If you have an unused space that could happily be used as an office, why not consider renting it out? If you run your own business, this could help you offset some of the operational costs that you have, a win-win scenario! It’s always a good feeling to provide for another startup when you’re trying to make it yourself.
Even if space isn’t that large, you can be sure there’s going to be someone who covets it. There’s a greatly increasing amount of startups opening per year, and they all need a place to work from. Take care of the space, make it look presentable and practical, and you’re sure to gather interest within a matter of days.
But how do you make it look presentable and practical, and how can you do right by your renters? This guide is here to help you:
It’s best to start off by giving the place a new lick of paint. If it’s looking drab, why not brighten it? It’s proven that the dominant office colors have an effect on the daily mindset of an employee. Much better to have a colorful environment that promotes creativity than a dull environment that stifles it. If the carpet has seen better days, replace it. Ask yourself if you’d like to work there.
If there’s no office furniture in there, it’s a good idea to stock it with some. Providing amenities will allow you to hike the rental cost, and is plainly convenient for the startup entering your space to be able to set up quickly. Bringing in attractive office furniture and fit out will help you utilize the space more effectively. Depending on how you lay it out, you could advertise the office space as being able to hold more employees than you might originally estimate.
Even though most startups use digital cloud storage for their security and ease of access, it’s still important to provide storage solutions within your space. This is still the case even if your renters only store their coffee and bike helmets in your cupboards.
Give an honest estimate of how much space will cost. Provide all-inclusive rates so they don’t have to worry about calculating bills, and stipulate that your renters adhere to a ‘fair use’ policy. This will prevent you from being stuck in the mud with extortionate bills if they leave the heating on over the weekend accidentally.
The office space must be secure, and only accessible to those with the key. Consider enacting a keycard system if possible. Your rental space must also be financially and legally secure, by applying the correct business insurance to space. This can be included in your rental costs.
The final item to consider is how available for support needs you’ll be. If you have other business considerations, consider hiring someone to help with your landlord duties. You must be available to deal with queries, complaints and maintenance repairs, even if you’re only renting out your garage space.
Be the most ethical you can here, and you’ll have a nice side income that can be diverted towards your dream.