You know that old saying, you gotta spend money to make money? Generally speaking, it’s true. You need to lay out a certain amount of cash to build a business. But let’s talk micro level here. How much money do you have to spend?
Businesses are obsessed with ROI, and for good reason. Return on investment makes or breaks a company. You invest in people, in software, in resources, and all of those things hopefully give you a positive return.
There are some parts of business where ROI is expected, even demanded. You had better deliver ROI for a marketing campaign for example. But what about rent? Have you ever wondered what the return on investment is for the space you’re renting?
You might be thinking, my office space isn’t an investment. Renting it is just the cost of doing business. Okay sure, you’ve got to work somewhere. But do you have to work where you are? Is there, possibly, a better option that will give you a higher ROI?
The ROI of office rental
Before we dive into that, let’s define the word return. Obviously, the ultimate goal is money in your pocket, but sometimes the investment and the money are a few steps removed. You hire a receptionist. She doesn’t bring in money because she’s probably not making sales for you, but she saves you time, and that saves you money.
When it comes to your rent. You spend money and in return you get a place to work with no danger of this happening:
Plus you get the boost of professionalism that comes from being able to receive clients in your well-appointed office instead of at the local Starbucks.
In theory, that means you’ll be more efficient and clients will see you as more trustworthy and therefore, more deserving of their hard-earned dollars. That seems like money well spent.
But what if you could spend less money and get the same perks? Well then your ROI just got better.
Reducing investment but boosting return
Conventional wisdom suggests that the more you put in the more you get out. Spending less on your rent means you have more money to spend on other things. But it might also mean you have to settle for a less impressive location or fewer perks.
It might mean that. Then again. It might not.
Executive office spaces like College Park Executive Suites offer lower cost options than traditional office rental with perks you can’t find anywhere else. At College Park every business owner gets:
- A built-in receptionist
- Plenty of parking
- Coffee and tea included. Let me repeat that: coffee is included.
- High-speed internet
- VOIP telephone
- Janitorial and HVAC services
- A tapped-in network of fellow business owners
Who knew a such a small investment could give you such a high return. Well, Jackie Gilmartin did. She’s the owner at College Park Executive Suites. And she acts as both your office manager and a connection to other businesses and business owners in Hampton Roads.