Is a Shared Office Space in Your Future?

Office Space Alternatives

Building your small business takes many dedicated hours in your office. Your office serves as a place of business operations, client communications, and a daily reminder of your purpose. It makes sense to choose your office space like any business decision; look at the alternatives and determine your best course of action. One cost-effective alternative to traditional office leasing is executive office space.

What many start-up entrepreneurs or home office company owners come to realize, is an office space can be a large overhead expense and a cash drain on precious capital. Your industry, clients, or work sanity might require a professional looking office. Can your budget afford the high costs of office rental? A serviced office space can ease your rental anxiety.

What is serviced Office Space?

Executive office space, also known as a serviced office, professional business center, or shared office space are a turn-key office solution providing an office space shared by other companies or professionals. These serviced offices often come fully equipped and furnished; a ready-made solution for establishing a branch office or saving limited time and money for start-ups. Besides the lower costs, an executive office space can help home-bound entrepreneurs feel less lonely and provide a more upscale image for your company.

A shared executive suite can allow you to focus on your business as BizBrain Consulting discovered. D. Greg Krikorian, of BizBrain Consulting and tenant of Micro Office Solutions, says executive office space provides "a convenient workplace environment for us to operate in. The 24 hour access and facilities such as mail handling, telephones, and broadband, as well as a central location in the Flatiron district has made it easy for us to focus more on our business and less on managing an office."

Low cost, furnished offices can provide a synergistic marketing solution. By pooling your shared office space with related professionals, you can enjoy the synergy of building your referral base with other similar non-competing businesses. For instance, a group of health professionals like a podiatrist, massage therapist, and chiropractor can all benefit from low cost office space and expanding client exposure to a one-stop shopping solution. Even if you do not have a complementary business to share furnished office space with, you can still have people to socialize with at the proverbial water cooler.

Choosing a business center Provider

Location: For certain industries, a location is central to business success. Having an executive office space in downtown might be a minimal client requirement. If location is not paramount, consider lower cost locations. Don't forget to include the location attractiveness from an employee perspective. Will the office be within commuting distance and have affordable parking?

Tenants: An important question is who will be your office space partners? Look for complement businesses or similar sized companies. View your tenant relationships as an opportunity to gain access to shared business wisdom and camaraderie.

Contract: An executive office can offer a minimum 3 month lease; much better than a 10 year term. Leases and lease options will vary among shared office firms and locations. Have a lawyer review your contract to understand your requirements and the flexibility of your office solution.

Amenities: Depending on the location and rental costs, a serviced office can come with basic office amenities or premium services.

Professional, furnished office space remains a viable solution for small business. To find the best deal, take the time to shop around and compare existing shared office spaces. Never be put in a situation of pressure to close a deal. Remember to seek counsel from trusted advisors and mentors.