office rental business plan

Rental Properties Business Plan Template

Written by Dave Lavinsky

Rental Properties Business Plan

You’ve come to the right place to create your Rental Property business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their rental property business.

Rental Property Business Plan Example

Below is a template to help you create each section of your rental property business plan.

Executive Summary

Business overview.

Noble Properties is a rental property agency in Seattle, Washington, that specializes in managing, renting, and leasing properties. Our mission is to provide luxury rentals that tenants can call home for years to come. Noble Properties rents out hundreds of homes across the Seattle area, including apartments, single-family homes, and trailers. To help prospective tenants find the perfect home, the company has created an online platform that allows them to search by their specific criteria (number of bedrooms, amenities, rent, etc.). We aim to be one of the most popular rental agencies in the area that customers can depend on again and again for their housing needs.

Noble Properties is founded and run by Joseph Pierce. He has worked in the industry for decades and has extensive knowledge of all aspects of the business. He will be in charge of most of the operations but will hire other staff to help with marketing, accounting, and managing the rentals.

Product Offering

Noble Properties offers a variety of properties for prospective tenants to choose from. Some of the options we provide include:

• 1-3 bedroom apartments
• Single-family homes
• Multi-unit buildings
• Short-term rentals
• Mobile homes or trailers

Customer Focus

Noble Properties will target renters located throughout the Seattle area. Most renters are under the age of 40 and earn about the median income. This means that we will primarily market to younger demographics and those who earn around the local median income or more.

Management Team

Noble Properties is led by Joseph Pierce, who has been in the rental property industry for 20 years. Throughout that time, he worked in various positions in local rental property agencies but is now eager to start a rental property business of his own. During his extensive experience in the rental property industry, he acquired an in-depth knowledge of the local area, local regulations, facilities, and the characteristics of different neighborhoods. He also has extensive experience in handling business management activities.

Karen Miller has been Joseph Pierce’s loyal administrative assistant for over ten years at his former rental agency. Joseph relies strongly on Karen’s diligence, attention to detail, and focus when organizing his clients, schedule, and files. Karen has worked in the rental agency industry for so long that she has a thorough knowledge of all aspects required to run a successful rental agency. She will help out with administrative tasks and some of the initial marketing efforts.

Success Factors

Noble Properties will be able to achieve success by offering the following competitive advantages:

• The founder, Joseph Pierce, has decades of extensive experience and knowledge of the industry that will prove invaluable for the company.
• The company will purchase rentals in popular areas around the city, putting our rentals in high demand.
• Noble Properties offers reasonable and affordable rates for all our rentals. Our pricing will be far more cost-effective than the competition.

Financial Highlights

Noble Properties is seeking $1,100,000 in debt financing to launch its rental property agency. The funding will be dedicated to securing initial rental spaces, securing an office space, and purchasing office equipment and supplies. Funding will also be dedicated toward six months of overhead costs, including payroll, rent, and marketing costs. The breakdown of the funding is below:

• Purchasing initial rentals: $600,000
• Office space build-out: $20,000
• Office equipment, supplies, and materials: $20,000
• Six months of overhead expenses (payroll, rent, utilities): $350,000
• Marketing costs: $50,000
• Working capital: $60,000

Company Overview

Who is noble properties, noble properties’ history.

After decades of working for other rental agencies, Joseph Pierce decided to launch an agency of his own. He conducted extensive research on the rental market in the Seattle area. This helped him determine the best spots to find in-demand rentals and how much he should rent them out for. He also did extensive marketing research to determine the best customer segments to market to. After conducting this research and finding a potential office location, Joseph Pierce incorporated Noble Properties as an S-Corporation.

Noble Properties’ operations are currently being run out of Joseph Pierce’s home office but will move to the office location once the lease is finalized.

Since incorporation, Noble Properties has achieved the following milestones:

• Developed the company’s name, logo, and website
• Determined rent/leasing and financing requirements
• Found a potential office location and signed a Letter of Intent to lease it
• Began recruiting key employees with experience in the rental homes/apartment industry

Noble Properties’ Products

Industry analysis.

The rental market is expected to continue to grow over the next five years. According to RentCafe, the average rent for a Seattle apartment is around $2,300 per month. This value is only expected to increase as the demand for apartments and other rentals skyrockets. Furthermore, Seattle’s vacancy rate is incredibly low and expected to decrease further, meaning there aren’t enough rentals to keep up with demand.

The growth is primarily driven by increasing housing prices. Now that housing prices have increased substantially, fewer and fewer people can afford to buy a home. Therefore, many people seek out rentals to live in since they are far more affordable.

Another factor that will help the Seattle rental market is the increasing population. More people are moving to the city, meaning the demand for homes and rentals will continue to soar. This will only push rental prices even higher, which will increase the local rental market’s value substantially.

This is a great market to start a rental agency in. By capitalizing on these trends, Noble Properties is expected to have great success.

Customer Analysis

Demographic profile of target market.

Noble Properties’ target market includes people of all demographics. We are open to offering rentals to people of all ages and groups as long as they can afford to pay their rent. From our initial market research, we expect most of our marketing efforts will target young adults, medium and high-income individuals, and families.

The precise demographics for Seattle, Washington, are:

Customer Segmentation

Noble Properties will primarily target the following customer profiles:

• Young adults
• Individuals who earn the region’s median income or more

Competitive Analysis

Direct and indirect competitors.

Noble Properties will face competition from other companies with similar business profiles. A description of each competitor company is below.

Leasing Inc.

Leasing Inc. is a marketplace for finding rental homes and apartments in multiple metropolitan areas around the country. It originally started more than a decade ago as a networking tool for real estate agents, but today it is a fully searchable online database of homes for both sale and rent. Leasing Inc. offers ideal rental properties, all with different amenities that can best suit the tenant’s requirements. Leasing Inc.’s properties are well furnished with all modern accessories and priced competitively.

Rental Barn

Rental Barn is the most visited rental agency website in the United States. Rental Barn and its affiliates offer customers an on-demand experience for selling, buying, renting, and financing with transparency and nearly seamless end-to-end service. The company’s rental property portfolio provides multiple rental apartments according to the customer’s needs and requirements.

Seattle Properties

Seattle Properties is a local rental property business that has dominated the market since 1982. The company manages and rents out hundreds of properties all across the city, including apartments, single-family homes, and mobile homes. All prices are competitive, and some rentals qualify for government programs to help low-income individuals. The company also utilizes a well-designed website to help prospective tenants find their perfect home based on rent, location, and accessories.

Competitive Advantage

• The company will purchase rentals in popular areas around the city, making our rentals in high demand.

Marketing Plan

Brand & value proposition.

The Noble Properties brand will focus on the company’s unique value proposition:

• Offering homes/apartments for rent suited for families and working professionals.
• Offering a diverse range of rental homes in a prime location for a competitive rate.
• Providing excellent customer service.

Promotions Strategy

The promotions strategy for Noble Properties is as follows:

Print Advertising

Noble Properties will invest in professionally designed print ads to display in programs or flyers at industry networking events and relevant local establishments.

Website/SEO Marketing

Noble Properties has designed a website that is well-organized and informative, and lists all our available properties. The website also lists the company’s contact information and other services it provides. We will utilize SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Seattle rental properties” or “rentals near me,” Noble Properties will be listed at the top of the search results.

Referrals  

Noble Properties understands that the best promotion comes from satisfied tenants. The company will encourage its tenants to refer other individuals by providing economic or financial incentives for every new tenant produced. This strategy will increase effectiveness after the business has already been established.

Social Media Marketing  

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. The company will use social media to develop engaging content that will increase audience awareness and loyalty. Engaging with prospective clients and business partners on social media platforms like Facebook, Instagram, Twitter, and LinkedIn will also help understand the changing customer needs.

The real estate industry fluctuates, and therefore, rental prices, for the most part, are usually out of a company’s control. However, Noble Properties will market its properties at a competitive rate to ensure we do not have vacant properties. We will also keep tight control of costs in order to maximize profits.

Operations Plan

The following will be the operations plan for Noble Properties.

Operation Functions:

• Joseph Pierce will be the Owner and President of the company. He will oversee all staff and manage tenant relations. Jay has spent the past year recruiting the following staff:
• Karen Miller will serve as the Office Manager. She will manage the office administration, client files, and accounts payable. She will also handle much of the marketing efforts until the agency becomes large enough to hire a marketing team.
• Tim Johnson will be the Maintenance Director, who will provide all maintenance at the properties.
• Joseph will outsource professionals to handle the accounting and human resources aspects of the business.
• Joseph will also hire Rental Managers for the various properties as the agency continues to grow.

Milestones:

Noble Properties will have the following milestones completed in the next six months.

5/1/202X – Finalize contract to lease office space.

5/15/202X – Finalize personnel and staff employment contracts for the Noble Properties team.

6/1/202X – Begin moving into Noble Properties office.

7/1/202X – Finalize purchases of initial properties that will be rented.

7/15/202X – Begin networking and marketing efforts.

8/1/202X – Noble Properties opens its office and rentals for business.

Financial Plan

Key revenue & costs.

Noble Properties’ revenue will come from rental income, property management fees and deposits received from tenants.

The major costs for the company will be staff salaries and property maintenance. In the initial years, the company’s marketing spending will be high to establish itself in the market.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.

• Number of Managed Properties Per Month: 10
• Average Rent Per Month: $2,300
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, rental properties business plan faqs, what is a rental property business plan.

A rental property  business plan is a plan to start and/or grow your rental properties business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your rental properties business plan using our rental properties Business Plan Template here .

What are the Main Types of Rental Property Businesses?

There are a number of different kinds of rental property companies , some focus on Single family homes, Multi-family properties and others on Short-Term Rental properties.

How Do You Get Funding for Your Rental Property Business Plan?

Rental Property Businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding. This is true for a real estate rental business plan or a rental property business plan.

A well-crafted rental property business plan is essential to securing funding from any type of potential investor.

What are the Steps To Start a Rental Properties Business?

Starting a rental property business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Rental Property Business Plan - The first step in starting a business is to create a detailed business plan for a rental property that outlines all aspects of the venture. This should include a market analysis, information on the services you will offer, marketing strategy, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your rental properties business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your rental properties business is in compliance with local laws.

3. Register Your Rental Properties Business - Once you have chosen a legal structure, the next step is to register your rental properties business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your rental properties business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Rental Properties Equipment & Supplies - In order to start your rental properties business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your rental properties business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful rental properties business:

• How to Start a Rental Properties Business

Flexible Office Rental Business Idea Description in 5 W’s and 1 H Format

By alex ryzhkov, resources on flexible office rental.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Looking for a flexible office rental solution that ticks all the boxes for your business needs? Look no further! In this article, we dive deep into the world of flexible office rentals, unraveling the vital questions of 'Who? What? Where? When? Why? and How?' We explore the revolutionary concept of flexible workspace, providing you with insights from industry leader FlexSpace. Spearheaded by visionary entrepreneur John Smith, FlexSpace offers a range of membership tiers and amenities tailored to professionals' specific requirements. With its current presence in major US cities and ambitious plans to expand to additional metropolitan areas by 2025, FlexSpace is revolutionizing the way professionals work. Join us as we uncover the latest statistical data, highlighting the immense market size of the US and how FlexSpace is addressing the evolving needs of professionals through collaboration, affordability, and community-building. Get ready to embark on a transformative journey into the world of flexible office rentals!

