At some point in your event planning business, you may consider renting an office or studio space. If you are new to the business or if you aren’t yet turning a steady profit, this isn’t the time to invest in the overhead expense of having an office space.
What if business is good, you are paying yourself a regular salary, you know and understand your cash flow, and you feel ready to take the next step and rent space?
Here are 4 questions to ask yourself:
1) What is the goal of renting office space?
Do you need to get out of your home office to have a productive work day? Are you looking to take your business to the next level by having a professional meeting space? Do you need a place to store your growing inventory of decor? Do you want a space for your team of planners to work in every day? Knowing what you need before you start looking at locations is key to finding the right type of space. In addition to your current needs, think about how you want your business to grow in the next 3-5 years. Will you need a bigger space in a few years?
2) How much can you afford to spend?
When you rent office space, you are not only paying rent but also paying for internet service, utilities, trash service, cleaning service, and perhaps a building maintenance fee. These can add up quickly so it’s important to know exactly what you can afford to spend each month. If you currently work out of your home, these are all things that are standard living expenses and are not costing you extra every month. You may also need to purchase furnishings and decor which is another expense to consider.
3) How long of a lease will you commit to?
As we know, life can throw some curveballs at us. Businesses close, change, and move all the time. Take time to consider how long you feel comfortable committing to an office space for your business. Depending on the landlord or leasing company, you may be able to negotiate a shorter lease than the standard 3-5 year commercial leases.
4) Would you consider a shared office space?
There are many coworking studios and shared co-op workspace options in most cities. These can be significantly less expensive than renting your own space and often include all expenses. Check out options in your area like StudioWed which are coworking spaces specifically for wedding industry professionals.
I know many highly successful wedding and event planners who have their own gorgeous studios, many who use a shared meeting space to meet with clients, and many who work from home and meet clients at their venue or at a local coffee shop. You don’t need an office to be successful. Renting a studio space is a big step in your planning business. If you plan well and are ready for it, it can be a great investment for the right reasons.
Do you rent a studio space? Please share your experience in the comments.