If you’re currently running your own business, you know how important a good and reliable space can be. When you started out, you likely worked countless hours from the comfort of your own office, perhaps spent your fair share of time in cafés, and even had a coworking membership at one point. Initiating a business is no small feat and at the very beginning of your entrepreneurial journey, you’ve likely focused on getting as much work done as possible and concentrated less about the location where you tackled those tasks.
Now that the large challenges are behind you and you’ve managed to set up a successful business venture, it might be time to base your company in a more flattering setting. Furthermore, you’ve probably developed a client base that deserves to enjoy the fully-functioning amenities of your private office space. This will help strengthen your image as a true businessperson and that can make you feel more professional in the daily grind.
Executive suites might be the perfect match for you and your business needs. But what exactly is an executive office suite and how does it differ from other office layouts? Let’s take a look at the short history and the most important advantages of executive office suites!
Often referred to as a serviced office, this type of space became quite popular in the ‘90s when overpriced real estate forced small business owners to move into large facilities generally managed by a single proprietor that offered individual workstations and office units. These affordable “flexsuites” were usually part of large buildings situated in sought-after locations, which, in turn, helped make a good impression on clients and business partners.
An executive suite ensures a private place of business and is part of a professional setting boasting high-end office amenities. Although not too large in size, this kind of space comes with a fixed layout and design already equipped with furniture. The professional look is complimented by staff services such as taking calls, arranging meetings, and even collecting mail.
Besides the receptionist’s services, since you’re merely renting the place and paying a monthly fee to utilize these services, these fantastic perks all come for a fraction of the price of actually purchasing a business location. Another wonderful advantage to these leases is the fact that they’re flexible and can be rented out for almost any period of time. They differ from mortgages since the contracts are much easier to dissolve and if your business ever outgrows the current setting, you can always move to a larger executive office or lease an additional space in the vicinity.
Shared utility costs and on-site office supplies are also an undeniable advantage of executive office spaces. Although you share these facilities with other lessors, small business owners, and entrepreneurs, your high-speed WiFi, electricity, heating and water bills are also split with other tenants. You’ll likely have unlimited access to a well-stocked kitchen offering coffee and tea, and a small kitchenette to heat up your food. On-site office supplies, such as printing and scanning machines, papers, pens, folders, and envelopes are also often supplied.
Another undeniable asset of executive office suites and their shared facilities is the chance to meet like-minded people who run similar businesses and who likely deal with the same problems, issues, and tasks as you. Accidental run-ins with other solopreneurs can offer collaborations and networking opportunities which can, in turn, lead to fruitful results adding value to your business.
While the advantages to executive office suites are plenty, let’s not forget about the potential disadvantages of renting such offices. For starters, you probably won’t be able to personalize your leased space completely, since the layout and space of the office is likely already established. You won’t really be able to refurbish, repaint, or renovate the space, so you’ll need to accept what you get.
While splitting the costs of on-site shared amenities is a fantastic way to save money, don’t forget that different people come from different backgrounds and have different standards. Not everybody is as neat and tidy as you and not everyone cleans up after themselves on a regular basis, which can lead to disagreements, clashes, and conflicts.
Enjoying the collaborative atmosphere is a great way to get to know other people in the same boat as you, however it can also serve as a serious distraction. Make sure noise levels match your tolerance before you move. Also, never forget that your competition might be based in the office next door, so handle your sensitive business issues with sufficient care and secrecy.
All in all, executive office suites are perfect for solopreneurs and small business owners looking to take the next step in their business venture. So if you’re someone who is actively seeking a more professional ambiance, we highly recommend checking out this type of space.