Whether it’s a start-up or a large corporation, every company needs an affordable place to do business. Between the price of real estate, the cost of utilities, and a struggling economy, this is an expense that, while necessary, can potentially hurt a business if lease agreements aren’t well thought out. There are definitely ways for businesses of all sizes to have the proverbial cake and eat it too when it comes to office space rentals.

With a little creative thinking regarding business, customer base, and location, you can find drastically discounted locations and sometimes even free space, all of which are great for increasing profitability at the end of the month.

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Naturally, any business wants to get a lease at the lowest possible price, so contract negotiations and even bartering are not uncommon. Perhaps some kind of service can be provided to the owner of the building in exchange for a certain amount of money deducted from the cost of rent; maybe you can make your own improvements to a rented space so the building owner doesn’t have to deal with it. These suggestions could make it possible to purchase a more affordable work area. Such ideas are not new, nor are they particularly ingenious ways of trying to eliminate excess monthly operating expenses.

Here are some more creative ideas for small businesses to consider when looking for an affordable office rental or bigger or better rental space:

• Sublet – Subleasing anywhere can offer a considerable amount of savings. Partnering with larger companies can add to those savings, since a larger company almost certainly has its own office machines and other relevant equipment. It may be possible to use such equipment by including it in a monthly lease amount, saving a large amount that would otherwise have to be spent buying or leasing identical equipment. Also, if it is possible to sublet from a business serving the same clients, perhaps in a different capacity, such as a service-oriented business subletting space from a real estate firm, it opens up the possibility of referral work that can save lease expenses while opening a window of opportunity to increase sales.
• telecommuting – For companies that only need a part-time office, companies are starting to pop up all over the place that do nothing more than rent out part-time office space complete with internet connections and equipment. This could be all that is needed for a company that has employees who mostly work outside the office or work remotely, but still need a place to meet on a regular basis for projects, meetings, etc. Rentals like this are typically more expensive per square foot than just renting outright; however, without being tied to a contract or commitment, payment is only made for the time of actual use of the space.
• reduction – Downsizing does not have to mean reducing the number of employees. Taking a careful look at how your current leased space is being used and deciding if that space can be freed up to sublet to another small business could be a perfect solution. Looking for better storage media, more compact equipment, and anything that allows for more economical use of space could provide some additional income. Equipping yourself with old but usable fixtures and furniture, providing an internet connection, and sharing the use of bathrooms and break rooms can be more than enough for a startup or another small business and can turn out to be a huge benefit for both businesses. This also allows for flexible hours, telecommuting and ‘hot desking’, allowing two employees to share the same space at different work hours.

While not every idea will work for every situation, reduced rent plans like the ones mentioned above can work exceptionally well for the right businesses. This allows a business to be smart on a budget and spend the money saved on expanding the business instead of paying for office space. Even with non-standard agreements like the one above, it’s still essential to put all the details in a contract to avoid leasing issues and protect all parties involved. So be careful with money when looking for office space, consider the options above and find a great location to work!