Office Space Advice
Executive offices: not just for executives anymore
Published November 18th, 2008 by Jennifer LeClaire
It’s been said fortunes are made during recessions.
To be sure, down markets are among the best times for entrepreneurs to emerge with innovative products and services that fill a void in the marketplace. You’ve got an idea, you’ve got some startup capital, and you’ve got some solid business leads – now you need an office to meet with vendors, investors, customers and others.
Enter the executive office.
Don’t let the name fool you. Executive offices aren’t just for executives anymore. Entrepreneurs are tapping into the benefits of serviced office rentals to build a business foundation in bootstrap mode.
Entrepreneurs and serviced offices are a match in any economy, but in recessionary times there are added benefits. Serviced office rentals, for example, can cost up to five times less than traditional office leases.
What’s more, there are no long-term contracts to sign. That means if your idea flops or if your idea grows so fast that you need a warehouse to keep up with the orders, a serviced office rental gives you the flexibility to make a move without the cost of breaking a lease.
Entrepreneurs also appreciate the built-in technology, on-premise office equipment and fully-furnished features of serviced offices, as well as the receptionist who answers your calls to add that touch of professionalism you just can’t get from a home office.
Sure, entrepreneurs are starting home-based businesses every day – and it can be more economical to launch an enterprise in your spare bedroom. But there comes a time when every successful nearly entrepreneur needs a contemporary office space, even if it’s only a week at a time, to impress clients.
When it comes to executive office suites, the key word for entrepreneurs is flexibility. And, of course, that flexibility comes at a major cost savings over long-term office rentals.
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Marcus Hester November 18th, 2008 at 12:05 pm
What I like about the concept of executive offices is just that — anyone can leverage the benefits. There’s no long-term leases to jump through, no high-dollar deposits or monthly office rental fees. This is a low-risk venture for the entrepreneur that could make a huge difference in terms of first impressions. I think the industry needs to more aggressively target this niche with educational programs that help them understand the real benefits. Most people I talk to really don’t get it. That’s troublesome.
Elizabeth Sanchez November 19th, 2008 at 9:51 am
Flexibility really is the key word here. That’s what people are paying for — or in this case not paying for. Like a hotel, you need it when you need it. Execustay, a temporary housing arm of Marriott, offers long-term hotel stays for executives. And this is the equivalent for entrepreneurs. The difference is executive suites can continue to serve entrepreneurs for the long-term. Executives move on from their long-term stay suites because it’s time to go to the next city. If an entrepreneur moves on from an executive suite, it means he’s found great success.
Melanie Jones November 25th, 2008 at 1:20 pm
I imagine entrepreneurs and small business owners are making some tough decisions for the new year with regard to office rentals, advertising and the like. It could be that we see an exodus from traditional office leases to serviced offices for the sheer value. While small business owners may start in their home office, some industries don’t lend themselves to a home office front. That’s where an executive office suite comes into play as a more affordable alternative in a down market.
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[...] a phone number, receptionist, business mailing address and other business related services. The executive suite industry is well known for offering these services along with their standard set of full-time [...]