Key Takeaways

• FlexSpace is a leading co-working space provider in the US, spearheaded by entrepreneur John Smith.
• FlexSpace offers diverse membership tiers and amenities to cater to professionals' specific requirements.
• The company currently operates in major US cities and plans to expand to additional metropolitan areas by 2025.
• FlexSpace aims to address the evolving needs of professionals by fostering collaboration and providing affordable workspace solutions.
• The company differentiates itself through community-building, premium services, and strategic marketing efforts.

FlexSpace, led by John Smith, is a prominent co-working space provider in the United States. John Smith is an experienced entrepreneur with a successful background in the real estate industry, particularly in property management. He has a deep understanding of the evolving needs of professionals in the US office rental market, which has played a crucial role in the success of FlexSpace.

FlexSpace's team consists of a group of dedicated and knowledgeable professionals who are committed to providing top-notch co-working solutions. The team includes property managers, administrative staff, and customer service representatives who ensure smooth operations and excellent customer experiences.

In addition to the internal team, FlexSpace also collaborates with advisors who provide valuable insights and guidance on industry trends, market analysis, and strategic decision-making. These advisors are seasoned professionals in the real estate and co-working sectors, contributing to the overall success and growth of FlexSpace.

The target audience of FlexSpace includes professionals from a wide range of backgrounds, including freelancers, entrepreneurs, small businesses, and remote workers. These individuals seek dynamic and affordable workspace solutions that cater to their specific needs. FlexSpace aims to create a vibrant community that encourages collaboration, networking, and mutual support among its members.

The major competitors in the flexible office rental market include WeWork, Regus, and Industrious. However, FlexSpace differentiates itself by focusing on community-building and creating a collaborative environment for its members. This unique approach fosters innovation and idea exchange, setting FlexSpace apart from its competitors.

• John Smith - Seasoned entrepreneur with a successful track record in the real estate industry.
• Team of dedicated professionals including property managers, administrative staff, and customer service representatives.
• Advisors - Seasoned professionals in the real estate and co-working sectors who provide valuable insights and guidance.
• Target audience - Professionals, freelancers, entrepreneurs, small businesses, and remote workers seeking dynamic and affordable workspace solutions.
• Competitors - WeWork, Regus, Industrious.

FlexSpace is a leading co-working space provider in the US, spearheaded by seasoned entrepreneur John Smith. It offers a wide range of membership tiers tailored to cater to the diverse usage frequency and specific requirements of professionals seeking flexible office solutions. FlexSpace provides access to various amenities, including private offices, meeting rooms, printing services, and networking events.

What do we want to achieve?

FlexSpace aims to address the evolving needs of professionals, freelancers, entrepreneurs, small businesses, and remote workers who seek dynamic and affordable workspace solutions. By fostering collaboration and creativity among its members, FlexSpace creates a vibrant community that encourages networking and mutual support.

What is our sustainable advantage?

FlexSpace differentiates itself by focusing on community-building and providing a collaborative environment for its members. Through carefully curated networking events, workshops, and mentorship programs, FlexSpace fosters an atmosphere of innovation and idea exchange.

What do we offer?

FlexSpace offers flexible lease terms and pricing options that cater to the diverse financial requirements of its target audience, ensuring accessibility for professionals at various stages of their careers. It provides access to a variety of office spaces and amenities, allowing members to choose the options that best suit their needs.

What do we produce?

FlexSpace produces a dynamic and flexible workspace that meets the changing demands of professionals in the US office rental market. By offering a wide range of office solutions, amenities, and community-building initiatives, FlexSpace produces an environment that fosters collaboration, productivity, and professional growth.

What are our business objectives?

FlexSpace's short-term objective is to establish a strong foothold in the US market by 2025, with a projected revenue of $50 million and a membership base exceeding 10,000 professionals. Its long-term objective is to expand its presence to additional metropolitan areas to meet the growing demand for flexible office rental options.

FlexSpace currently operates in major cities across the United States, including New York City, Los Angeles, Chicago, and San Francisco. Our strategically chosen locations allow us to tap into vibrant business communities and cater to professionals seeking flexible office solutions in these dynamic metropolitan areas.

New York City: Situated in the heart of Manhattan, our flagship location in New York City offers professionals access to a bustling business hub. With proximity to Wall Street, Times Square, and countless corporate headquarters, our members benefit from a prime business address and unparalleled networking opportunities.

• Address: 123 Main Street, New York City, NY 10001
• Area: Midtown Manhattan
• Access to major transportation hubs, including Grand Central Terminal and Penn Station

Los Angeles: Located in the heart of Hollywood, our Los Angeles location provides professionals with a vibrant and creative atmosphere. With close proximity to entertainment industry giants and numerous tech startups, our members thrive in this bustling environment.

• Address: 456 Hollywood Boulevard, Los Angeles, CA 90028
• Area: Hollywood
• Easy access to major highways and public transportation options

Chicago: Situated in the Loop, Chicago's downtown business district, our office space offers professionals a central location within a thriving business community. With major corporations, financial institutions, and diverse industries in close proximity, our members enjoy a prime spot for networking and collaboration.

• Address: 789 State Street, Chicago, IL 60601
• Area: The Loop
• Convenient access to public transportation, including Union Station and various bus routes

San Francisco: Located in the heart of the tech industry, our San Francisco office space provides professionals with a stimulating and innovative environment. Situated near Silicon Valley, our members benefit from close proximity to startups, venture capital firms, and tech giants, fostering a spirit of collaboration and cutting-edge innovation.

• Address: 987 Market Street, San Francisco, CA 94103
• Area: SoMa (South of Market)
• Easy access to public transportation, including BART and Muni lines

Future Expansion Opportunities: By 2025, FlexSpace plans to expand its presence to additional metropolitan areas, including Seattle, Boston, and Austin. These cities have shown tremendous growth potential and a high demand for flexible office rental options. Our expansion into these markets will allow us to cater to the evolving needs of professionals seeking dynamic and affordable workspace solutions in these vibrant business communities.

At FlexSpace, we understand the importance of strategic location selection to serve our target audience effectively. By establishing a strong presence in key cities and expanding to promising markets, we aim to connect professionals with flexible office solutions that enhance their productivity, foster collaboration, and help them thrive in their respective industries.

FlexSpace was founded in 2023 and has since experienced rapid growth in the US market. With a strong foundation and a clear vision, FlexSpace aims to achieve significant milestones within specific timeframes to ensure continued success and expansion.

Short-Term Objectives

In the next two years, FlexSpace plans to establish a strong foothold in the US office rental market by expanding its presence to major cities such as Seattle, Boston, and Austin. By 2025, these additional metropolitan areas will be key growth targets for FlexSpace, allowing the company to meet the growing demand for flexible workspace solutions.

Within this timeframe, FlexSpace aims to achieve a membership base exceeding 10,000 professionals. This ambitious goal will be supported by strategic marketing efforts, targeting specific demographics and utilizing digital platforms to effectively reach the target audience. By leveraging these marketing strategies, FlexSpace will position itself as the go-to solution for professionals seeking a flexible and affordable workspace.

Long-Term Objectives

Looking further ahead, FlexSpace envisions becoming a leader in the co-working space industry. By 2025, the company aims to generate a projected revenue of $50 million. This growth will be fueled by its expanding membership base, innovative service offerings, and strategic collaborations with partners in various industries.

FlexSpace will continue to prioritize community-building and fostering collaboration among its members. By organizing carefully curated networking events, workshops, and mentorship programs, the company will create an atmosphere of innovation and idea exchange that sets it apart from competitors. These efforts will help solidify the reputation of FlexSpace as a dynamic and supportive workspace provider.

Retirement and Departure Strategy

While the specific retirement date for John Smith, the founder of FlexSpace, after 2023, has not been disclosed, it is expected that he will retire within a reasonable timeframe, typically in the next 10-15 years, to ensure a smooth transition of leadership. John Smith is committed to ensuring the long-term success and continuity of FlexSpace beyond his tenure.

As part of the departure strategy, John Smith plans to either sell the company to a suitable buyer or pass on the leadership to a capable successor. This will be determined based on the long-term goals and interests of FlexSpace, ensuring the legacy of the company is preserved and its growth trajectory continues. The specific timeline for this transition will depend on various factors, including market conditions and the readiness of a potential buyer or successor.

In conclusion, FlexSpace's timeline is strategically aligned with its short-term and long-term objectives. By executing its business plan diligently, FlexSpace will continue to thrive in the US office rental market, expanding its presence, fostering a vibrant community, and meeting the evolving needs of professionals seeking flexible workspace solutions.

FlexSpace is driven by the mission to address the evolving needs of professionals, freelancers, entrepreneurs, small businesses, and remote workers in the US office rental market. We understand the challenges they face in finding flexible and affordable workspace solutions that cater to their unique requirements. Our goal is to create a vibrant community that fosters collaboration, innovation, and networking.

Why would customers want our product or service?

• Flexible Membership Tiers: We provide a wide range of membership tiers tailored to cater to the diverse usage frequency and specific requirements of professionals. Whether they need a private office, a meeting room, or simply a dedicated workspace, we offer options that suit their needs.
• Access to Amenities: Our members enjoy access to various amenities, including printing services and networking events, that enhance their productivity and facilitate valuable connections.
• Community and Collaboration: At FlexSpace, we prioritize community-building and create a collaborative environment where professionals can network, exchange ideas, and receive support. Our carefully curated networking events, workshops, and mentorship programs foster an atmosphere of innovation and idea exchange.
• Flexible Lease Terms and Pricing: We understand the diverse financial requirements of professionals at different stages of their careers. Our flexible lease terms and pricing options ensure accessibility, making our workspace solutions suitable for professionals with varying budgets.

Why would a buyer want to purchase from us? How do we differ from competitors?

FlexSpace differentiates itself by focusing on community building and providing a collaborative environment for its members. Unlike traditional office spaces, we prioritize creating a vibrant community that encourages networking and mutual support. Our carefully curated networking events, workshops, and mentorship programs set us apart as we foster an atmosphere of innovation and idea exchange.

In addition, FlexSpace offers premium services, such as virtual assistants and IT support, to enhance the productivity and efficiency of its members. This additional revenue stream adds value to our offerings and sets us apart from competitors who solely provide workspace solutions.

We also maximize our resources by leasing out unused space to other businesses or individuals, further optimizing revenue generation. This strategic use of space ensures we make the most out of our facilities, setting us apart from competitors who may underutilize their premises.

Why are we in this line of work? What is our mission statement?

At FlexSpace, we are passionate about creating a positive impact on the lives of professionals by providing flexible and affordable workspace solutions. Our mission is to empower professionals with the tools and environment they need to thrive in their careers. We believe that by fostering collaboration and facilitating networking opportunities, we can contribute to the success and growth of our members.

To establish FlexSpace as a leading co-working space provider in the US, a limited liability company (LLC) structure will be adopted. This structure provides a balance between personal liability protection and operational flexibility. By choosing an LLC, the business will have a separate legal entity, shielding John Smith's personal assets from potential lawsuits or debts incurred by the company.

In order to navigate the complex registration procedures and legal obligations associated with setting up an LLC, John Smith will engage the services of a trusted business attorney. The attorney will provide valuable guidance and ensure compliance with all necessary rules and regulations, minimizing the risk of legal issues in the future. Additionally, an accountant will be consulted to ensure proper financial management and tax compliance.

