According to Kauffman, entrepreneurship is on the rise in 2015 which reverses the trend we’ve seen since 2010; gaining an increase year after year with roughly 310 out of every 100k adults in the U.S. being self-employed. In 2013 it was estimated that 69% of entrepreneurs start their business from home and 59% continue to do so after their business has taken off. These percentages may seem high and lead one to believe that the majority are ‘solopreneurs’, but it seems that only 1/4th of the entrepreneurs surveyed have no other employees working for them.
That figure seems fairly low, but with the rise in technology it is easier for people to work remotely. However, what happens when you as a business owner want to expand, either permanently or you need a dedicated space for meetings a few times a month? Perhaps (probably) the office you’ve dedicated within your house won’t be enough space, or perhaps not the correct setting for your budding business. There are options for when you’re ready to branch out of your home office.
1. Join a Co-Working Space.
Co working spaces are a less expensive option to a traditional office environment, where you get the opportunity to belong to a community of individuals who are going through the same issues as yourself. The network of co-workers offers you the opportunity to volley ideas off of others who understand the challenges that you face as a business owner.
2. Create your own co-working space
You’re already an entrepreneur, why not expand that a bit. Perhaps you’re not ready to spend the rent to work alone, in comes the option of renting out a larger office space and inviting some other local entrepreneurs to move in with you, splitting the bill.
3. Take Over Someone Else’s Lease.
Maybe you are ready to branch out on your own, but are still looking to save money (no point in just throwing away income). When you have the option to take over someone else’s lease it provides you with more negotiation options since the business may be in a hurry to move out, usually because they’ve outgrown the space but sometimes for other reasons.
4. Rent a Virtual Office
Virtual offices are the best of both worlds when it comes to working from home or a traditional office. You get to pay for the space on an as-needed basis keeping costs down, yet you get a virtual assistant, a business address, and conference room access at a fraction of the cost of renting a traditional office space.
There are options when it comes to starting your business. You don't always have to commit to a year long lease on a commercial property in order to take your business out of the basement and into the public.