Office Space 2.0 (Part 3): From seed to stem to branch & leaves
Your business goes through different stages and depending on your stage, your need for office space can have very different requirements. Shared office space can help provide a business’s a place to go from seed to stem to branch and leaves.
- Seed: Your business could be a concept that you’re trying to get started. You might be self funded or even have an angel investor. One of our virtual office clients registered his domain name and is starting his business. He is using our address as his mailing address and that shows up on his domain registration. When his address is “googled”, his business shows up on a map in the middle of Redmond, rather than, a residential neighborhood. In the seed stage, your business might need creative space that helps foster new ideas, where you can collaborate with other likeminded people. Our shared coworking space is an excellent option for those of you who want creative space without a lot of overhead. You’ll find desks, chairs, bandwidth (up to 30mb/s down and 5mb/s up), printer/copier, etc.
- Stem: Your business is starting to grow and you want a professionals space to hold meetings with potential clients, a place to close the deal. With the space and infrastructure your company of has the professional presence to convey to your customers that you’re operating a sustainable business. Many of our clients tell me that they used to work at home, but, now need a quiet and private place focus and operate your business.
- Branch and Leaves: Your business is growing and you are hiring employees. You don’t have to move to traditional space or taking on more space than you need. You can grow right inside this space. We have space that ranges from 100 SF to 1000 SF.
- Less financial risk. You are able to grow your business without having a large capital investment. In traditional space you have to commit a lot of money into office space deposits, lobby furniture, conference room table and chairs, phone systems, data networking infrastructure. Don’t forget that you need to furnish the kitchen too.
- No personal guarantee. You are a small company that may not have two years of operating history. Trying to get a business loan in this economic climate is not always so easy. You don’t have to sign a personal guarantee to move in.
- Business insurance is not required. Here’s something that often goes over looked but when you’re leasing traditional space you might be required to obtain business insurance that is rated AV-X. That can be costly and is money that could be used elsewhere when starting up a business.
- No lengthy and complicated lease terms. Negotiating a lease with a landlord can be as fun of an experience as buying a car from an auto dealer. Lease documents can also be tricky to understand.
- Economic climate: Given today’s economic climate, it makes good sense to not get over committed in leasing office space. With shared office space, you do not need to sign a long 3-5 year long term lease. You can go with a 6 or 12 month lease.
- Flexibility: You have the ability to grow or downsize. You pay for what you use and not one square foot more than you need.