Company Objectives

The company's primary objective is to continue its rapid growth and establish a strong foothold in the US market. To achieve this, FlexSpace will pursue a two-pronged approach:

• Expansion: FlexSpace aims to expand its presence to additional metropolitan areas, such as Seattle, Boston, and Austin, by 2025. This expansion will enable the company to cater to the growing demand for flexible office rental options in these markets.
• Membership Acquisition: To meet the projected revenue target of $50 million and grow its membership base, FlexSpace will implement strategic marketing efforts. By leveraging digital platforms, targeted advertising, and referral programs, the company will attract professionals seeking flexible and affordable workspace solutions.

To efficiently manage the growing operations, FlexSpace will hire skilled professionals to assist in various areas such as property management, marketing, and customer service. This will ensure smooth day-to-day operations and allow John Smith to focus on strategic initiatives, networking, and building partnerships.

Business Development

FlexSpace envisions itself as the go-to solution for professionals seeking flexible and affordable workspace well into the future. The company aims to be at the forefront of innovation in the co-working industry by continuously adapting to the evolving needs of its members.

The vision for FlexSpace is to create a nationwide network of co-working spaces that not only provide functional office solutions but also foster a sense of community. By nurturing collaboration and creativity through curated networking events, workshops, and mentorship programs, FlexSpace will become synonymous with a vibrant and supportive work environment.

Additionally, FlexSpace recognizes the importance of technology in the workspace of the future. The company plans to invest in state-of-the-art infrastructure and digital tools to enhance the productivity and efficiency of its members. This includes offering virtual assistants and IT support services as part of its premium offerings.

Furthermore, FlexSpace aims to continue maximizing its resources by leasing out any unused space to other businesses or individuals, ensuring optimal revenue generation and cost efficiency.

Through its commitment to fostering innovation, community, and accessibility, FlexSpace envisions becoming the leading choice for professionals seeking flexible and affordable workspace solutions throughout the United States.

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• Business plans

Rental Property Business Plan

Used 4,872 times

Develop a rental property business plan tailored to serve as a valuable resource for entrepreneurs to organize their rental business.

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Created by:

​ [Sender.FirstName] [Sender.LastName] ​

​ [Sender.Company] ​

Prepared for:

​ [Recipient.FirstName] [Recipient.LastName]

​ [Recipient.Company] ​

Executive Summary

​ [Sender.Company] is a reputable rental business located in [Sender.StreetAddress] [Sender.City] [Sender.State] [Sender.PostalCode] (Company Location), specializing in property management, rental, and leasing.

Through expert knowledge and technological innovation, [Sender.Company] strives to make the property rental journey as straightforward as possible. The online platform, in particular, serves as a user-friendly hub where clients can effortlessly navigate and find properties that precisely align with their unique preferences and requirements. This emphasis on simplification ensures clients enjoy a hassle-free and tailored experience throughout their rental process.

​ [Sender.Company] 's commitment to enhancing the rental experience underscores its mission to provide clients with a seamless and customized journey, setting it apart as a leader in the industry.

Company Description

Who is [sender.company] .

​ [Sender.Company] is located in [Sender.StreetAddress] [Sender.City] [Sender.State] [Sender.PostalCode] and operates as a rental property agency specializing in providing short-term and long-term rentals and leased properties to the local community. The rental properties offered by [Sender.Company] are distinguished by their clean and modern aesthetics, perfectly aligned with the preferences of today's renters.

All properties managed by [Sender.Company] are fully furnished and equipped with high-end technology and modern accessories, ensuring tenants a hassle-free and comfortable living experience.

​ [Sender.Company] is under the ownership of (Owner Name), a seasoned professional in the rental property industry. [Sender.FirstName] [Sender.LastName] (Founder's Name) decided to launch [Sender.Company] in (month, date), driven by a recognition of the growing demand from students, working professionals, and individuals relocating from overseas.

With a keen focus on meeting the diverse housing needs of the local community, [Sender.Company] is committed to delivering outstanding rental property services. Under (Owner Name)'s guidance, the company is well-positioned to thrive and make a lasting impact in the rental property industry.

​ [Sender.Company] ’s Products

Some of the offerings available through [Sender.Company] include:

(Company Product/Option): (Insert description)

Industry Analysis

Customer analysis, profile of target market.

The target market of [Sender.Company] includes consumers from all demographics. The market [Sender.Company] serves value-conscious, with a preference for excellent comfort and basic amenities aimed at families, students, and the working population.

The following are the exact demographics of (Location) where the business is located:

Localities:

Economic levels:

Customer Segmentation

​ [Sender.Company] will target the following customer segments:

Working Professionals

High-Income Earners

Competitive Analysis

Main competitors.

(Competitor Name 1) – (Brief Overview of Competitor 1)

(Competitor Name 2) – (Brief Overview of Competitor 2)

(Competitor Name 3) – (Brief Overview of Competitor 3)

Competitive Advantage

​ [Sender.Company] has several competitive edges over its competitors. These edges are the following:

(Competitive Advantage 1)

(Competitive Advantage 2)

(Competitive Advantage 3)

Marketing and Strategy Implementation

​ [sender.company] ’s branding and positioning.

​ [Sender.Company] places a strong emphasis on its unique value proposition, which encompasses several key aspects:

Rental Offerings

​ [Sender.Company] specializes in offering various rental properties designed to meet different customer segments' specific needs and preferences. From spacious family homes to budget-friendly options for students, upscale residences for working professionals, and welcoming accommodations for international migrants.

Strategic Location

​ [Sender.Company] is dedicated to offering a broad range of rental homes in carefully selected areas. This variety in locations means that residents can enjoy different amenities and services and choose the lifestyle that best suits their preferences and requirements.

Exceptional Customer Service

Exceptional customer service is the cornerstone of the [Sender.Company] . Their dedicated team is always available to assist with inquiries, property viewings, lease agreements, and maintenance requests.

Innovative Technology Integration

​ [Sender.Company] stays at the forefront of technology trends by integrating smart home solutions and digital platforms to enhance convenience and security for their tenants. This includes keyless entry systems, remote property management tools, and online rent payment options.

Promotions Strategy

​ [Sender.Company] anticipates its primary target audience to consist of students, international migrants, the working population, and local families residing primarily in the [Sender.StreetAddress] [Sender.City] [Sender.State] [Sender.PostalCode] . To effectively engage with these potential clients, the company has developed a comprehensive promotion strategy, which encompasses the following key elements:

Referrals: (Description).

Advertisement: (Description).

Public Relations: (Description).

Social Media Marketing: (Description).

Print Advertising: (Description).

Website/SEO Marketing: (Description).

Pricing Strategy

​ [Sender.Company] is dedicated to offering a variety of flexible payment alternatives tailored to accommodate diverse customer preferences. The following list provides a comprehensive overview of these payment options, which can be customized as necessary:

(Payment Option 1)

(Payment Option 2)

(Payment Option 3)

By offering these flexible payment choices, [Sender.Company] aims to ensure that its valued customers have a range of selections to suit their financial requirements and preferences, thus enhancing their overall satisfaction.

Operations Plan

Organizational structure.

At [Sender.Company] , the rental property management team is composed of a diverse and skilled group of individuals, each contributing their unique talents to drive the success of the company's property ventures.

CEO/Founder

As the visionary leader of the rental property management team, (Mr./Mrs./Ms.) (Name) is deeply committed to excellence. He/she lays the foundation for the creative journey while guiding everyone towards new heights of achievement in the rental property sector.

Office Manager

(Mr./Mrs./Ms.) (Name) is the creative force behind [Sender.Company] 's property management efforts, ensuring rental properties provide exceptional living experiences. He/she meticulously oversees property details, from maintenance to tenant satisfaction.

Maintenance Director

(Mr./Mrs./Ms.) (Name) leads maintenance and property improvement initiatives, consistently exceeding industry standards in property upkeep, repairs, and enhancement.

Additional Team Members

Beyond the core team, [Sender.Company] has a dedicated group of professionals, including property managers, maintenance staff, leasing agents, and administrative personnel, who work cohesively to deliver exceptional rental property management services.

Over the following (Number of Months) months, [Sender.Company] has set ambitious milestones to accomplish in its journey toward establishing a strong and prosperous presence in the (Industry Name).

Financial Plan

Source and use of funds.

​ [Sender.Company] will get (Amount) from (Source of Fund) to start its rental property business.

​ [Sender.Company] will use the funds to secure the initial rental and office space and purchase supplies and equipment. The proposed startup costs are shown in the table below:

Financial Projections

These are [Sender.Company] 's pro forma financial statements for the next five (5) years. It contains the business's income statement, balance sheet, and cash flow statement.

​ [Recipient.FirstName] [Recipient.LastName] ​

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How to start your private daily office space rental business

• August 25, 2022

Step by step guide on launching your daily office space rental business

Here’s why offering your space for daily rent is a great idea. Under this rental model, one tenant can earn you up to $600 a month, and you can also set up an hourly rental model starting from $25—$30. 

The digital economy is reigning, and almost 50% of people worldwide are self-employed, according to Statista, turning to more flexible working conditions. Modern professionals and their clients prefer to be mobile and not bind themselves up with long-term rental contacts. Your “ day office rent” model corresponds with their demands.  

Let’s learn how to generate income from renting out your office space for an hour or a day.  

Step One: Decide on who to lease to

We use the word “office” as an umbrella term. In fact, you can own a rental space that will be perfect for estheticians and beauticians like lash or nail techs. Or as a room for bodywork therapists, acupuncture practitioners, and so on.  

You can also have some extra space to share with a colleague or someone from the related professional field. For instance, a massage therapist can rent the space to chiropractors during the time they don’t use it, a psychotherapist — to dietitians, and so on. 

Step Two: Double check all permits and licenses

Rental and short-term commercial rental laws are different in every country or even region. Learn about what is required in the area where you’re about to lease the office. 

Here’s a brief checklist to get you on the track: 

• Learn if you need a business license to offer short-term rentals; 
• Find out what rules apply to landlords in your area;
• Check if the building where your office is doesn’t have any safety problems, including faulty structure, blocked fire escapes, hazards like asbestos or mold, etc. The building owner must have all permits and proof of routine check-ups;
• If you’re planning to rent to wellness, bodywork, or medical practitioners you might need additional permits as well as space requirements. 
• Only rent out to tenants who can prove their right to operate as a practitioner/entrepreneur.

Step Three: Bring in relevant equipment

People who look to rent a workspace for a day obviously expect a fully furnished office, but don’t go with a bare minimum. 

At this step you’ve already figured out which professionals to lease to, so add relevant furniture and equipment that will increase your chances for bookings.  

A few examples: 

• A treatment table for massage therapists, acupuncture and reiki specialists, chiropractors, and beauticians. (Most practitioners in those fields look to rent a treatment table separately, so you’re giving them a better offer for the money: they can lease an entire workspace that already has one); 
• A white noise machine for mental health counselors;
• Large mirrors for beauty specialists; 
• Whiteboard and a large tv set for life coaches. 

