7 ways to save money on your office space

Question: What is one smart way to cut unnecessary costs in your physical office space?

Leave the office unfurnished

“If you’re planning to build a cool office space to impress visitors, just don’t do it! All of our furniture is used, and while our basement space is funky, it’s mostly just functional and cheap. It’s number 18 on our list of monthly expenses. We haven’t spent much on decor, but we do have a few video and arcade games that our employees enjoy. ”

Jim Belosic | Pancakes Laboratories/ShortStack

Rent your resources on weekends

“At our business, we have no one in the office on the weekends, so we rent out the classroom and communal room area to our own customers who teach English to Chinese students. Everyone wins in this situation. Because the teachers have a professional place to teach — versus being at home or in a cafe — the student is in the mindset of learning. Plus, we get to cover the costs of our rent.”

Derek Capo | Next Step China

Negotiate a flat fee

“Some spaces will tempt you with a low rent and then nickel and dime you on everything. Negotiate a flat fee for electricity, telephone, Internet, conference rooms, copying, faxing, answering services and the myriad of other amenities your landlord provides. Not only will you save on costs, but budgeting will be much simpler when you know what will be on the bill at the end of the month.”

Peter Minton | Minton Law Group, P.C.

Try non-traditional spaces

“Even if you don’t have money to build on or out, you can still adapt most spaces into an office. Even a shed in someone’s backyard can be wired up for work with very little effort. Don’t just shop exclusively for spaces described as offices.”

Thursday Bram | Hyper Modern Consulting

Telecommute to lower expenses

“With fewer employees showing up for work each day, you’ll save on energy, office supplies, IT issues and more. Just be sure to monitor the folks working from home as effectively as you do your in-office staff. Communicate regularly and assign deadlines to keep them producing at a high efficiency level.”

Andrew Schrage | Money Crashers Personal Finance

Allow someone to shadow you

“There are many ways to improve efficiency, but one that I found effective is to have a friend with experience spend a day with you at your office. Let him critique you as much as possible. His constructive criticism will be a fresh view and angle that can help you see things differently.”

Yosef Martin | Merchandize Liquidators LLC

Work anywhere BUT an office!

“If your business doesn’t need an office, then don’t have one. This may not be possible for businesses with foot traffic, but for most online businesses with low employee counts, it’s a very realistic choice and quite the money-saver.”

Wade Foster | Zapier

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

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