Options For Buying Property
If you’re considering buying commercial property, there are a few financing options that will be available to you. Keep in mind that these options may vary depending on your area and local market.
Conclusion
Starting a business from home is not always easy. But it can be done.
There are plenty of benefits to starting your business at home. You can save money on office space, equipment, and office supplies. You’ll also save money on employee wages.
But that doesn’t mean it’s easy. You’ll need an internet connection with enough bandwidth to run your business effectively. You’ll need to consider zoning restrictions for your business in your city if you plan on selling products. And you’ll need to take care of your family while running your business from home.
If you’re looking to start a business from home, it’s important to do your research on the pros and cons before making the leap.