How to Budget for Office Space
How much office space can you really afford?
It’s easy to look at your upfront costs and determine what’s within your budget. Costs like internet and power are easy to calculate, but the bottom line cost includes far more.
For starters, finding the perfect office space as-is doesn’t often happen, which means you’ll need to budget for construction costs to make the space suitable for your business. This can be a major undertaking, especially if you’re making major changes like moving walls, fixing windows and doors, and replacing flooring. In addition to these costs, you’re also tasked with hiring a project manager who can contract others to perform the work while allowing you to focus on your business.
You’ll also have to outfit your space with furniture so that each employee has a workspace. Even if you’re a solopreneur, you won’t want to have an empty office if customers will be visiting you on-site. Too little furniture will make your office look desolate and cheap, so you may end up paying for furniture you may not even use!
Finally, you’ll have your basic ongoing expenses, like rent or mortgage, utilities, trash pickup, maintenance, landscaping, and a plethora of other costs that can quickly eat into your profits.
Carefully budgeting for your office is one of the best things you can do for your business in Office Evolution Ontario. It takes some thinking and planning, but it can help you avoid buying more office than you can afford in the long run and help to keep your overall costs low. Learn more now!