There comes a time when that basement or spare bedroom you’ve converted into an office just doesn’t cut it anymore. You need real office space — a place where you can meet clients without your 3-year-old squawking in the background, a place where your filing cabinet doesn’t double as a sock drawer.

But unless you’ve hit the venture capital jackpot, a proper workspace will be a significant investment. Here are five ways to set up an office without putting a big dent in your bottom line.

Share Space

Shared workspaces or coworking spaces are popular among growing businesses that aren’t quite developed enough to sign a long-term lease. These are fully furnished office buildings that let you rent individual desks or offices on a monthly basis.



Some of the spaces come decked out with the latest techno-wizardry, including ultra-high-speed Internet connections and conference rooms with HD audiovisual systems. Others are more spare, offering little more than basic wi-fi and a coffee maker. At the lower end, expect to pay about $100 to $200 per employee per month. At the higher end, coworking spaces can run between $500 and $1,000 per employee per month, depending on the amenities.

You can find a coworking space in practically any large city. Examples include Sandbox Suites in the San Francisco Bay Area, Cambridge Coworking Center in Boston, the Coop in Chicago, Sunshine Suites in New York City and 200 Office in Atlanta.

Lease, Don’t Buy

Furnishing an office can be more expensive than the office itself. Desks, chairs, phones, computers, copy machines — the list goes on.

The good news is that you don’t have to buy everything you need. Instead, you can lease it. Most equipment leases don’t require a down payment, so you can get lots of equipment without crimping your cash flow. Leasing also lets you trade in equipment every few years for the latest and greatest models, ensuring that you’re always up to date.

The major downside to leasing is that you’ll pay more in the long run. Also, you can’t deduct as much: In a lease, you can only deduct your monthly payments. When you purchase equipment outright, you can deduct the full cost almost immediately.

Leaders in office equipment leasing include Direct Capital Corp., Tiger Leasing, Taycor Financial and Innovative Lease Services.

Be Opportunistic

One of the upsides of an uncertain economy is plenty of empty office space. Often those spaces belong to companies that are in the process of downsizing but still have a few years left on their lease. That’s your opportunity to get prime real estate on the cheap, by subletting from the stressed company. Savvy business owners can negotiate rents at a discount of 25% or more with current leaseholders anxious to get the property off their books.

There are a number of matchmaking services that connect tenants with companies looking to rent out their unused space. Check out Shared Business Space, Shared Offices or Open Office Space for starters.

Bring Your Own Device

You’ve finally hired employees and moved into your new digs. But now you have to pay for everything they need. Well, maybe not everything.

These days, most employees are happy to bring their own devices to work. It’s an irresistible option for small firms, which can save a lot of money because they don’t have to pay for computers that break down or go out of date every several years. Employees like it too, because they’re more comfortable with their own smartphones, laptops and tablets. Plus they have a vested interest in taking care of their own devices.

The downside is security. Just one-fifth of small firms have a plan for managing and securing employees’ personal devices.

Get Rid of the Office

A lot of small businesses these days are going office-free. Thanks to technologies like videoconferencing and online collaboration, it’s easier than ever to operate a virtual office. And with the proliferation of smartphones and mobile devices, employees can work from anywhere. As a small-business owner, the benefit is obvious. You get to eliminate your biggest expense — the cost of an office.


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