For many businesses, COVID-19 has caused significant revenue losses. Thankfully, this is temporary, and most businesses will more than likely bounce back. Still, have these difficult times forced you to re-think your business expenses? Are you paying expensive rental costs for your business? Why not sublease office space to make extra money? These are all legitimate questions to ask yourself. Imagine subleasing a portion of your office to recoup funds lost in the COVID-19 pandemic.
First off, many need to figure out if they even have a post-COVID-19 plan in place. There’s no time like the present to prepare for the future. Many businesses are already gearing up for a post-COVID world by changing the way they conduct business. Many people are already searching for flexible space to conduct business while working remotely, including private meeting spaces to conduct small team meetings while preparing for the future. Don’t fall behind. Now is the time to get in front of this new demand.
There is also a great opportunity to take advantage of the freelance community. While many professionals are aimlessly searching for co-working spaces out of which to base operations, this will be a good opportunity to make money on unused office space through subleasing.
Before you seriously consider subleasing your office space, be sure to do a mandatory checklist. First, check your rental agreement. Are you allowed to sublease your office? Then you must ask yourself, are you comfortable with assuming all the responsibility for possible damages? In addition, is subleasing practical? Think about the logistics of having additional parking, potentially another entrance, and all that comes along with subleasing.
If the answer to all of the above is “yes”, you now can start looking for potential subtenants. You can start by asking nearby businesses if they would like to expand. In addition, be sure to contact businesses that are non-competitors; especially if you are considering the following communities that already showcase fabulous coworking spaces nearby, communities like Sugar Land, Fulshear, and Conroe, Texas.
If you have thought about subleasing your office space then you are ready to supplement your monthly income and potentially gain interesting office neighbors. Keep in mind that it would be ideal to sublease to someone who will compliment your business. Not only will you save money, but you might actually make money on increased referrals. So, the answer to your initial question, “Should subleasing be part of your 2020 post-COVID plan?” is… “Absolutely!”