Your start-up is ready to move out of the basement and the local coffee shop, but not yet ready for the commitment of a leased office. What do you do? There has recently been huge growth in the renting of co-working and executive suites. As will be discussed more fully below, both options are great for a start-up. They do not make you commit for as long a time as a traditional lease, but also provide the amenities and professionalism of a traditional office space. Today we will be focusing on how your small business can rent an executive suite, and why this could be a good option for you.
What is an Executive Suite?
First of all, we should define “executive suite.” When you hear the term, you may think of a place where executives of large firms have their offices. That may have been where the term originated, but the definition has expanded to include a set of differently sized office spaces that anyone can rent for their business.
Most executive suites cater to small businesses or start-ups and can be found in any major city. You usually pay for a membership to make use of the executive suite. Memberships can range from monthly to eighteen months at a time.
In order to take advantage of your executive suite membership, you book time with the company. This time could be just a few hours a week to conduct conferences and client meetings. Or, you might book multiple hours a week so that your staff has a comfortable and professional space to complete their work.
If you decide to rent space in an executive suite over 1,000 square feet then you will want to work with a Real Estate Broker. Anything under 1,000 square feet can be gotten through a professional Executive Suite Business Center.
Here are just a few of the most important features included with your rental of an executive suite. There are more comprehensive lists out there that you can check out, but for now here’s a few:
Conference rooms to rent
Employee and guest chairs
Utilities and custodian services
Wi-Fi (some buildings include high-speed internet, or allow you to purchase it for a small fee)
Mailing address and mail handling
Telephone messaging and conferencing capabilities
Kitchens and free coffee
What Differentiates Executive Suites from Other Types of Offices?
Executive suites are similar in concept to the shared office space. However, these two options differ in some significant ways. Firstly, executive suites usually come with administrative staff that will help run your business. Such workers are typically not included in shared office spaces.
Second, executive suites often are found in Class A and Class B buildings. Most small businesses cannot afford to even look at leasing offices within buildings like these. Shared office spaces can be in good buildings but are usually not as swanky as the executive suites.
Why Use It for Your Start-up?
The cost of an executive suite will depend on the size of the space that you need, the building its in, and the length of the membership. Generally, the bigger the space and the better quality the building, the higher the monthly payment. Yet, the large variation in price allows you to find a professional office space that will perfectly fit into your specific budget.
There are some definite advantages to renting an executive suite in a large city. It is no wonder that this has been an appealing option to small business owners for many years. Here are just a few:
- Flexibility is a major advantage of using executive suites. If you choose to take a month-to-month membership, then you can easily upgrade or downgrade at any time. Most executive suites have different sized offices available at various price-points. Not being locked into a single size and price for years can help you easily scale your business.
- Executive suites allow you the luxury of concentrating on growing your start-up without having to worry about the day-to-day administrative work that can distract you from your goals. One of the major appeal of executive suites are their inclusion of administrative staff like receptionists and notaries. This cuts down on costs—since you will not have to pay a permanent employee—and provides the security of knowing these tasks will be handled professionally.
- The inclusion of support staff with executive suites should not be underestimated. These people are employed by the executive suite, and so are not on your payroll. They provide all administrative services so that you and your staff can focus on making your small business successful. These personnel also help present a professional front for your business, that can impress clients more than an impromptu meeting in a coffee shop.
- Executive suites provide turn-key operations. In traditional office space rentals, you are responsible for buying—or renting—the utilities, furniture, equipment, etc. But, in executive suites everything is included for the price of your membership. This takes away a large portion of your overhead expenses and helps keep your start-up on solid ground financially.
The advantages far outweigh the disadvantages when thinking about renting executive suites. But you should remember that you cannot personalize these spaces. They will not have you company’s name or logo on any of the furniture or equipment. So, if customization is important, then renting an executive suite will not work for you.
If you have decided that you need to locate your small business in a large city, but do not have the capital or desire to sign a long-term lease, then you will want to look closely at executive suites. These spaces are especially important for people like lawyers and accountants. That does not mean that only those professions can use these spaces. In fact, executive suites work very well for tech start-ups who need their people in one location but aren’t yet established enough to lease an entire floor or building. If you want the convenience of a metropolitan location, access to high-quality buildings, and a professional space then an executive office in a big city may be right for you.