Starting and running a business in Los Angeles is both fun and hard at the same time. Fun, because the city is full of opportunities, making it a really feasible location to invest. Hard, because the costs can be quite high as compared to other cities in America.
Speaking of the cost, Los Angeles is known for having one of the most expensive cost of living rates in the country. Even so, more and more businesses choose to take a risk because of how stable its economy is.
You might think it is impossible to find an affordable office space in Los Angeles. It is easy to think that office spaces that come easy on the pocket would have low quality and would need a lot of work before it can be presentable. Fortunately, it is possible. There are still some hidden holes in the wall you can rent out as an office space without breaking the bank, and without hurting your eyes.
How do we find affordable office spaces in a relatively expensive city?
- Go for classic instead of trendy. It is naturally tempting to rent out a hip and cool location as your office space. It would seem to be worth it at first glance, but looking closer, would a trendy office space really improve how you do business? The truth is, it won’t change anything. Find yourself a space that’s just presentable enough to have clients in, and you’re good to go.
- Consider co-working spaces. The great thing about co-working spaces is that they have excellent facilities you can enjoy. If you worry about privacy and distractions, almost all these spaces offer private rooms and even conference areas. Not only will you save on the cost, you will also enjoy the conducive ambiance they offer.
- Ask around. This good old tip simply never fails. Asking around the area you are interested in gives you an idea of the average amount an office space could cost you in LA. Look for streets where most businesses thrive, and see what that space can give you. Business districts might have higher rental fees, but there could be new buildings offering lower prices to attract new tenants.
- Consider sharing the space. Collaboration in business is nothing new, but it is more popular today. Startups are all the rage, and more entrepreneurs have started taking risks, which only means there are individuals and even companies you can build professional relationships with. Not only will you help each other save, you can also help each other grow.
Do not feel discouraged with the increasing cost of living rates in the city. There’s just nothing we can do about that. We can, however, choose to work on how to keep up with the changing times. That includes looking for ways to maximize our budget and saving up on costs. Los Angeles might be generally expensive, but there are areas more affordable than all the rest. Just learn the tricks of the trade, apply our tips above, and go for the space you need that wouldn’t rack up your savings.