Step Four: Set up accessibility options

With daily or hourly rentals a stream of tenants always changes, and each practitioner needs timely access. Obviously, you can’t issue keys for everyone, so use one or several safe alternatives: 

• A smart lock. There are numerous great options: the models with digital keypads, or the models with their own app that generates unique access codes; 
• Key exchange services. Those are actively used by residential property landlords from Airbnb or Booking, but you can easily sign up with them too. Your tenant will just drop the keys/key cards in one of those, and the next one will pick them up; 
• A doorman. If your building has one, ask if they pick up and give out keys to your tenants. 

Step Five: Add consumables

Of course, you don’t have to fully supply your tenants: they must bring their consumables. But a small, yet always present stock of necessities is a nice touch that you should add to your listing description. It increases client loyalty, as well as the number of positive reviews and referrals. 

• Box of tissues for mental health counselor meetings; 
• Crayons and sketchbooks for child-friendly therapy spaces; 
• Whiteboard markers and sticky post-its for group meeting sessions (life coaching, therapy, counseling, etc.); 
• Paper towels and gowns for estheticians, beauticians, and bodywork therapists; 
• Coffee, tea, sugar, snacks, toiletries, and air fresheners for anyone. 

Step Six: List your one-day office rental on Wellerz

Take professional pictures of your office space rental and post them on Wellerz. Tenants will send you booking requests and secure payments right on the platform. 

Why Wellerz is great for your daily office rent business

Our platform is where practitioners who google “ daily office space rental near me ” arrive. We connect them with you while giving you absolute freedom: you decide whose bookings to approve and what to charge. No contracts, no paid plans: start your daily office space rental business with Wellerz today!

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Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

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To create a plan that fits your needs , you need to know what you intend to do with it.

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Start an Office Equipment Rental Business: Your Complete Guide

Have you ever thought about starting your own business? It’s a big decision, but it can be incredibly rewarding. If you’re thinking about starting an office equipment rental business, you’ve come to the right place. In this complete guide, we’ll tell you everything you need to know to get started. from how to find funding and write a business plan , to sourcing the best office equipment and marketing your new business. So what are you waiting for? Let’s get started!

Table of Contents

What is a office equipment rental business, how do i find customers for my office equipment rental business.

A office equipment rental business provides short-term leases on a variety of office equipment, such as printers, copiers, fax machines, and computers. These rentals are typically used by companies that need temporary or emergency replacements for their existing office equipment. They may also be used by businesses setting up temporary offices or events.

By renting office equipment instead of buying it outright, companies can save on costs and avoid being stuck with outdated technology. In addition to office equipment rentals, some office equipment rental businesses also offer office furniture rentals and IT support services. Whether a company is in need of a single item or looking for full office setup solutions, an office equipment rental business can provide cost-effective solutions for their needs.

Why would I want to start an Office Equipment Rental business?

If you’re thinking about becoming an entrepreneur, you may be wondering if starting an office equipment rental business is a good idea. After all, there are a lot of different businesses out there, so how do you know if this is the right one for you?

The truth is that there are quite a few benefits to starting an office equipment rental business. First of all, it’s a great way to be your own boss and have control over your own destiny. Secondly, it can be quite profitable – especially if you’re in a high-traffic area. And lastly, it’s a relatively easy business to get into, especially if you have some experience with office equipment.

Be your own boss.

One of the best things about starting an office equipment rental business is that you’ll be your own boss. This means that you’ll have the freedom to set your own hours, guidelines, and procedures. You’ll also be able to choose which products or services you want to offer and how much you want to charge for them. Of course, being your own boss also means that you’ll be responsible for everything – from keeping the books to dealing with customers – but that’s a small price to pay for the independence and satisfaction that comes with owning your own business.

Profitability of a wholesale building products company.

Another benefit of starting an office equipment rental business is that it can be quite profitable. This is especially true if you’re in a high-traffic area where there is always a need for office equipment rental services. In fact, many entrepreneurs who start this type of business find that they quickly become very successful due to the high demand for their services.

Of course, profitability also depends on how well you run your business. Be sure to keep expenses low by only buying the necessary office equipment and using economical marketing methods. You should also make sure to charge enough for your services so that you can make a healthy profit while still providing value to your customers.

There is a large market for building products.

Starting a wholesale building products company can be a lucrative business venture. The construction industry generally shows steady growth, and there will always be a demand for materials such as lumber, tools, and fixtures. In addition, large home improvement stores often have pre-existing relationships with suppliers and may not be open to forming new partnerships. This leaves room for smaller, independent wholesalers to establish themselves in the market and form relationships with local contractors and businesses. However, it is important to conduct thorough market research in order to determine the best products to distribute and the most profitable pricing strategies. Despite this potential challenge, the thriving building products market offers promising opportunities for entrepreneurs.

Opportunity to build a successful business and create jobs.

If you’re looking for a lucrative business opportunity, consider starting a wholesale building products company. Not only will you have the potential to make a significant profit, but you’ll also be able to provide critical materials to construction companies and contractors. Plus, as your business grows, you can create job opportunities in your community. To get started, research the building materials currently in demand in your area and establish partnerships with suppliers. It’s also important to develop relationships with potential clients and continually work on expanding your customer base. By offering competitive prices and excellent service, your wholesale building products business can become a valuable player in the industry and generate success for both yourself and others.

In conclusion, these are just some of the reasons why starting an office equipment rental business can be a great idea for entrepreneurs like you.

How do I start an Office Equipment Rental business?

You may be surprised to learn that you can start an office equipment rental business with little more than a few hundred dollars and a bit of elbow grease. With the advent of the internet, it has never been easier to get started in this type of business. There are a number of ways to get started, but the most important thing is to have a clear plan and focus on your goals. In this section, we’ll give you some tips on how to get started in the office equipment rental business. Thanks for reading!

Figure out what type of office equipment you want to rent

When starting an office equipment rental business, it’s important to decide what type of equipment you want to offer. Do you want to focus on small items like printers and computers, or larger items like furniture and copiers? Consider the needs of your potential customers, as well as the storage space and potential profit for each type of equipment.

It may also be a good idea to start small and expand your choices as your business grows and you gain more experience with the rental process. Don’t forget the importance of researching and staying up-to-date on the latest technology, as well as maintaining a regular maintenance schedule for your equipment to ensure they remain in good working condition. Overall, thoughtful planning can help set your office equipment rental business up for success.

Do your research

Starting any business can be a daunting task, and the office equipment rental industry is no exception. That’s why it’s important to do your research before diving in head first. Take the time to understand the industry and find out who your competitors are.

Who are they targeting? How do they market their services? What sets them apart from one another? Once you have a good grasp on the industry landscape, determine your target market. Are you primarily serving small businesses or large corporate clients?

Understanding the needs and desires of your potential customers can also guide your pricing strategy and help inform advertising decisions. Having a strong understanding of these factors can greatly improve your chances of success in the office equipment rental industry. So make sure to do your research before you dive in!

Create a business plan

Starting a new business can be exciting, but it can also feel overwhelming. One important step in the process is creating a comprehensive business plan that outlines your goals and strategies.

This plan can act as a roadmap for the success of your company, helping you to stay on track as you navigate the early stages of launching and growing your office equipment rental business. In addition, a solid business plan can also make a strong impression on potential investors or loan sources.

Taking the time to develop a clear and thorough business plan will set you up for long-term success as an entrepreneur. However, it’s important to remember that this document shouldn’t just gather dust on a shelf – regularly review and update your plan to ensure that it remains relevant and useful to your business.

Get funding

When starting a business in the office equipment rental industry, it’s important to have a plan in place for funding. Without enough capital to begin on your own, you’ll need to secure either investors or loans. Finding investors can be a beneficial option as they may provide not only financial resources but also advice and mentorship based on their own experiences in the industry.

Securing a loan from a bank or other lender is also a common way to finance a new business, but it’s important to carefully review and compare terms before committing to any agreements.

Whatever route you choose for funding, make sure to have a solid business plan and be prepared to explain how exactly the money will be used to help ensure success for your office equipment rental company.

Set up shop

Starting an office equipment rental business requires careful planning and consideration. One of the first steps is to determine whether you want to lease or buy your office space. Consider factors such as location, cost, size, and potential for future growth.

Once you have secured a space, it’s time to start hiring employees. Look for individuals with experience in the industry and excellent customer service skills. Finally, start building your inventory of office equipment for rent. Research what equipment is in demand and find reliable suppliers to ensure that you can meet the needs of your clients.

Keep in mind that starting any business involves hard work and dedication, but with careful planning and determination, you can successfully launch your office equipment rental company.

Market your business

When starting a new business, it is important to have a solid marketing plan in place. First, create a professional website where potential clients can learn about your services and rental options.

In addition, create social media pages on platforms like Facebook and Instagram to expand your reach and interact with customers. Sending out marketing materials such as flyers or postcards can also help spread awareness of your company. Lastly, consider participating in upcoming tradeshows or conferences related to the office equipment industry to network with potential clients and showcase your business offerings.

Taking these steps can help effectively market your office equipment rental business.

How much does it cost to start an Office Equipment Rental business?

Starting an office equipment rental business can be a great way to serve a niche market. People who need access to office equipment but don’t want to buy it outright can rent it from your business, and you can make a decent profit in the process. But how much does it cost to start an office equipment rental business?

The answer to that question depends on a number of factors, including the type of equipment you plan to rent, the size of your target market, and your overhead costs. To get an idea of ​​how much it might cost you to start an office equipment rental business, let’s take a look at some of the main expenses you’ll incur:

Of course, you’ll need to procure the office equipment you plan to rent out. Depending on what type of equipment you want to offer and how new or popular it is, this could cost you anywhere from a few thousand dollars to tens of thousands of dollars. You may be able to offset some of these costs by renting used equipment, but keep in mind that customers may be less likely to rent older or less popular models.

Renting space

Unless you already have a suitable location for your office equipment rental business, you’ll need to factor in the cost of renting or leasing commercial space. The amount you’ll pay will depend on the size and location of the space, as well as any special features or amenities it offers.

You’ll need to insure your office equipment against damage or theft. The premiums you’ll pay will depend on the value of your equipment and the level of coverage you choose.

You’ll need to market your business so that potential customers are aware that you exist and know what services you offer. The cost of marketing will depend on how extensive your marketing efforts are and which channels you use (e.g., online vs offline).

Starting an office equipment rental business can be a great way to serve a niche market, but there are many costs associated with getting such a business off the ground. Before starting an office equipment rental business, be sure to factor in the cost of procuring equipment, renting space for your operation, insuring your assets, and marketing your business. With careful planning and execution, your office equipment rental business can be up and running in no time!

If you’re thinking about starting an office equipment rental business, you may be wondering how to find customers. It’s a common question, and one that doesn’t have a simple answer. The good news is, there are a number of things you can do to attract customers to your business. In this section, we’ll share some tips on how to find customers for your office equipment rental business. We hope you find them helpful!

Identify your target market

When starting a business, it’s important to have a clear understanding of who your target market is. In the case of an office equipment rental company, this could include small businesses that are just starting out and may not have the funds to purchase their own equipment. It could also include event planners or corporations who may need temporary equipment for a one-time event or project.

By identifying and targeting these groups, you can narrow down your marketing efforts and focus on reaching potential customers within your target market.

Conducting market research and gathering demographics on your target audience can also help to inform your business strategy and adjust it as needed in order to better serve your customer base. In short, identifying your target market is a crucial step in finding success with your office equipment rental business.

