A comfortable place to conduct business is key to achieving success. While many are familiar with horror stories of running a business from a spare room at home, fewer realize there are numerous options to suit various businesses and individuals.
Traditional office space
Most people are familiar with traditional office space. In this setup, you rent directly from the landlord or their representative. You are responsible for building, furnishing, and managing the space, including utilities. Typically, lease terms range from 3 to 5 years.
Executive office space
In the 1990s a new trend gained strength, increasing your options to find available office space. You may have heard of executive office space, business centers, flexible offices or managed offices. All of these terms refer to a large office space that is built and maintained by an independent operator who in turn leases smaller, fully furnished spaces to individuals and companies. As part of the deal, common areas are also included such as conference rooms, kitchen and break areas, as well as a professionally staffed reception. Pricing is generally all-inclusive so you do not need to care about paying multiple bills every month, since you will get a single invoice from the center operator covering all charges at a predefined rate so you will not have any unforeseen surprises.
Coworking space
The latest trend in office rentals is co-working. While it shares some similarities with executive suites, it offers a more collaborative and informal environment. As a result, it appeals strongly to creative professionals, young entrepreneurs, and people who thrive in social settings.
Virtual offices
If a physical workplace isn’t a priority but you occasionally need to meet clients, and coffee shop meetings no longer work, virtual offices offer a solution. Virtual offices, typically provided by executive suite services, give you a physical address for correspondence, a phone line answered by a trained receptionist, and forwarding to your personal line as needed. They also offer a few hours of office space each month. Additionally, many packages include meeting room hours and optional secretarial services.
Which one is a good fit?
With all the options available in the market at this day and age, you can be sure that there is a suitable alternative for your business. No matter if you are a solo professional running your personal business, a small promising company with just a handful of employees or a larger company with 20+ full time employees.