Prime office space

[Invain15]

Re: Prime office space?

I personally would wait until I outgrew the home office before I would go out renting one. Unless I was P&C. That just my .02

 

[Crabcake Johnny]

Re: Prime office space?

I've been poking around with shared space - there's a location about five minutes from me - $550 a month and month to month rent.

They have a secretary who would answer my incoming calls should I choose. I can blow in and out at will and it's furnished. All utilities included.

I'm looking more for a place to go when the mood hits me. I would never lock into a long lease - most retail locations will not accept month to month - they'll want between a 2 to 5 year lease in a high traffic location.

Craigslist is a great place to search - this is attractive

http://baltimore.craigslist.org/off/770699717.html

 

[Guest]

Re: Prime office space?

Don't forget the cost of Internet access, toilet paper, paper towels, office supplies,desks, chair, etc.

Make sure you calculate all costs and also add a bit extra for the ones you didn't/haven't foreseen.

 

[Crabcake Johnny]

Re: Prime office space?

Food is what sneaks up on ya. When I worked out of an office I did the math one day and found I was spending close to $400 a month eating breakfast and lunch out.

It's psychological. I'm a PBJ fan - no problem making them up at home but for some reason I won't pack myself a sandwich if I'm going to an office.

 

[xrac]

Re: Prime office space?

Here is a short list of some things you need to consider.

What are you using now that you don't like?

Will you have any employees? Whose going to answer the phone? What will you do when you have to go to a clients location?

How far from your home is this location. You will have to drive there and back at least once a day, and many times multiple times a day. What about lunch, bring it with you, or eat out everyday?

You will have to pay for phone, internet, insurance, office supplies, and furnish this location. Computer, Fax, Phone, Desk, Chair, File Cabinet, frig, etc.. New service for a business phone line usually means a security deposit. Not to mention a rent deposit.

A sign will run you from $450 to $3000 or more, depending on the size, one sided sign or two sided sign, and the location.

What is the term of the lease? What happens if the location doesn't provide the traffic you need? A month to month lease would work, but a 1 to 5 year lease could spell trouble.

How well disciplined are you to go to work every day? At the beginning it will be all fun and games, but sitting there day after day, hour after hour gets old quick. Especially, if your phones not ringing.

I would say a good rule of thumb is figure your location will cost you 2 to 3 times the cost of your rent per month to operate. That's without employees.

Having been there and done that I know that this is a great post with good information. Thanks!

 

[TXINSURANCE]

Re: Prime office space?

I have had an office for years (I own the building) and I can tell you the costs are very high. Payroll and marketing will eat you alive.

It is not easy to make the numbers work, but it can be done.

 

[SalemInsuranceGuy]

Re: Prime office space?

We're just finishing up our office now. When we bought our house in June we bought a property that had 2 houses on it. So we converted one into an office. So it's kind of like working from home but still have to make that 30 yard commute in the morning.