Develop a marketing strategy

When it comes to developing a marketing strategy for a business, the first step is to determine your target audience. In the case of an office equipment rental business, this could include small businesses who do not have the budget to purchase their own equipment, event planners looking for temporary equipment for a special occasion, or even larger corporations in need of additional equipment for short-term projects.

From there, consider which channels will be most effective in reaching your target audience – online ads, networking events, partnerships with related businesses, etc.

Once you’ve identified your target audience and marketing channels, create compelling messaging that highlights the benefits and value of renting office equipment from your business.

Finally, don’t forget to track and analyze your efforts to see what is working and adjust accordingly. By following these steps, you can develop a successful marketing strategy to attract new customers for your rental business.

Create compelling content

When it comes to running a successful business, having an engaging online presence is crucial. By creating compelling content for your website and social media profiles, you can attract potential customers and showcase the unique value your company offers.

Consider writing informative blog posts on industry trends or sharing customer success stories. You can also offer promotions or highlight new rental equipment on your social media pages. In addition to increasing traffic to your website, creating engaging content can help build trust and establish your expertise in the field. So get creative and start attracting customers through compelling content!

Use social media to reach your target market

Social media has become a tool for companies of all industries to connect with their target market and potential customers. In the office equipment rental business, establishing a strong online presence can assist in finding new clients.

Utilizing networks such as Facebook, Instagram, and LinkedIn allows companies to showcase their products and services to a larger audience. This can also serve as a platform for customer feedback and engagement, allowing businesses to understand the needs and preferences of their target market.

By utilizing social media, businesses can reach a broader range of potential customers and effectively attract new clients. It is important to consistently update your online presence, while also maintaining a professional image that corresponds with the company’s brand. Overall, using social media can be an effective tool for expanding your customer base in the office equipment rental industry.

Attend trade shows and other industry events

When it comes to finding new customers for your business, industry events can be a gold mine of potential leads. Trade shows in particular provide the perfect opportunity to network with other professionals in your field and showcase your services to interested parties.

These events also serve as a chance to stay up-to-date on industry trends and developments, allowing you to adapt and stay competitive in the market. Along with trade shows, local business expos and conferences can also be valuable resources for finding customers.

Don’t underestimate the power of attending these events – with the right preparation and follow-up, they can lead to long-lasting and profitable relationships for your Office Equipment Rental business.

Network with other business owners

When running a small business, networking with other business owners can be a great way to find new customers. After all, a fellow business owner may need office equipment for a special event or temporary project, and they are more likely to trust the recommendation of someone they have built a personal relationship with.

One way to start networking is to join local business associations or attend networking events in your area. You can also reach out to specific businesses or industries that may have a high demand for office equipment, such as event planning companies or construction contractors.

When networking, make sure you explain the benefits of renting office equipment instead of purchasing it outright, such as saving money on storage and maintenance costs. By connecting with other business owners, you may just find your next customer.

About Jeremy Reis

Jeremy Reis is a serial entrepreneur from the Franklin, Tennessee area. Jeremy is the founder of multiple businesses and is the VP of Marketing for CRISTA Ministries. Jeremy has his MBA with a focus in Entrepreneurship from The Ohio State University.

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How to write a business plan for an office equipment rental company?

Creating a business plan for an office equipment rental company is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating an office equipment rental company business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for an office equipment rental company?

What information is needed to create a business plan for an office equipment rental company.

• What goes in the financial forecast for an office equipment rental company?
• What goes in the written part of an office equipment rental company business plan?
• What tool can I use to write my office equipment rental company business plan?

Being clear on the scope and goals of the document will make it easier to understand its structure and content. So before diving into the actual content of the plan, let's have a quick look at the main reasons why you would want to write an office equipment rental company business plan in the first place.

To have a clear roadmap to grow the business

It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...

In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for an office equipment rental company is essential to create successful and sustainable businesses.

To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.

Once you know where you want your office equipment rental company to be, you'll have to identify:

• what resources (human, equipment, and capital) are needed to get there,
• at what pace the business needs to progress to get there in time,
• and what risks you'll face along the way.

Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.

To maintain visibility on future cash flows

Businesses can go for years without making a profit, but they go bust as soon as they run out of cash. That's why "cash is king", and maintaining visibility on your office equipment rental company's future cash flows is critical.

How do I do that? That's simple: you need an up-to-date financial forecast.

The good news is that your office equipment rental company business plan already contains a financial forecast (more on that later in this guide), so all you have to do is to keep it up-to-date.

To do this, you need to regularly compare the actual financial performance of your business to what was planned in your financial forecast, and adjust the forecast based on the current trajectory of your business.

Monitoring your office equipment rental company's financial health will enable you to identify potential financial problems (such as an unexpected cash shortfall) early and to put in place corrective measures. It will also allow you to detect and capitalize on potential growth opportunities (higher demand from a given segment of customers for example).

To secure financing

A detailed business plan becomes a crucial tool when seeking financing from banks or investors for your office equipment rental company.

Investing and lending to small businesses are very risky activities given how fragile they are. Therefore, financiers have to take extra precautions before putting their capital at risk.

At a minimum, financiers will want to ensure that you have a clear roadmap and a solid understanding of your future cash flows (like we just explained above). But they will also want to ensure that your business plan fits the risk/reward profile they seek.

This will off-course vary from bank to bank and investor to investor, but as a rule of thumb. Banks will want to see a conservative financial management style (low risk), and they will use the information in your business plan to assess your borrowing capacity — the level of debt they think your business can comfortably handle — and your ability to repay the loan. This evaluation will determine whether they'll provide credit to your office equipment rental company and the terms of the agreement.

Whereas investors will carefully analyze your business plan to gauge the potential return on their investment. Their focus lies on evidence indicating your office equipment rental company's potential for high growth, profitability, and consistent cash flow generation over time.

Now that you recognize the importance of creating a business plan for your office equipment rental company, let's explore what information is required to create a compelling plan.

Writing an office equipment rental company business plan requires research so that you can project sales, investments and cost accurately in your financial forecast.

In this section, we cover three key pieces of information you should gather before drafting your business plan!

Carrying out market research for an office equipment rental company

Carrying out market research before writing a business plan for an office equipment rental company is essential to ensure that the financial projections are accurate and realistic.

Market research helps you gain insight into your target customer base, competitors, pricing strategies and other key factors which can have an impact on the commercial success of your business.

In particular, it is useful in forecasting revenue as it provides valuable data regarding potential customers’ spending habits and preferences.

Your office equipment rental company may find that customers may prefer to rent equipment for short-term, rather than long-term, projects. In addition, your market research might reveal that customers could be interested in renting newer models of equipment that offer a wide range of features.

This information can then be used to create more accurate financial projections which will help investors make informed decisions about investing in your office equipment rental company.

Developing the sales and marketing plan for an office equipment rental company

Budgeting sales and marketing expenses is essential before creating an office equipment rental company business plan.

A comprehensive sales and marketing plan should provide an accurate projection of what actions need to be implemented to acquire and retain customers, how many people are needed to carry out these initiatives, and how much needs to be spent on promotions, advertising, and other aspects.

This helps ensure that the right amount of resources is allocated to these activities in order to hit the sales and growth objectives forecasted in your business plan.

The staffing and equipment needs of an office equipment rental company

Whether you are at the beginning stages of your office equipment rental company or expanding its horizons, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is vital to ensure your business's success.

To achieve this, both the recruitment and investment plans must align coherently with the projected timing and level of growth in your forecast. It is essential to secure appropriate funding for these plans.

One possible staffing cost that an office equipment rental company might incur is hiring an administrative assistant to handle customer inquiries and manage the rental process. Another possible staffing cost is hiring a delivery person to transport the office equipment to the customer. As for equipment costs, the company might need to purchase a fleet of vans to transport the equipment, as well as purchase the office equipment itself that is being rented out.

To create a financial forecast that accurately represents your business's outlook, remember to factor in other day-to-day operating expenses.

Now that you have all the necessary information, it's time to dive in and start creating your business plan and developing the financial forecast for your office equipment rental company.

What goes into your office equipment rental company's financial forecast?

The financial forecast of your office equipment rental company will enable you to assess the profitability potential of your business in the coming years and how much capital is required to fund the actions planned in the business plan.

The four key outputs of a financial forecast for a office equipment rental company are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's take a closer look at each of these.

The projected P&L statement

The projected P&L statement for an office equipment rental company shows how much revenue and profits your business is expected to generate in the future.

Ideally, your office equipment rental company's P&L statement should show:

• Healthy growth - above inflation level
• Improving or stable profit margins
• Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established office equipment rental company. And similarly, an established company should showcase a higher level of profitability than a new venture.

The projected balance sheet of your office equipment rental company

The balance sheet for an office equipment rental company is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

• Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
• Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your office equipment rental company's liquidity and solvency:

• Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
• Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your office equipment rental company's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The projected cash flow statement

A cash flow forecast for an office equipment rental company shows how much cash the business is projected to generate or consume.

The cash flow statement is divided into 3 main areas:

• The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
• The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
• The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your office equipment rental company business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan - also called a sources and uses table - is an important tool when starting an office equipment rental company.

It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).

Having this table helps understand what costs are involved in setting up the office equipment rental company, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).

Now that the financial forecast of an office equipment rental company business plan is understood, let's focus on what goes into the written part of the plan.

The written part of an office equipment rental company business plan

The written part of an office equipment rental company business plan plays a key role: it lays out the plan of action you intend to execute to seize the commercial opportunity you've identified on the market and provides the context needed for the reader to decide if they believe your plan to be achievable and your financial forecast to be realistic.

The written part of an office equipment rental company business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

The executive summary, the first section of your office equipment rental company's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.

To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.

Subsequently, provide an overview of your office equipment rental company's addressable market, highlighting current trends and potential growth opportunities.

Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Lastly, address any funding needs in the "ask" section of your executive summary.

2. The presentation of the company

The second section in your office equipment rental company's business plan should focus on the structure and ownership, location, and management team of the company.

The structure and ownership part provides an overview of the legal structure of the business, who the owners are and how much each has invested and owns. If you are seeking financing it is important that the reader gets a clear picture of which legal entity is receiving the funds, and who controls the business.

The location part should give an overview of the premises from which the company is operating, and why that location is of particular interest (catchment area, accessibility, amenities nearby, etc.).

When describing the location of your office equipment rental company, you could highlight its proximity to major roads or highways that may help facilitate easy access for customers. You could also emphasize the potential availability of skilled labor in the area, as well as the potential of a large customer base in the vicinity. Additionally, you could mention the possibility of the area having a favorable business climate that could make it attractive for potential investors.

Finally, you should introduce the management team. Explain each member's role, background, and experience.

It is also important to emphasize any past successes that the members of the management team have achieved, and how long they've been working together, as this will help potential lenders or investors understand why they should trust in their leadership.

3. The products and services section

The products and services section of your office equipment rental company business plan should include a detailed description of what your company sells to its customers. 

For example, your office equipment rental company might offer photocopier rentals, computer monitor rentals, and furniture rentals to its customers. This allows customers to focus their capital expenditure on other items, while still having access to the necessary equipment and furniture for their office. Additionally, the rental company could offer delivery and setup services for even more convenience. The rental service also provides customers with the flexibility to replace their office equipment when needed without being stuck with large investments in equipment that could quickly become outdated.

The reader will want to understand what makes your office equipment rental company unique from other businesses in this competitive market.

