GREAT 59 IDEA: Share Space with a Compatible Business

Another great option is to share space with another small business. I once met two happy bakers who shared a commercial kitchen in Orange County, California. The gourmet brownie baker and his friend, a cheesecake baker, worked around the clock. The brownie guy baked during the day; the cheesecake guy worked nights. They split the expenses and kept the ovens hot around the clock.

In downtown Hanover, New Hampshire, Shackleton Thomas, an upscale furniture maker and a high-end pottery company, share space with Khawachen, a Tibetan rug and gift store. The three entrepreneurs began sharing space in an old mill building in Bridgewater, Vermont.

Charles Shackleton, the custom furniture maker and his wife, Miranda Thomas, a potter, decided to open a store on the main street of the college town. Selling compatible wares, they thought it was a good idea to extend the relationship with their friend, rug and decorative items importer, Kesang Tashi.

It makes sense that anyone who can afford a bedroom set for $30,000 would be open to buying a handmade $15,000 rug to go with it.

You don't have to sell high-end furniture and rugs to share space. Bankruptcy attorney Renee Sophia Coulter set up a small office in a copy center located in a strip mall in Livonia, Michigan. Although she also works at home, being in the copy center is perfect because bankruptcy clients need lots of copies of records for their court cases. The owner of the shop, Cathy Anderson, answers Coulter's phone and rents her a small office in the back of the shop for just $300 a month. It's truly a win-win situation for both women.