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Lean Startups: How to conserve your cash when setting up your office

When starting up a business, you need to make the most out of your limited budget. Here are some tips on how you can save when setting up an office space.

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Commercial practices are continually sprouting to meet the requirements of current business trends and from time to time, businesses are showing more inclination toward rental office spaces instead of acquiring a permanent workplace.

One of the main reasons behind this is that getting a rental office space goes a long way in diminishing overhead expenses and taking full advantage of the workforce’s efficiency, output, and overall gains. Regardless of the nature of ownership, the workplace needs to be set up in a way that it requires little investment but gives maximum returns.

The Lean startup philosophy clearly outlines that those who are starting up need to conserve their cash. Startups do not have unlimited pots of cash to start up with so the controlled deployment of resources is extremely important for success.

Be it cutting down on equipment expenses or rationalizing or rightsizing the model of business, setting up an office space that is economical in its approach is the most practical solution to upholding the economic stability of a business.

Here are some simple yet efficient ways of saving money while setting up an office space:

Recycle and reuse office furniture

In case the business is planning to move into a new office location, they are faced with two choices — selecting an office space that is already fully furnished or re-use the old office furniture.

Most office rental services order an additional rental charge when they are renting out fully furnished office spaces. They even oblige the manager to make a minimum deposit to ensure possible damages.

All of these need to be decided prior to signing the lease contract.

Selecting an unfurnished office will certainly be the less expensive option. The money saved can be used for transporting the old furniture. Buying long-lasting furniture sets for the new office is another option that can be taken with the money saved.

The second choice is rather tedious and may take a few extra days. However, it is an ergonomic choice as it both saves money and offers the workers a chance to stick to the furniture they are used to.

remote office space

Resorting to remote employment can you help you save money on office space. (Photo by DepositPhotos)

Remote employment

There is an abundant number of tools available on the market currently that empower employers to manage employees over the internet. While planning to invest in an office space, it first needs to be evaluated whether or not the office space is required at all in the first place. This may seem an unconventional method, likely to bring down the spirit of the company.

However, if the situation is managed properly, it will certainly bring down expenses.

  • Skype can be used for office communication.
  • Basecamp can be used to conduct project management.
  • Salesforce can be used for CRM information.

Tools like these have made it completely possible to administrate a team of employees efficiently from a remote place.

Having such a system of employment is completely down to the organization’s ability to adapt to it. But it offers benefits such as:

  • Reduced office space expenses.
  • Better recruitment options.
  • A wide network of employees.  

Sharing office space

Sharing an office space is a brilliant system for workers to connect with one another and work in partnership on numerous plans on a private level.

If a business has several branches it could really benefit from such an arrangement. The success of this system also depends heavily on the type of workers in the workforce.

Many people thrive on communication and collaboration. If the workforce is as such, adapting to this system will certainly have an ergonomically advantageous situation for the business.

Banking on a commercial real estate is an option that only the businesses willing to spend heavily can afford.

However, it’s not the only option. Assessing every factor and reviewing the aforementioned options can certainly make office spaces an investment with healthy returns.

DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.

(Featured image via DepositPhotos)

Adnan writes on Small business, personal finance, startups, success, and productivity. You can read his regular blogs at The Success Element.

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