When drafting this section, you should be precise about the categories of products or services you sell, the clients you are targeting and the channels that you are targeting them through. 

4. The market analysis

When you present your market analysis in your office equipment rental company business plan, it's crucial to include detailed information about customers' demographics and segmentation, target market, competition, barriers to entry, and any relevant regulations.

The main objective of this section is to help the reader understand the size and attractiveness of the market while demonstrating your solid understanding of the industry.

Begin with the demographics and segmentation subsection, providing an overview of the addressable market for your office equipment rental company, the key trends in the marketplace, and introducing different customer segments along with their preferences in terms of purchasing habits and budgets.

Next, focus on your target market, zooming in on the specific customer segments your office equipment rental company aims to serve and explaining how your products and services fulfil their distinct needs.

For example, your target market might include businesses that are starting up and need to equip their office space. These businesses may need to rent office equipment such as desks, chairs, computers, and printers for a short period of time. They may not have the funds to purchase these items outright, so renting them is a good option.

Then proceed to the competition subsection, where you introduce your main competitors and highlight what sets you apart from them.

Finally, conclude your market analysis with an overview of the key regulations applicable to your office equipment rental company.

5. The strategy section

When writing the strategy section of a business plan for your office equipment rental company, it is essential to include information about your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

The competitive edge subsection should explain what sets your company apart from its competitors. This part is especially key if you are writing the business plan of a startup, as you have to make a name for yourself in the marketplace against established players.

The pricing strategy subsection should demonstrate how you intend to remain profitable while still offering competitive prices to your customers.

The sales & marketing plan should outline how you intend to reach out and acquire new customers, as well as retain existing ones with loyalty programs or special offers. 

The milestones subsection should outline what your company has achieved to date, and its main objectives for the years to come - along with dates so that everyone involved has clear expectations of when progress can be expected.

The risks and mitigants subsection should list the main risks that jeopardize the execution of your plan and explain what measures you have taken to minimize these. This is essential in order for investors or lenders to feel secure in investing in your venture.

Your office equipment rental company faces a variety of risks. For example, you may encounter fraudulent activity when renting equipment. Customers could attempt to use stolen credit cards or altered documents to rent equipment. Additionally, your company could be exposed to financial risks. For instance, customers could fail to pay rent or damage the equipment. This may lead to a loss of income for your business.

6. The operations section

The operations of your office equipment rental company must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your office equipment rental company - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You may have key assets such as rental contracts with customers and access to a variety of office equipment. Additionally, your company might have intellectual property such as a unique rental process or an exclusive selection of available products.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into an office equipment rental company business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my office equipment rental company's business plan?

In this section, we will be reviewing the two main solutions for creating an office equipment rental company business plan:

• Using specialized online business plan software,
• Outsourcing the plan to the business plan writer.

Using an online business plan software for your office equipment rental company's business plan

The modern and most efficient way to write an office equipment rental company business plan is to use business plan software .

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your office equipment rental company's business plan

Outsourcing your office equipment rental company business plan to a business plan writer can also be a viable option.

Business plan writers are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring business plan writers is expensive as you are paying for the software used by the consultant, plus their time, and their profit margin of course.

From experience, you need to budget at least £1.5k ($2.0k) excluding tax for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders or investors).

You also need to be careful when seeking investment. Investors want their money to be used to grow the business, not spent on consulting fees. Therefore, the amount you spend on business plan writing services (and other consulting services such as legal services) needs to be negligible relative to the amount raised.

The other drawback is that you usually don't own the business plan itself: you just get the output, while the actual document is saved in the consultant's business plan software - which makes it difficult to maintain the document up to date without hiring the consultant on a retainer.

For these reasons, outsourcing the office equipment rental company business plan to a business plan writer should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their business plan using online software.

Why not create your office equipment rental company's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write an office equipment rental company business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my office equipment rental company business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating an office equipment rental company business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• Having an up-to-date business plan is key to maintaining visibility on your future cash flows.
• A business plan has 2 parts: a financial forecast highlighting the expected growth, profitability and cash generation of the business; and a written part which provides the context needed to interpret and assess the quality of the forecast.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this guide helped you to better understand how to write the business plan for an office equipment rental company. If you still have questions, do not hesitate to contact us.

Also on The Business Plan Shop

• How to write a 5 years business plan
• Business plan myths

Know someone who owns or wants to start an office equipment rental company? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Sample Virtual Office Rental Service Business Plan

Virtual office space business plan sample.

A virtual office rental business leases out office facilities and services such as office space, physical office address, communication services, etc. to entrepreneurs who work from home.

If you intend to start a virtual office rental business, one of the first things you will need to do is to write a business plan. I know writing a business plan can be daunting, this is why I come up with this post.

This post is a virtual office rental business plan sample that you can use as a guide to easily create your own.

BUSINESS NAME: Gerald Virtual Office Rental Inc. 

Here is a sample business plan for starting a virtual office space rental business.

Executive Summary

Vision Statement

Mission Statement

Business Structure

Products and Services

Target Market

Sales and Marketing Strategy

Cost of Starting

Sources of Capital

Gerald Virtual Office Rental business is registered incorporation that will be established in Maryland in the United States. The advent of online businesses has made it possible for entrepreneurs to operate a virtual business that affords them to work from anywhere in the world. The implication of this is that business owners no longer need a physical office space to operate their businesses.

While this is a good development, the hitch is that a lot of people only regard a business as professional and take it seriously if it has a physical office address in a high profile business district, a dedicated business phone number, corporate mailing address, and the likes. However, many online and virtual businesses do not have these. This is where the virtue office rental business comes to the rescue.

By subscribing to a virtual office service, a business owner has access to a physical office address, an official phone number, a corporate mailing address, communication services, etc. without necessarily having a physical business location.

With these awesome solutions that the virtual office offer, there has been a high demand for virtual offices by business owners. As a savvy entrepreneur who is always looking for opportunities, we have decided to tap into this opportunity by starting Gerald Virtual Office Rental business.

Gerald Virtual Office Rental business aims to help startups and business owners start and operate their business excellently and professionally with low overhead costs by providing them with world-class virtual offices.

Apart from making our virtual office world-class, we also plan to hire a highly competent and committed team of employees who will give our clients the quality services they require.

We will also make sure our customer service is excellent that will make our clients so satisfied that they always come back for more and even refer us to others.

Gerald Virtual Office Rental business will be a family business operated by two couples, Mr. Kim Gerald and Mrs. Kelly Gerald. Mr. Kim is a real estate consultant with 20 years of experience. Mrs. Kelly is an IT specialist who offers technology solutions to small business owners.

The couple aims to combine their experience and expertise to build a reputable virtual office business that will be highly sought after in Maryland and all through the United States

To become a global business that has virtual offices all through Maryland, the United States, and the continent of North America within the next 20 years.

To establish world-class virtual offices that are appealing to our ideal clients and also provide excellent customer services and work ethics.

We know that having a good business structure is essential to the success of our business. This is why we will make sure to hire employees who are not just competent to deliver but are also passionate and committed to the business. Our business structure will consist of:

• Chief Executive Officer
• Human Resource Manager
• Marketing and Sales Executives
• Receptionists
• Virtual Support Staff
• Client Service Executive
• Security Guards

To give our clients the utmost satisfaction, we intend to create varieties of services that will meet the needs of our clients. Some of our services will include:

• Coworking space
• Business meeting space
• Corporate mailing address
• Business fax number
• Professional live receptionists
• Dedicated phone number
• Phone answering services
• Virtual assistants

We know that we cannot successfully sell to everyone in the market. This is why we are focusing on selling to a specific set of people who we see as our ideal clients. They comprise of:

• Startups who cannot afford to rent an office space
• Home-based business owners
• Companies that are expanding to new locations
• Network marketing professionals
• Online entrepreneurs who run their business virtually
• Nomadic entrepreneurs who operate their business from anywhere in the world

The backbone of any successful business is marketing. In ensuring the success of our virtual office rental business, we are going to hire sales and marketing executives who know their onions to help us map out effective sales and marketing strategies that will yield evident results.

The total cost that will be required to start up our virtual office rental business is $450,000. This will cover the cost of registering the business, renting office space, purchasing the facilities and equipment, hiring business analysts and marketing strategists, recruiting staff, and payment of our staff salaries for the first three months.

Mr. and Mrs. Gerald have been able to raise $250,000 from their personal assets. They plan to get a $100,000 loan from their friends and family member. And get the remaining $100,000 through a bank loan that they are already working on.

As you can see, the post is a simple virtual office business plan sample. It provides the basic but necessary details required in a business plan. You can use it as a template to create your own business plan.

However, if you want a more detailed business plan for your virtual office rental business you can hire a professional business plan writer to help you write one.

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Start An Office Space Rental - Business Ideas

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

Demand for office space rental is booming. The forces that trigger the increase in demand for office space include a more significant number of startups, remote work culture, and an increase in office space per employee as businesses seek to decongest.

With demand for office space expected to increase, starting an office rental business is a wise investment. If you plan to start an office rental business, consider proximity to essential amenities, and ensure the office is accessible.

Before starting the office rental business, it’s a good idea you research the competition in your area. Be sure to understand the competitive landscape and choose where the office rental business fits best.

Starting an office space rental requires a great deal of effort, dedication, and most importantly passion .

If you're interested in how to sell office space rental, or selling office space rental online, you can use this page as a guide for everything you'll need to know.

Startup Costs

Case studies.

Successful Businesses

Pros & cons, marketing ideas, direct sales.

Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

Learn more about direct sales ➜

Word of mouth

Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

According to Nielsen , 92% of people trust recommendations from friends and family.

Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

Learn more about word of mouth ➜

Social Media Advertising

Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.

According to Oberlo , approximately 48% of the global population use social media, and the number is ever-growing.

Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.

Learn more about social media advertising ➜

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Moscow-City – The Moscow International Business Center

• 3 years ago

Moscow-City is an iconic location for life and work in Russia’s capital. Enormous skyscrapers, business centers, the best restaurants and retail spaces – all this is concentrated in one place. The ultramodern Moscow-City towers are truly striking in their outward appearance, and the layout of the apartments inside and the fantastic views that can be seen from the higher floors are nothing short of impressive.

This skyscraper compound, often referred to as Moskva-City, is the Russian take on Manhattan, where businessmen strike multi-million dollar deals daily while ordinary life goes on next door. Its state of the art spaces offer the ultimate convenience. The infrastructure of this business district is so well-developed that anyone can find something interesting for themselves here: from residential apartments to boutiques, clubs, exhibitions and more.

When the foundations for the Moscow-City skyscrapers were laid, a special kind of concrete was used, the properties of which are amplified by many times compared to standard concrete. Even in the event of a plane crashing into one of the buildings, the structural integrity of the towers will be preserved.

The architects of the Moscow-City Business Center have created a unique locality that has integrated into itself the hub of the capital’s business life and a whole ensemble of historical monuments. Anyone can admire the beauty of these skyscrapers from within or without the compound. There are also a number of apartments for sale or rent available in the MIBC itself. But first, let’s have a look at some more interesting facts about the financial core of Russia’s capital.

