How To Generate Extra Revenue With Your Office Space
Studies show that office running costs are rising to their highest-ever levels.
Therefore, finding ways to generate extra revenue from your space is one effective way to keep your expenses down. Moreover, this additional source of revenue can help offset your expenses, improve cash flow, and increase profitability, ultimately leading to a more successful business. If you have office space that is not being fully utilised, here are five ways to generate extra revenue from it.
1. Rent out unused office space
If you have unused office space, consider renting it to other businesses or individuals. Doing this can be an excellent source of extra revenue. You can rent the entire area or divide it into smaller units, so keep this in mind. Advertise the space on Craigslist or social media platforms to reach potential renters. Also, if you have a conventional office or operate a hybrid or flexible office, you can turn your empty office days into revenue with the help of companies like Space32.
2. Host various events
If you have a large conference room or event space that isn’t used frequently, consider turning it into an event-hosting space. You can rent it out to other businesses, individuals, non-profit organisations, etc., looking for space to host specific events. Some of the events you can host include workshops, seminars, networking programs, conferences, corporate breakfast meetings, trade shows (if your space is large enough), etc ., and charge a fee for attendees. But you can also consider renting out the space to event organisers and leave the work of finding clients to them. Hosting events can also be an excellent way to attract potential clients and customers for your business, as they’ll get to know more about your products or services when they visit your office premises.
3. Offer coworking space
Freelancing is expected to define future work, and it offers a massive opportunity as many people prefer coworking spaces. If you have extra space and are interested in creating a community of freelancers and solopreneurs, consider offering coworking space. These spaces provide a shared office environment and access to Wi-Fi, printing equipment, and coffee. Renters pay a monthly fee for access to the space, so keep this in mind.
4. Install vending machines
Installing vending machines in your office space can be a quick and easy way to generate extra revenue. You can install machines that offer snacks, drinks, or office supplies. Alterntively, you can rent out your space to an entrepreneur looking for areas to place their vending machines. Make sure to choose a company that will handle the maintenance and stocking of the machines.
5. Rent out parking spaces
If you have a parking lot or extra parking spaces, consider renting them out to individuals or businesses. This can be a particularly lucrative option if you are located in a busy area where parking is in high demand. You can charge a monthly fee for parking or rent out spaces for events, conferences, and other outdoor programs.
