About Startup Costs
The startup costs provided in this database include an approximate financial investment that will be needed to start the business. This is generalized information and should only be used as a yardstick to determine business startup costs. Your investment will vary based on factors such as equipment, transportation, licensing and permits, operating location, working capital and initial marketing and advertising budgets. Remember a successful entrepreneur is one who carefully researches and plans every aspect of a new business venture, including the financial investment needed to start a business and the working capital required to achieve positive cash flow.
Business At A Glance
Boardroom Facilities
Startup Costs: $50,000 - $100,000
About
Franchises Available? No
Online Operation? Yes
Many small businesses don't have their own boardroom. Woo them with attractive facilities.
Business Overview
The increasing trend toward conducting business enterprises from a home office continues to grow at a record pace in North America. Due to this fact an entirely new business requirement has surfaced. What do you do if your business is homebased, yet you require short-term meeting facilities? There's one simple solution to the question if you’re an enterprising entrepreneur: you start a boardroom office facility that can be rented and utilized by homebased business entrepreneurs, employees and traveling businesspeople. The best way to reach your target market--which, of course, is homebased business owners--is to join local business associations in your community and start promoting your boardroom rental service. Almost every city and community across North America now has a Homebased Business Owners Association or Chamber of Commerce. Most of these associations host networking meetings, and these networking meetings are fantastic forums to meet other business owners and introduce them to your new boardroom service. Likewise, you'll want to get the message out to corporate and business travelers that may also require this type of service while conducting business in your area.
The Market
Homebased business entrepreneurs, employees and traveling businesspeople who need to temporarily rent a space to conduct business
Needed Equipment
The boardroom facility will have to be well equipped with office fixtures, furniture and other equipment such as private meeting rooms, computers, internet connections, copiers, overhead projectors, a catering service, secretarial services, stationery supplies, multi-line and function telephone system, and other related client support services and products. When choosing a location for this business, the following should be considered: a central location, alternately an airport location, good parking, and at least 1,500 square feet of floor space. Prior to establishing the business, a market study should indicate if the business would be supported mainly by homebased business owners or business travelers.