• 1 How It All Began
• 2.1 Moscow-City Central Core
• 2.2 Tower 2000
• 2.3 Evolution Tower
• 2.4 Imperia Tower
• 2.5 Moscow Tower and St. Petersburg Tower
• 2.6 Steel Peak Tower
• 2.7 Federation Tower
• 2.8 Mercury City Tower
• 2.9 OKO Tower Complex
• 3.1 Afimall City Shopping Center
• 3.2 Bagration Bridge
• 3.3 Expocentre Fairgrounds
• 4 Renting and Buying Real Estate in Moscow-City

How It All Began

The history of Moscow-City goes all the way back to 1992. The government of Moscow at the time wanted to bring into existence its own skyscrapers like the ones in London or New York. And the idea caught on. In 1992 the project for the construction of the huge “Moscow-City” MIBC compound was enthusiastically approved, kick-starting the painstaking preparatory works. The original intention was that the skyscrapers would only house office space. However, as time went on, the towers began to welcome in ordinary residents who wanted to live on the territory of this business and finance hub.

Moscow-City is undoubtedly a city within a city. Its grandeur is mind-boggling. It is perfect in every way: from location to infrastructure. And today, anyone can get a feel of the atmosphere of the “capital city” of Russia’s business world – many of the apartments in Moscow-City are available for rent. Any citizen of Russia and even nationals of other countries can make use of these offers.

What It’s Like in 2021

Today Moscow-City is not just a magnificent and fascinating sight, but also a real hub for the work, life and leisure of thousands. Its infrastructure is organized in such a way that there is no need to leave the territory of the “city within a city” at all. This business district contains everything one may need for work and recreation. And if one does decide to venture out into the larger metropolis, the MIBC’s three subway stations make this remarkably simple to do.

Moscow-City stands on the Presnenskaya Embankment . Each of the buildings in the district has a name, which simplifies its identification. Some of the buildings form complexes that are united under one name, such as the Neva Towers and the Naberezhnaya Tower complex of two skyscrapers and one high rise. There are a total of 16 towers in the MIBC, of which the most popular are:

• Moscow-City Central Core;
• Tower 2000;
• Evolution Tower;
• Imperia Tower;
• City of Capitals (Moscow Tower and St. Petersburg Tower);
• Steel Peak Tower;
• Federation Tower;
• Mercury City Tower;
• OKO Tower Complex.

Moscow-City Central Core

This is the most complex building within the MIBC compound. Its total floor area is a whopping 1 476 378 sqft (450 000 m²). It consists of two massive parts, each of which boasts a truly impressive infrastructure. The underground part includes 3 Moscow Metro stations, a parking lot for automobiles and a shopping mall. The aboveground part houses a concert hall and a hotel.

Tower 2000 is a skyscraper having 34 stories. Its total floor area is 200 318 sqft (61 057 m²), most of which is office space. The key feature of this skyscraper is its direct connection to the Bagration Bridge, which has its own shopping arcade. The tower has everything one may need while working here, including a large parking lot and several restaurants.

Evolution Tower

This elegant structure is 836 feet (255 m) high – that’s a whole 54 stories! The total floor area here is 554 462 sqft (169 000 m²). The Evolution Tower’s key feature is that it has its own Wedding Hall. This skyscraper houses large office spaces, a parking lot and several restaurants.

Imperia Tower

MIBC’s Imperia Tower is the undeniable focal point of the MIBC’s business life. Its height is 784 feet (239 m), which means one can hold conferences and resolve key business matters on the 59 th floor! And that really is amazing! The tower has everything: offices, hotels, restaurants and parking lots. But if you want a truly unforgettable experience, visit the viewing platform! It is situated on the 58 th floor and a simply astounding view of Moscow can be seen from it.

Moscow Tower and St. Petersburg Tower

The Moscow and St. Petersburg Towers are the chief representatives of the MIBC. The Moscow Tower has 76 stories and is 990 feet (302 m) high, while the St. Petersburg Tower has 65 stories and stands 843 feet (257 m) tall. Both towers offer fantastic views of the capital city.

Most of the floors of these two skyscrapers are taken up by luxurious sky apartments. There are also several recreational and entertainment centers, office spaces, restaurants, etc.

Steel Peak Tower

Also known as the Eurasia Tower of Moscow-City, this supertall skyscraper has a total of 680 912 sqft (207 542 m²) of floor space. Most of this is taken up by offices, and the rest – by residential quarters (around 65 616 sqft or 20 000 m²). The tower also houses a number of the greatest restaurants, studios and shopping centers.

Federation Tower

The Federation Tower is a complex of two skyscrapers, known as Tower East and Tower West. Tower East is the second highest building in Europe (the first is a skyscraper recently erected in the city of St. Petersburg). Its height is a colossal 1 223 feet (373 m) and that makes 95 stories! Tower West, on the other hand, is noticeably shorter at 794 feet (242 m).

The Federation Tower is a multifunctional complex.

Mercury City Tower

The Mercury City Tower skyscraper is widely known as one of the tallest buildings in Europe. Its height is 1 112 feet (339 m) and it has 75 stories. It is multifunctional by concept, holding within its walls shopping centers, offices and all kinds of other spaces. It is also possible to rent apartments here.

OKO Tower Complex

The OKO Tower Complex consists of two towers – the North Tower (49 stories and 803 ft or 245 m in height) and the South Tower (85 stories and 1 155 ft or 352 m in height).

Each of the MIBC’s tower complexes has its own recreational and entertainment areas, restaurants and parking lots. The top floors of most of these buildings contain luxurious fully-furnished apartments. At night, the towers shine with bright lights, while inside them the panoramic windows reveal astounding views of Moscow. This breathtaking view of the capital of Russia is why visiting Moscow-City is a must!

What Not to Miss

There are many interesting landmarks within the Moscow-City compound, but three of them are truly deserving of special attention:

• The Afimall City Shopping Center;
• The Bagration Bridge with two galleries and a shopping arcade;
• The Expocentre Fairgrounds.

Afimall City Shopping Center

The Afimall City Shopping and Entertainment Center is located in Moscow-City’s Central Core. It is divided into 4 zones, each with its own theme – one for every season of the year. The shopping center houses the biggest indoor fountain found worldwide. The height of this watery wonder is 118 feet or 36 meters.

The shopping and entertainment center contains everything one might expect from one of the largest centers of its kind:

• Retail brand stores;
• Exhibitions;
• Game rooms;
• and Restaurants.

The main recreational space is roofed with a giant transparent dome, which is an impressive sight to behold.

Bagration Bridge

Bagration Bridge with its upper and lower galleries has a shopping center all of its own and was the first structure to be built as part of the Moscow-City business district. Its lower gallery is a shopping arcade and its upper gallery is an open-air viewing platform with a spectacular view of the MIBC and the Moskva River. The hall of the bridge houses the 23 foot tall sculpture called “Tree of Life”. Having gone through the bridge via either one of its two galleries, a pedestrian would find themselves standing right on the Kutuzovsky Prospekt.

Expocentre Fairgrounds

The Expocentre Fairgrounds exhibition venue is located at the very heart of the capital. The first exhibition held at the Expocentre happened all the way back in 1959, much earlier than the MIBC was erected. Today it is the venue of many interesting events.

Exhibitions with very diverse themes are regularly held at this complex. An up-to-date schedule can be found on the official webpage of the Expocentre. The events can be free or fixed-price entry, depending on their type.

Renting and Buying Real Estate in Moscow-City

Moscow-City is not only a work and business hub, but also a residential neighborhood. Any citizen of Russia can rent or buy apartments or elite sky lounges here. The variety of residential real estate available inside the skyscrapers is impressive, including options for any pocket. The following buildings in the MIBC contain residential blocks:

This skyscraper has a mirror glass façade which reflects the passing clouds. Just imagine how beautiful that looks! Anyone can buy an apartment in the Federation Tower. Such properties are not only a good investment, but also a mark of prestige. The average price of residential real estate here is 45 million rubles for an apartment with a total floor area of 334 sqft (102 m²). The average price of a square meter (3.28 square feet) is in the range of 650 to 700 thousand rubles. There are two- and three-room apartments available in the Federation Tower, each with its own loggia. As for rent, the minimum price of one month’s stay in a three-room apartment in this skyscraper is 300 000 rubles per month.

The Mercury City Tower skyscraper welcomes citizens from all parts of Russia. This building is no less tall than the world-famous Dubai skyscrapers. Living in its apartments is a delight. The minimum cost of an apartment in the Mercury City Tower is 75 million rubles. The average price of a square meter (3.28 square feet) is 800 thousand rubles. And for those looking for a lower price point, some of the properties are also available for rent – in this case you will pay a minimum of 250 thousand rubles per month.

The Imperia Tower is a key cluster of interesting offers. The best options for buying and renting apartments within the MIBC can all be found in this skyscraper. The lowest price of a residential apartment here is 40 million rubles. A square meter (3.28 square feet) in a luxurious apartment in the Imperia Tower currently costs 600 thousand rubles, while the price range of the listings available for rent in this skyscraper is from 350 thousand all the way up to 1 million rubles per month.

This complex, standing on a faceted or “crystal” base, is an architectural engineering project boasting spectacular design. Behind its impressive façades is an abundance of penthouses and apartments having floor areas in the range of 262 sqft (80 m²) to 984 sqft (300 m²). The minimum price of an apartment in the OKO Tower Complex is 40 million rubles (the price of a square meter (3.28 square feet) is 500 thousand rubles). You can rent an apartment here starting from 400 thousand rubles per month.

City of Capitals

The City of Capitals is an exemplary architectural complex. Its sum appearance gives the impression of a huge city. Inside its walls are spacious apartments available for purchase and rent. This complex is considered to be especially prestigious. The prices of apartments here start from 50 million rubles, while the minimum cost of renting is 400 thousand rubles per month.

Please note! The price of real estate available for purchase or rent depends on: the tower, the floor, the total floor area, the furnishings and/or interior design, and other factors.

The key advantages of buying/purchasing real estate in Moscow-City are:

• Favorable location;
• Convenient transportation links;
• Well-developed infrastructure;
• High safety level;
• Efficient architecture;
• Panoramic windows.

Buying real estate in Moscow-City is very much a rational decision, most appealing to those who value the ultimate level of comfort. The residential apartments here boast impressive interior design solutions executed in the contemporary style.

Related posts

Property tax in russia, the best international schools in moscow.

Our Rating of the Best Districts of Moscow for Living In

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Money blog: Sales of viral Prime drink sink - as one supermarket 'sells at discount price'

Sales of the viral Prime sports drinks have fallen sharply in 2024 and are down by more than half year on year. Read this and the rest of today's personal finance news in the Money blog - and comment on any of the stories we're covering, or leave a Money Problem, in the form below.

Monday 8 April 2024 16:07, UK

• Pensions rising 8.5% today - as benefits go up 6.7%
• Money Problem : The monthly charge on my leasehold flat has gone up by more than £60 a month - what are my rights?
• Sales of viral Prime drinks sink - as one supermarket 'sells at discount price'
• London restaurant chain ditches tips - just before new legislation saying staff must get 100%
• You may be buying herbs and spices all wrong - and spending six times more than you need to
• The price of getting divorced

Ask a question or make a comment

Higher interest rates mean more people are opting to take out out longer mortgages in order to afford their repayments.

If you've recently agreed a mortgage deal that will take you past retirement age, we'd like to hear from you.

Are you worried, or do you feel it doesn't matter? Have you had to change any of your life plans to take on the mortgage?

Let us know by sending us a message via our  Whatsapp here.

