Subletting and Sharing Your Business Space

Finding the right match can save you money

It certainly sounds good. Find another entrepreneur to share your space, and you'll cut rent and overhead costs significantly. But there are risks in opening your business space to others, which means you need to research options carefully.

If you already rent office space, check your lease agreement to find out your rights to share or sublet. Then you'll need a three-part strategy:

1. Use low-cost advertising to find potential customers
2. Get advice on documents you'll need to complete the deal
3. Look for other money-saving benefits to share office equipment and supplies

 

Use free resources

Web sites and electronic bulletin boards often offer free classified ads to list your office space.
Try: Place a notice on Craigslist, a popular online community where you can publish free classified ads for most cities nationwide.

Do targeted advertising

Some national Web sites for small business have extensive listings of office space to link prospective renters and landlords.
Try: Visit Offices2share or sublet to advertise short- and long-term office space. Users can check listings by Zip Code or city nationwide.

Get practical tips

Small business sites on the Internet can provide a wealth of tips on negotiating and managing your rental or sublet arrangement.
Try: Go to AllBusiness for a practical guide to office leases as well as help on realtors, rental terminology, renewals and facility improvements.

Find online legal advice

Tired of waiting for an appointment with a lawyer? Online services may help guide you in the sublet process.
Try: Go to LawDepot for a template of a commercial lease agreement and answers to common questions.

Locate specialized assistance

Want to share retail, industrial or warehouse space? You may need additional help to find a tenant and complete your transaction.
Try: Visit Officespaces, which lists separate online directories for general office space, executive suites, industrial and warehouse space and lists your ad for as little as 20 to 30 cents per day.

 

• Check your lease agreement to make sure you have the right to sublease your space. You may need to negotiate such terms with your landlord.
• Try to find a new tenant yourself, since a real estate agent will seek commissions based on the size of the rental space.
• Consider hiring a lawyer to help draw up the paperwork for you.
• Check with professional groups to find tenants who may be complementary to your business.
• Try to share support staff, printers, copiers, fax machines and office supplies with your new tenant.

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