MBA1152 How to Save on Office Space as You Grow + Free Ride Friday!

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It's that simple. And when you leave us a review, you automatically enter the draw for every week until you win. It's our way to say thank you for showing us love on itunes. All right, let's jump into today's episode. Hey O. Welcome to the $100 MBA Show. Because you work too hard to not do it right. That's why we deliver daily 10 minute business lessons for the real world. I'm your your coach, your teacher, Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online. And in today's episode, you'll learn how to save on office space. As you grow your team, it can be costly. Moving from one office to another, trying to find more space for your new hires. Not only does moving cost money, but signing a new contract, new deposits, and the time and effort that you spend finding a new location. Luckily, we got your back. We're going to give you some great advice on how to grow your team and grow your physical office at a minimal expense and headache and effort. We're also talking about some non traditional options that you can supplement along with your physical office so you can save some more money. We got lots to cover, so let's get into it. Let's get down to business. When you start your business, you're probably going to start working out of your home office, AKA your kitchen table or living room. But as your business starts getting traction and you start making your first and second hire, your kitchen table only has a certain number of chairs. So your first thought is, hey, let's get an office so we can work out of it. But of course, if you have a smaller team, like three or four people, they're going to look for a small office. There's no reason for you to pay for an office that's going to accommodate 20 people when you don't know when you're going to need that space. And often when you rent out an office, you got to lock into a contract, put a pretty hefty deposit down, and make sure all your utilities are connected and paid for for the first month or so. So it's a big investment and it's a big decision when you move into that first office. So my recommendation is do not rent out an office. If you live in a city, in any major city around the world, there's going to be a co working space somewhere around you. Coworking spaces are great. They're designed for growing teams. Most co working spaces have a few type of options or plans. They have a plan called hot desking which is like basically you show up and you sit at any random desk. It's not a desk that is assigned to you, but there is a spot for you somewhere when you enter the office. Now, hot desking is not ideal for teams because you all want to sit together and you may not be able to do that given the hot desk situation. The second type of plan is a dedicated desk. Most coworking spaces will offer a dedicated desk where you can put your monitor down, have your stuff, your own chair, all that jazz. You can even bring in your own desk if you want. So I'm going to Focus on dedicated desks today and dedicated office space. So a lot of coworking spaces also have closed off office spaces. So rooms that will accommodate four or five people and then there's other rooms that will accommodate six, seven people, that type of thing. A co working space that's well known for this is WeWork. WeWork is on the pricey side, but if you want an office with walls or dividers, then WeWork is a pretty good option. So let's get back to the dedicated desks. What's great about being part of a coworking space and building your team and growing your team in there is that you only pay for the spots you need. So say for example, your small team is four people now and you want to rent out an office. So instead of going to an office, you go to a coworking space and say, hey, I need four dedicated desks together and let them know that you are growing as a team. And you may have to increase the number of desks in the coming months. You can give them a range. Like say within the next six months I'm going to need two or three more desks. It's good to give them a heads up because they'll give you a place where growing or expanding is not so hard and you can keep your desks together. So you're sitting together as a team now. The way these coworking spaces are, you're pretty much going to be in an open plan office. But the beauty is that you're all going to be together and if you need to meet in a closed room, you can rent out a conference room or an office space. And all these co working spaces have shared facilities like a kitchen and a coffee maker, a bathroom, you know, a multipurpose hall, events, all that kind of stuff. So you get a lot of things included and it's pretty affordable. A lot of these coworking spaces, their dedicated desks are about 4 to $500 a month. That's pretty, pretty cheap because if you have a team of four, you're talking about an office space for $2,000 a month. That's pretty, pretty good and includes everything like your utilities, your electricity, your fast speed, Internet, water, gas, all that kind of stuff. You're definitely going to pay a whole lot more if you rented out a private office. Also in this example, I would tell the actual coworking space that hey, when you sign up my team of four, if you could put me by some single desks, people that are just one offs, they're more likely to move desks, leave the coworking space or go back working from home and therefore those desks will become free and you can expand your team. Another huge benefit of co working spaces is that you can actually find your next employee there. There are a lot of different professionals. The coworking space that we're a part of, we found our accountant there, we found developers. It's great. And you're not working alone. You're working alongside other people that are building great businesses. Now, of course, there will be a time where you outgrow a coworking space. Usually it's around the 15 to 20 employee mark. There are still places like WeWork that have offices that accommodate 20 and 20 plus. But at that point you're going to need a dedicated space. But that's a good problem to have. And until you get there, you can save a lot of money along the way with with a coworking space. What is another option to save some money on office space? Well, forget about the office for new employees. Say for example, you're at a co working space and you have six employees and you're paying about $500 a month per desk instead of spending $500 on a desk. How can you spend that kind of money on a new employee without getting them a desk? Well, they can work from home. They could be a remote player. You can give them money for their interconnection. You can give them a stipend for learning opportunities. Of course you can get them some software, some web conferencing software and things like that so they can meet with you virtually. And of course, you could put away some cash so they can meet you in person in a yearly retreat or maybe a quarterly meeting. Remote work is a real option and it's great to have a hybrid where you have some remote players and some in your physical office. The beauty of having remote players is that you have the world to choose from when it comes to talent. You, you could find the best hire, literally the best hire in the world, and not be, you know, confined to your local area.

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Office expenses can get costly. It's a big chunk of your expenses. So by growing slowly with a coworking space can really help you manage that cost. And it also keeps costs down immediately. What do I mean by that? Well, say for example, you have a team of 10 people. You built in some systems to be really efficient. So you don't need 10 people anymore, you need eight people. So two people leave the company. If you're in a physical office, you're still paying the same amount of rent. Even if you have 10 people, eight people or one person, you sign that contract. But with a coworking space, as soon as somebody's not using a desk, you don't pay. At the very most, you'll pay a month extra as a deposit where you have to kind of give 30 days notice. Usually you know when your team is going to change within 30 days. So it's a great way to keep costs down and have it relative to your expenses. Well, there you have it guys. Thank you so much for listening to today's lesson in today's episode. But today's episode's not over because I got to give away a free ride. Who's going to win a free ride to Easy Course? Our course on how to build an online course in 30 days over easycourse co. Let's see who the winner is. And the winner is the Shoe College. The Shoe College says daily inspiration 5 stars. Life altering advice and info on nearly all topics of business delivered in an engaging and entertaining style. It will really get you going with business and have it growing up to date. Information in bite sized bits that are a smart and nourishing way to start the day. Thanks Omar. Well, thank you Shoe College. You are a Free Ride Friday winner. Your mission is to email me at omar@100mba.net so I can hook you up with the lifetime membership to Easy Course your Free ride. Hey, if you want to win a free ride, just leave us an iTunes rating and review and you enter our weekly random draw. Listen in on Friday to see if you won. All right, before I go, I want to leave you with this. There's also another option. Not having a physical office at all. Having a home office for yourself and running your whole team remotely. That's what we do over at the $100 MBA and our software company, Webinar Ninja. It's not for everybody, but for us. We love it. We know how to manage our team even though they are spread across the world. We have great talent and a great global perspective. So if you can do it, if you don't need to have a physical office, I recommend you think about building a remote team. Thank you so much for checking out today's episode. I'll see you on Monday's episode. I'll see you then. Take care.

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