Whether you operate your small business out of a retail store, office space, or a warehouse/industrial building, it is quite possible you are spending money on the space rather than making money on every square foot. Most small business owners who find suitable commercial real estate simply use the space to run their business, rather than utilizing it to its full potential.
There are many ways you can help offset your total yearly office expense. In fact, there are strategies you can put to use right now to help start earning extra revenue for your business. All it takes is a bit of imagination, brainstorming, and the right marketing.
To give you a place to start, here are seven things to consider as ways to bring in revenue with your commercial business space.
1. Lease out Extra Desks/Office Space
Perhaps just like you, there are many small business owners who are starting a small business on a shoestring budget. They may simply be using their kitchen table to do the daily business or finding that they are on a first-name basis at the local Starbucks. They need a better place to do their business, and you could be the answer.
It is not uncommon for small business owners who find success to rent or buy a space that they can “grow into.” That perfect space may be utilized for your business sometime in the future, but now you have a couple hundred or even thousands of spare square feet. Why not lease that space to others?
Set up that extra office as a rental. Or lease empty desk space in the back of the office. You can even make arrangements to have renters have use of your office equipment like fax, copier, wi-fi, and meeting rooms. You could even arrange office use during weekends or evenings when you and your staff are not in the office so as to avoid conflicting use of space.
You could bring in an extra $300 to $400 per individual and offset your monthly rent expense considerably.
2. Hold Training Classes, Seminars, or Workshops
Do you have a room suitable for training or learning? Perhaps a classroom setup with marker boards and projector screen display? Why not design workshops, seminars, or even training in that room? It could be a seminar on how to better handle finances, a home decorating workshop, or possibly training for clients to come in and learn how better to use your product.
Charge your participants a fair rate, usually $100, $300, or even up to $1,000 per seat depending on the value of the seminar or workshop.
Another idea if your space is suitable and desirable as a training center is to rent it out to other businesses for their training or seminars. Using this option for extra space utilization could bring in considerable extra revenue to your business.
3. Rent Your Machinery/Equipment
Do you own special equipment or machinery? Perhaps you use special woodworking equipment. Or you make candles. Or you even have a high tech kitchen setup for your catering company.
The equipment you use could be useful to others as well. Perhaps there is another catering company just starting out that specializes in wedding cupcakes. They only need a space once a week to do their baking. Perhaps you could rent your kitchen during off-hours. You help another small business owners succeed and bring in additional revenue. This goes for any other type of individual or small business who needs access to special equipment that you may have.
Now, read more in PART 2 of this article to learn more ways you can offset your rent expense and earn revenue for your small business.