As the owner of a small business, it is generally helpful to make financially smart decisions. One of these decisions might involve securing an office space that you will share with another small business. This step will help save money, and it can also open the door to unique networking opportunities—but only if you find the right location. Learn what you should look for to secure a shared office space for lease.

Factor in Extra Space

Do yourself a huge favor and don't only think about the space you need right now. You should also take the time to factor in how much space you will need in the near future. For example, if you are adding a new employee every 3 months and you plan to remain in the shared office space for a year, make sure the area can easily accommodate another 3 to 4 workers should you need to hire them. More space is always better than too little space.

Remember Licensing and Insurance Requirements

Certain industries have specific licensing and insurance requirements, such as healthcare or financial businesses. For instance, you might be required to have a separate storage space to secure sensitive or confidential documents. If your business has these guidelines, make sure the shared space provides an area for you to comply with these requirements. Be sure to ask the other business owner if they have any special parameters they must follow. 

Get Permission from the Owner

If you plan to share an office space, it is critical that you get permission first. Some business owners do not allow shared office spaces. Should you go ahead without permission, the owner can terminate the lease immediately and leave both your businesses without a home. Also, getting permission ensures both business owners' names are on the lease so that the responsibility for the property is equally shared between you both. 

Look for Flexible Lease Terms

The reality is that a shared office space might be great today, but a couple of years down the line, it may no longer work for your business models. For this reason, you should look for lease terms that are flexible. For example, it might be better to sign a 2-year lease instead of a 10-year lease. Review the terms and ensure they work well for both businesses that will share the space. 

The value of finding the right office space for your businesses should not be understated. Be sure you keep all these factors in mind during your search process.