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When you work for yourself and by yourself, your financial situation is always at the front of your mind. You are totally self reliant and haven’t got the safety net that big businesses seem to have. While you love your job and work hard every day, this precarity can be difficult to deal with at times.

When it comes to finding a workspace that suits your business needs, money is always a question in your mind. How can you find the right space for your business, without compromising on price?

Today’s post will explore just that. Let’s take a look at how you can find an affordable workspace that doesn’t compromise on quality.

List your priorities and stick to them like glue.

As a business owner, your priorities will vary depending on a multitude of factors. These factors might include:

  • Appearance. If your workspace is client-facing, you will be concerned with its outward appearance. Having regular visits from clients means you will need to hire a space that matches the aesthetic of your brand, and that has the flexibility for you to make changes to suit your needs.
  • Location. Of course, location is a big factor when deciding where to hire a workspace. An urban workspace will be more accessible to clients, but of course, you’ll pay a higher price for that privilege. Conversely, a workspace off the beaten track might be more difficult for your clients to access, but your rent will be far cheaper.
  • Size. If you have very few materials and work mostly on a computer, your workspace does not need to be large. Comfort and atmosphere can be created using soft furnishings and personal touches, but the bare bones of the space, the thing you pay for, doesn’t need to be much. Try to optimise the space you do have, rather than opting for a larger workspace that will inevitably cost more. On the other hand, if you need a large workspace, this might be top of your priority list – above location and aesthetic, certainly.

By figuring out your priorities for your workspace, you can make sacrifices where necessary to afford the right place for you. No workspace will be perfect, so you need to know where to make compromises where necessary.

Think long term

If you are planning to rent this workspace for a number of years, you need to consider where you want your business to be in a year, two years, or even three years’ time. Your business might grow exponentially in that time, so ensure there are break clauses in your lease that enable you to move to a bigger space if need be.

Similarly, remember to include administrative factors, such as commercial property insurance, when you are calculating your expenditure for your workspace. If you are concerned about insurance, make sure to contact insurance claim attorneys to help you with your queries.

Final thoughts…

If you are looking for the perfect workspace as a sole trader, make sure you use this guide to assist in your search!

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