Many small businesses have unique needs for office space. Because there is a range when it comes to what qualifies as a small business, these operations may need lots of office space or just a little. They may need to use their space every day, once a week, or even once a month. No one wants to pay for more than they need, so many small businesses turn to executive suites.
What is an executive suite? It is a space in a larger office setting that small businesses rent on a short-term basis to save money.
Once a small business outgrows the quarters it occupied in the owner's dining room, some important decisions have to be made. Some small business owners opt to rent space directly. This can work, but the business owner has to be sure to choose the right space — and that he or she can afford the lease and all of its associated costs.
Direct Lease Agreements are usually at least three years, sometimes longer. As a small-business owner, when you take direct space, you must consider the expenses that come along with it, such as internet, utilities, payroll for a receptionist and buying or renting furniture and supplies. These added costs can add up to a significant initial layout; then you are locked into a long lease. The expense and the pressure are enough to break some small businesses.
With an executive suite, you have none of these concerns. Many small-business owners turn to renting an executive suite for three main reasons:
Cost
The cost of renting office space for the short-term is significantly less than leasing it. The terms are flexible, even month to month terms. No one wants to envision their business taking a downward turn, but if it should happen while you are renting temporary office space, you can simply move out until you are back on your feet again. It could be a month, six months, or a year; there are no set requirements.
With a lease, you are stuck paying it for the term of the contract. If you rented furniture, you must pay for that as well. If you bought the furniture, you must continue making payments on the loan.
These are all major commitments for a small business, and the slightest tremor could cause everything you’ve built to come crashing down.
Convenience
When you rent an executive suite, everything you need is already in place. You’ll have a desk, chairs, lamps, etc. You’ll have all the little things you don’t even think about, such as wastebaskets, pencil holders, file folders. Also available is the best in high-tech equipment, including copiers, fax machines, telephones, presentation screens, and more.
Investing in all this yourself would cost tens of thousands of dollars. With an executive suite, it’s all available to you, onsite, to use at your convenience.
Environment
When you rent an executive suite, you are sharing space with other small business owners. This opens the door to networking in a way that directly leasing space in an office building might not, especially if the only space you can afford is in a low-rent area.
Renting an executive suite allows you to conduct business in well-appointed quarters in a respectable ZIP code, close to public transit. When your clients come to see you in a beautiful building with a gleaming lobby and they are greeted by a live receptionist, they will be impressed with you and your business. Your address directly affects your bottom line.
When your small business is ready to expand to larger quarters, contact Premier Workspaces. We offer executive suite and conference room rental by the month, week, day, and even by the hour. Call us today and learn how we can help your business.