1718: 7 Types of Office Space for the Upstart Entrepreneur by Philip Taylor of PT Money on Business Advice

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[00:01:00] This is Optimal Work Daily. 7 Types of Office Space for the Upstart Entrepreneur by Philip Taylor of PTMoney.com Over the past several years, I've been experimenting with different types of office space. I run a solo online business and an annual conference with three employees, only one of whom has lived locally. My office needs aren't much. Still, I think it matters where you work, don't you?

[00:01:26] I've worked in my old home – the bedroom, the loft, the kitchen table, the local coffee houses, my local library, at a friend's place while he was gone for a few weeks, my new home office, and finally, an office in a local co-working space. I think I've found the right fit for me – a small office in a co-working environment with a colleague and occasional employee. Here are a few options for you, the Upstart business owner. 1. Home Office Many homes come equipped with a study or spare room.

[00:01:55] Turn the room into an office and start working from home. Find a desk and a nice chair that will be comfortable for long periods, and get to work. Of course, if your business requires that you meet with customers, this may not be a perfect solution. Our home has a loft area that I've been using as a home office lately, but our house has become less work-friendly with the two little ones taking over. When we purchased our second home, we made sure to include a place with an office space that I could close off from the rest of the house. I've now made it my own, and I love it!

[00:02:25] 2. Free Hotspot Office Space Do a search for free Wi-Fi and your city, and you'll be given a ton of options to camp out for a few hours a day to get some work done. My local library is my best option in this category – I'm actually writing this post from the library. Nice, quiet environment, and no pressure to buy a coffee. The only downside to this place is that I can't take phone calls or set up my big monitor, which makes me twice as productive. Cost? Approximately a cup of coffee a day.

[00:02:54] 3. Virtual Office Space If you have a home office but you just need a place to make you look official, then consider a virtual office. For as little as $25 a month, you are given a physical address, fax number – does anyone still need that? – answering service, and rights to rent a conference or office space for a daily rate. This is a good option for those who only need to meet with a client a few times a month – not a good option for me, though. Cost? $25 to $100 a month.

[00:03:23] 4. Coworking Office Space With so many people working from home these days, either with their own business or because they are telecommuting with their employer, the demand for shared working space has risen. Sensing this trend, some smart investors are setting up co-working spaces where people can rent a cube or desk or room per day, multiple days, or per month. Being a member also gives you rights to the kitchen, copier room, mail room, etc.

[00:03:49] This is where I would really like to work. It would give me the personal space I need without the expense of rent. Plus, I'd get to be around other like-minded entrepreneurs on a daily basis. There are now several co-working spaces close to where I live. The downside of this type of space is, of course, that you're paying rent but don't get to completely control the space. Cost? $50 to $500 a month depending on your level of membership. 5. Leased Office Space

[00:04:16] Through the years, I've tried a couple of varieties of office space, and now I love my little office away from home. I feel like everyone eventually comes to that point with their business where they need a dedicated space outside the house. You just need a stable place that you can count on. A place to set up your monitor and printer. A place where you could make phone calls, record a podcast, etc. When I first started looking around for offices, I realized that there weren't many good options, in my area at least,

[00:04:42] for the solo practitioner who doesn't have the need for something client-facing. I tried loopnet.com, and I've also worked with a local realtor, but now all the co-working spaces have moved in, and it's easy to find a space. Cost? $10 to $100 a square foot per year. Rents in my area for a less than 300 square foot place are around $500 a month. 6. Free or bartered office space

[00:05:08] I'm a frugal guy. I'm gonna tell you to look for the deal when you can. So here goes. Who says you need to pay for your office space? Get it for free or barter services? My friend Joshua Becker recently shared with me how he simply put a call out on Facebook for anyone locally who might have a spare office space. Turns out, one of his friends that worked for a law firm was sitting on several empty offices for the next six months. Joshua's going to use one to write his next book. You should do the same. Ask your network for free space, even if temporary.

[00:05:38] Alternatively, you could offer your regular monthly services in exchange for the space. Cost? $0 or equal exchange of value. 7. Purchased office space This is another option I've considered. Why pay rent when I could be paying a mortgage and owning the property? What's stopping me from buying my own piece of commercial property and renting a portion of the space to cover the mortgage? The right property is really all that's stopping me, I guess. Along with a complete lack of knowledge of the commercial leasing business.

[00:06:06] Costs? The cost of the piece of property, less any rental income, plus the time to learn about this business. You just listened to the post titled, 7 Types of Office Space for the Upstart Entrepreneur by Philip Taylor of PTMoney.com What does it take to lead like a superhero? Find out on the Superhero Leadership Podcast, hosted by Marvel's former CEO and legendary turnaround expert, Peter Cuneo.

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[00:07:51] And thank you to Philip Taylor of PT Money. He is a CPA, blogger, podcaster, husband, and father of three. He's also the founder of the personal finance industry conference and trade show FinCon, which we've attended multiple times now. He created PTMoney.com back in 2007 in order to share his advice on money, as well as hold himself accountable while paying off over $75,000 in debt, and to meet others who are passionate about moving toward financial independence. Well, you might say he succeeded.

[00:08:21] He's now fully self-employed. He supports his family using the income generated from his site and conference. And he says that none of it would have been possible had he not taken control of his financial life and started building something of value for others. So, come by PTMoney.com for a lot more. And thanks to Philip for being a longtime supporter of our network of podcasts. That's going to do it for me today. Hope you're having a happy Saturday if you're listening in real time.

[00:08:47] I thank you for being here, and I'll see you back here tomorrow for the Sunday Show, where your optimal life awaits. I thank you very much. I'm ten minutes. I'm off. I'm gonna have a good break, and, as soon as you can see, and I'll see you.