As a follow-up to our popular article, “Is it Time for Your Startup to Rent Office Space?” we wanted to share some strategies for start-ups in rented spaces. An increasing number of start-ups are looking for meeting space NYC to coordinate with their teams and connect with clients in a professional way.
But it’s essential that these companies can still operate at a cost-effective arch as their businesses scale while maintaining a high level of productivity at the same time. In the sections that follow, we’ll highlight some of the best ways that start-ups can increase productivity and cost-effectiveness while paying for a roof over their heads.
Carefully Choose Your Location
As with all types of real estate transactions, it’s all about location. You’ll want to choose a location for your rental office that’s convenient for your team so that commuting to work doesn’t cut into employee productivity. You’ll also want to be in a place to attract new talent when your startup begins to grow. Also, think about what amenities you would like nearby, and choose a lease length that you’re comfortable with.
Develop Your Landlord Relationship
As a renter, you will likely depend upon your landlord to make basic repairs and tend to maintenance issues. But before you sign a lease, do some digging into your potential landlord’s creditworthiness and trustworthiness. It is recommended to have a credit check run on landlords to ensure that they aren’t restructuring loans they can’t repay or are in some type of financial trouble. If everything checks out, stay on friendly terms with your landlord so that maintenance issues are resolved quickly and don’t cut into your start-up’s time or expenses.
Look into Furnished Office Options
The cost of furnishing an office can be extraordinary and really set back new start-ups. Lots of start-ups are attracted to shell spaces to save money. But the process of shopping for, buying, delivering, and arranging flooring, furnishings, and light fixtures is also very time consuming. If your team is already putting in more hours than it can handle, look into furnished office options to avoid a productivity decline.
Sublease Unused Space
It’s often recommended that start-ups choose a slightly larger space to rent than they’ll initially need to allow room for growth. But that extra space may cost you extra money that your company doesn’t necessarily have in the beginning. To remedy this, consider renting out a portion of your space to another individual or small company to help you cover costs. Of course, you’ll need to confirm with your landlord that subleasing is allowed in your contract before making this move. If so, choose a sub-tenant that compliments your business in some way so that you can develop that relationship in close quarters for mutual benefit.
Learn About Tax Deductions
While the initial financial burden of renting office space may be daunting, you may be able to enjoy some tax deductions to offset those costs. For example, monthly payments are often tax deductible, which means renters may be able to write those off as a business expense.
Consider Conference Room Rental NYC
For some start-ups, it might not be necessary or cost-effective to have a full-time office space that employees come to every day. NYC Office Suites specializes in conference room rental NYC with convenient Midtown Manhattan locations. These meeting spaces are available when you need them, by the hour or by the day in a discounted subscription format.
Our administrative staff can assist with everything from presentation prep to transportation arrangements, and our technology team can help you set up calls, teleconferences, and webinars. With rates starting as low as $39/hour, these conference rooms are ideal for hosting company events as well. If renting full-time office space isn’t a good fit for your start-up at this time, send us a message or call us at 1-800-346-3968 to learn more about getting a New York City meeting room whenever you need it.