Out of Office

The prospect of moving out of your home office, or the local coffee shop, to procure your dream office space, and designing it just the way you want it can be quite exhilarating. Maybe you have office space that leaves a lot to be desired, or your business growth has created the need for a satellite office or extra space. Unfortunately, the costs and commitment associated with leasing and building a dream office space often do not align with the financial abilities of many

business owners.

Many of these office space alternatives allow small businesses to present a professional image to their clients, while preserving much needed capital and allowing them to be flexible enough to respond to sudden growth or setbacks. In addition, many of these options offer significant collaborative benefits including the potential for new contacts and leads, an ongoing support system, fresh ideas, partnership opportunities, industry expertise, and more. 

Standard Shared Office Space

Usually situated within another business’s existing office, this type of shared space comes in the form of private offices, cubicles, or work stations. In many cases, the common areas within this space are shared, including the kitchen, and conference

and board rooms.

Expenses such as electricity, Internet, cleaning, and equipment leases are usually split according to usage and can offer a significant cost savings to all involved. Prior to signing any kind of sublease, you should make sure the sublessor understands the rules and regulations the lessor is subject to. As an entrepreneur, you already have enough to focus on without having to worry about sneaking in or out of your space because subleasing is against the rules. You also want to inquire about signage (can you put your name on the door or marquis?) and the amount of time the primary space holder has left on their lease.

Pros: Shared expenses, short lead time, and often less of a commitment compared to a traditional leasing.

Cons: It’s not your space. 

Executive Suite

Executive suites are management-run and well-furnished shared spaces, typically

situated in prestigious buildings with a high-profile address. They offer small businesses an opportunity to present a “big image” without the commitment or price tag associated with a traditional lease in a comparable building. 

Executive suites often include amenities such as a shared receptionist, kitchen services, conference and board rooms, and courier services. They may also offer access to equipment such as broadband, Wi-Fi, copiers, printers and fax machines, and phones.

Pros: Some executive suites have reduced price-tags compared to a traditional space, plus a full array of available amenities and flexible terms. These features give your company a professional image.

Cons: No choice of furniture, equipment, or service providers. Shared services are typically offered on a first-come, first-served basis, as well.

Co-working Space

Co-working space, is one of the newest shared-space alternatives on the block, and is probably one of the fastest growing, with locations popping up in cities all over the world. Although both executive suites and coworking spaces are considered “shared work spaces,” there tends to be

a clear distinction between the two (even though some hybrid models are starting to appear). Co-working spaces tend to be more focused on building a strong, café-like community of entrepreneurs, freelancers, and other independents than concentrating

on the space itself. They are based on the shared values of the members such as collaboration, community, sustainability, openness, and accessibility.

Most co-working spaces have a combination of common areas, community desk spaces, private offices, and a shared use of a conference room and kitchen area. While amenities may vary from space to space, it is not uncommon for a co-working membership to include Internet; printing; coffee; fax, copy, and scanning; as well as access to social events within the space.

Pros: Reduced price tag compared to a traditional lease, flexible terms, and most importantly, co-working offers a unique collaborative environment and community.

Cons: Might be noisy and lack private areas.