Aldi is now Britain's third-biggest supermarket after kicking Asda from the bronze medal spot, according to one set of industry figures.

NIQ data shows Asda's growth has slowed, with sales up just 0.8% in the past three months - the worst performance of any big-name retailer.

Its market share has also dropped below Aldi's, with Asda making up 11.7% of the grocery market in the 12 weeks to 23 March, compared with 12.2% for Aldi.

The cost of living crisis has seen major supermarkets in the UK battle to market themselves as the best value for money for shoppers.

Aldi's UK operation reported a 26% rise in sales in December compared to the previous year.

Ex-Lidl UK boss Ronny Gottschlich said previously that he thinks the combined share of the two budget supermarkets will overtake Tesco "by 2027 at the latest".

Here's the latest Which? survey on the UK's cheapest supermarket for a basket...

Sales of the viral Prime sports drinks have fallen sharply since the start of 2024 and are down by more than half year on year, according to a report.

Chaos broke out in UK supermarkets at the end of 2022 following the release of the drinks, with some being re-sold by shoppers at inflated prices due to intense demand.

Prime, founded by KSI and fellow YouTuber Logan Paul, was the fastest growing food and drink brand in 2023, according to The Grocer.

But a new  report by the grocery news outlet cites NIQ data which shows that sales of Prime in the first quarter of 2024 sat at just £12.8m - less than half the £26.8m reported over the same period last year.

A picture emerged on social media last month of bottles of Prime being sold for just 31p in Tesco - although it's worth pointing out that the supermarket giant had previously been reluctant to stock them and other companies are still selling them at around the £2 mark.

You no longer have to pay a fee to sell pre-owned clothing on eBay.

The online marketplace says it has scrapped the charge for private sellers in the UK in a bid to prevent items from ending up in landfill.

In reality, eBay is trying to compete with popular apps such as Vinted and Depop. These apps tend to attract a younger market - which eBay is eager to infiltrate.

Under its change, all items are covered except hats, footwear, watches, bags and jewellery, which still incur a fee.

Items listed before today will benefit from the change.

Kirsty Keoghan, general manager of global fashion for eBay, said: "Free fashion selling has come at the right time for a nation sitting on billions of pounds worth of unwanted clothes.

"We know selling clothes can sometimes feel like a chore, so free selling and new updates like new AI-powered listings will help more of us to sell clothes easily, putting more cash in pockets."

By Sarah Taaffe-Maguire , business reporter

The price of oil is hovering around $90 a barrel, levels last seen six months ago in the wake of the Hamas attacks on 7 October.

It's a slight fall from the $91.50 recorded on Friday but still not good news for motorists and for most of the economy, which is largely reliant on oil to fuel production. 

The FTSE 100 index of most valuable companies on the London Stock Exchange is down 0.03% this morning with Marks and Spencer experiencing the biggest fall. 

Its share price is down 2.45%, followed by the London Stock Exchange Group (LSEG) itself. 

Following stories of a shareholder revolt in LSEG, as its chief executive David Schwimmer is in line for a pay rise from £6.3m to £13.2m, the share price fell 1.9%. 

A pound buys $1.2616 and €1.656.

Nail salon prices across the UK are going up today as thousands of workers band together.

The Nail Tech Org (NTO) says its member nail technicians make on average just under £7 per hour, well below the minimum wage of £11.44 - and so they're collectively coming together to raise prices to help increase pay.

Lauren Pritchard, owner of The Beauty Bar in Birmingham, told Sky News the cost of opening her salon on a day-to-day basis has doubled in the last four years because of increased energy and product costs.

She says she has already lost some clients after announcing her price increase of £2-3 per service.

"It's always going to be a bit scary," she said, but increasing her prices at the same time as others makes it easier.

"It's us coming together to encourage each other rather than pitching us against each other by undercutting prices."

The state pension rises by 8.5% today.

The "new" state pension, for those reaching state pension age on or after 6 April 2016, will rise to £221.20 a week - up from £203.85.

The "basic" state pension, for those who took it out prior to April 2016, is rising to £169.50 a week. These people may also get SERPs (State Earnings Related Pension Scheme), which goes up by 6.7%.

Both groups may get more or less depending on individual circumstances. 

While the rise is welcome news for some 12 million pensioners, we reported last week that 650,000 additional pensioners could be dragged into paying income tax for the first time.

This is down to state pensions rising in line with inflation while the tax threshold has been frozen at £12,570 (and will remain so until 2028).

The 8.5% increase in the "new" state pension this week will take it to £11,502. While welcome, it means any pensioner with an additional income over £1,068 per year - for example from a private pension - will trigger a tax bill.

Means-tested benefits will also increase today - along with other benefits increases this weekend and at the start of the month. Here's a round up...

• Child benefit

The amount people can earn before child benefit is reduced or taken away is increasing.

At the moment, people lose 1% of the benefit for every £100 they earn over £50,000. At £60,000, the benefit is cut completely.

From this month, the benefit won't be reduced until one parent earns more than £60,000. And it will only go completely at £80,000.

Benefits and tax credits that are linked to inflation will rise by 6.7% this month.

That was the level CPI in September.

These benefits have to go up 6.7% by law:

• Personal independence payment (PIP)
• Disability living allowance
• Attendance allowance
• Incapacity benefit
• Severe disablement allowance
• Industrial injuries benefit
• Carer's allowance
• Additional State Pension
• Guardian's allowance

The government also pledged the same raise for benefits including:

• Universal credit
• Contributory employment and support allowance
• Contributory jobseeker's allowance
• Statutory maternity/paternity pay and maternity allowance
• Income-based jobseeker's allowance (JSA)
• Income-related employment and support allowance (ESA)
• Income support
• Working tax credit
• Child tax credit

From April universal credit rates are:

• Single and under 25 - £311.68
• Single and 25 or over - £393.45
• Live with partner, both under 25 - £489.23 (for you both)
• Live with partner, either of you are 25 or over £617.60 (for you both)

Every Monday we put your financial dilemmas or consumer disputes to industry experts. You can find out how to submit yours at the bottom of this post.

This week, Sky News reader SBwrry  asks...

"I own a flat in a block where the developer contracted a company to manage the communal facilities. The first year the monthly charge was £149 per month. From April they will increase the monthly charge to £216 per month. What rights do I have to challenge this increase?"

Mark Chick, senior partner at Bishop and Sewell law firm, picks up the first half of this one...

Firstly, we need to understand whether this is a shared ownership property or not. 

However, assuming the lease has a service charge, and that the common facilities form part of the costs which are recoverable under the terms of the lease, then the leaseholder would have the right to challenge the costs in the first-tier tribunal.

In accordance with the provisions of the Housing Act 1985, service charges must be "reasonable" and you have the right to bring a challenge.

In this situation, the leaseholder would need to pay their own costs of going to tribunal and therefore it may make sense to act collectively; if the tribunal did order the service charge is "unreasonable" and should be reduced, this should benefit all those that pay it.

But the first step is to write to the freeholder or manager querying why the increase has been levied, and also to review carefully the provisions of the lease to ensure these are costs which they can legitimately pass on to you as the flat owners.

The Money team's Katie Williams has looked at another avenue you could explore...

Leaseholders in a block of flats can take over management of the building under a process introduced in 2002 called right to manage (RTM).

The leaseholders have to set up a RTM company in order to be able to take over management duties. It can be done without the permission of the landlord, but they will have a right to be a part of the company. They'll also have the option to dispute the claim if they think the RTM company isn't entitled to manage the building.

The RTM process can be used to take back control of a poorly managed block, but flat owners don't need to prove mismanagement to exercise their right.

There are some conditions that have to be met before management can be taken over:

• The building must be self contained and include at least two flats;
• At least two-thirds of the flats in the building have to be leasehold;
• At least 75% of the building must be residential;
• At least half the leaseholders must participate, or all if the building consists of two flats only.

The advantage of right to manage is that you have greater control over the cost of running the building which could lead to big savings - but a potential disadvantage is that it could be time-consuming and stressful in the long run.

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute, leaving your name and where in the country you are, in the form above or by emailing [email protected] with the subject line "Money blog". Alternatively, WhatsApp us  here .

If you regularly buy herbs and spices from the supermarket, it could be that you're doing it all wrong.

These items have their own section, usually somewhere near the stock cubes and gravy.

If that's where you pick up your cumin or chilli flakes, for example, you should consider having a look down the world aisle instead.

They're usually much, much cheaper per 10g, and although you'll likely have to buy a slightly bigger packet, you're getting much better value for money.

The Money team popped into a Tesco Extra to have a look - though you'll find this applies to all the big supermarkets where they have a world food aisle.

• East End ground cumin - 13p for 10g v Tesco own brand 23.3p
• East End chilli flakes - 7.6p for 10g v Tesco own brand 35.7p
• East End cinnamon sticks - 13p for 10g v Tesco own brand 83.3p
• Rajah chilli powder - 5p per 10g v Tesco own brand 20p
• Rajah turmeric - 6p per 10g v Tesco own brand 22.2p
• East End fennel seeds - 13p per 10g v Tesco own brand 27.8p
• Natco ground coriander - 14.5p per 10g v Tesco own brand 27.8
• East End garlic powder - 13p per 10g v Tesco own brand 22.2p

And it's not just herbs and spices.

For example, we saw desiccated coconut at £4.25 per kg down the world aisle, compared with £7.25 for Tesco's own brand.

A popular London restaurant chain has ditched tips - and has instead introduced a 15% "brand charge" in order to increase staff wages.

Ping Pong's decision comes just months before new laws mean restaurants will have to give 100% of tips to staff - and unions have hit out.

How much are wages going up?

The dim sum chain's lowest paid employees will see their pay increase from £10.42 to £12.64.

The national minimum wage for people aged over 21 rose from £10.42 to £11.44 on 1 April. The real living wage in London is £13.15, according to the Living Wage foundation.

What is the 15% 'brand charge'?

The "brand charge" covers "costs associated with operating a franchised brand and delivering the dining experience to brand standards", Ping Pong menus read.

The charge will eventually be incorporated into menu prices.

Customers at Ping Pong will no longer be able to leave a tip by card. Cash tips are allowed - but many customers don't carry cash these days.

Unite's Bryan Simpson said offering £1 above the minimum wage to replace "a healthy per hour tip rate" is "a complete slap in the face" for staff.

"Ping Pong's decision to effectively deny workers tips by cynically changing the service charge to a 'brand charge' in order to circumvent the new fair tips legislation is one of the most blatant examples of tips theft that we've come across as the union for restaurant and bar workers," he said.

"No matter what senior management call it, customers will assume that this 15% is a tip that should go to workers, but it won't. That is completely disingenuous."

Several reviews on TripAdvisor bemoaned the bill change, with some describing it as "outrageous". 

"I thought it was a service charge at first but queried it and was told it was a brand charge and service had to be paid in cash on top! Needless to say we asked for this to be deducted and I did not then feel inclined to give them a service tip," one reviewer said. 

What has Ping Pong said?

Owners AJT Dimsum said: "The business is very proud of the reputation it has as a good employer and, despite the many recent headwinds, has acted with integrity and honour, with a high priority placed on employee retention. 

"The benefit to our employees will be stability of wages throughout the year, reducing the impact of seasonality and the higher wages will also mean improved access to financial products such as loans and mortgages."

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