Office space rental business seems to be the trend now as more people cannot afford the needed capital to rent an office space especially startups
If you are observant, you realize that entrepreneurship is on the rise constantly and that indicates the need for more and more office space for start-up entrepreneurs who cannot afford to rent a full office.
This is a good business to venture into because you will help business owners have a dedicated office address where they can carry out their normal business activities like other blackboards with an office address.
For this business to thrive, you should rent a property in a metropolitan city and convert it to an office rental business.
There are two ways to start this type of business depending on the kind of property you rent.
2 Ways to Start Office Space Rental Business
1. For a big office space, you may include renting of workspace, event space, meetup room, conference room, etc.
It means for you, there will be daily, monthly and yearly office subscription from your clients depending on how you want to run the business
2. On the other hand, if it a small space, you may consider renting it for just meetings, seminars, workshops, etc. and charging your clients on per hour basis.
You can also include the leasing of some office equipment such as projectors, laptops, whiteboards, blackboards, digital audio recorders, tripods, digital cameras, screens, video equipment, loudspeaker, lighting, microphone, etc.
These may be too much for someone just starting up with little capital, you can nonetheless start renting out just an office space (using a good marketing plan) and then, the income realize should be used in the purchase of office rental equipment.
However, you must make sure your client has access to office equipment when they need it.
It means you have to liaise or partner with someone who is into office equipment rental to have access to it always and as when needed.
In order for this business to thrive, you must consider the welfare of your clients. There are necessary things that must be unquestionably available in the office space to ensure smooth business transactions for your clients.
1. A conducive environment
2. A conducive workspace
3. Constant electricity supply
4. Standby generator
5. Access to internet facility
6. Air-conditioned workspace
10. Dedicated receptionist
11. 24/7 Access to the facility
12. Regular cleaning of the office
You can also include as part of your office space rental business, personnel for hire such as virtual assistant, business support services, secretarial service, admin staff, drivers, etc.
There should also be easy access to a transport system such as a bus, pick-up van just in case there is a need for it.
Do you think this is a viable business? What other services can you include while running an office space rental business?
Related: Rental business