Small business owners are often caught up with how to better run their companies and cut costs. Office space is the second largest expense for businesses. With more entrepreneurs working remotely, some find that they underutilizing traditional, long-term leases, which can be quite expensive. The capital invested in property leasing could be better directed at growing the company.
Some executives at small businesses and startups and solopreneurs are opting for nonbinding, flexible arrangements like drop-in lounges or virtual offices to reduce their overhead costs. Before signing that long-term lease, consider the following benefits that could result from renting from a flexible-workplace provider:
Enjoy the perks, without a premium price tag. Securing an office or conference room on an as-needed basis gives smaller businesses and startups the ability to look professional without the costs associated with long-term leases.
A company can save on upfront and ongoing expenses like utility bills and some administrative costs since many flexible-workspace providers offer on-site staff and maintenance costs are shared among all the companies in the space. In return, the company gains a top-notch business address, networking opportunities and a fully stocked kitchen.
Impress with a business address. In business, perception is reality -- and sometimes a coffee shop just doesn't cut it for a client meeting. This is something that Ryan Jaskiewicz, CEO of 12FIVE Capital, was keenly aware of when selecting his new office address. He wanted to move to Chicago’s Wacker Drive to be closer to his clients did not wish to pay a premium for the downtown address. He turned to our company, Regus, a flexible-workspace provider to land his dream office location.
Deborah Skelaris of Chicago, owner of Rodas Coaching, often holds sessions with her clients over Skype but found that her home kitchen was not the ideal backdrop for such conversations. She realized that she wanted to work at least a few days a week from a more professional setting and one with doors to close for privacy. She now splits her work time between home and a flexible workspace provided by our company, finding a balance that suits her lifestyle and her clients’ expectations.
Network with like-minded individuals. Skelaris, like many at-home workers, found that spending 8 to12 hours a day alone had a negative impact on her mood and productivity. By the time Wednesday rolled around, she felt crazy, she says.
Working a few days a week from a flexible workspace lets her enjoy the company and energy of the other entrepreneurs working at the same location. She takes advantage as well of the many networking opportunities presented in an office space shared by several entrepreneurs.
Add space as the company grows. Co-founders David Medran and Carlos Cantu-Lee of Chicago started InterpreNet using a virtual-office service that provided them with an office address to have their mail sent to but did not include a physical office.
As their company grew, they migrated to a more permanent office location through a flexible workspace provider (Regus) but not a long-term lease agreement. This decision has enabled them to enjoy the flexibility and scalability they needed as new team members joined the company and additional offices are needed on short notice.
Office hop to fit a busy schedule. Attorney Marlon Kirton has clients all over sprawling New York City, which presented a challenge when it came to choosing a single office location. He discovered that some flexible-workspace providers offer memberships that do not stipulate that he work from a single location. Today, he meets his clients at the Regus office location most convenient for them and while each location has a different look and feel, all provide the professional atmosphere he desired, as he shared on this promotional video prepared for Regus.