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Column by Jeff Landers
What You Need to Know About Executive Suites
Getting out of the house was the first step. Now, where will you go? Learn more about executive suites.
When you're on your own, working from home may seem appealing, but you may also find yourself quickly distracted by non-business tasks. That's when you're probably thinking about moving your office out of your home.
When I speak to entrepreneurs about this issue, I often find myself extolling the benefits of executive suites because they make great transitional office spaces for start-ups. They get your business out of the house without tying you down to long-term lease commitments and large up-front capital investments. They are a wonderful “starter" office for a fledgling business. They make your business "real" without all the hassles and financial headaches.
Executive suites give you three big things: more control over your cash flow; lots of flexibility for your growing business; and the opportunity to create a polished, professional appearance. If it's time to get out of your home office, executive suites might be a great option for the next stage of your business.
Make No Capital Investments
There are no up-front construction or renovation costs. There is no need to buy office equipment or furniture. You do not have to run to Staples and load up on office swivel chairs and laser printers. And you do not need to worry about the financial strain such costs would put on your start-up.
Manage Your Cash Flow Easily
Executive suites offer an all-inclusive monthly bill. This makes your bookkeeping easier. You will get a single invoice every month. It usually includes everything: heating, air-conditioning, electrical, cleaning, telephone, Internet, furniture. This simplifies your renting experience and helps you manage your cash flow over the long term.
Get Just the Amount of Space You Need
An Executive suite company typically rents an entire floor or two, in a well-located office building. They subdivide the space into a large number of offices for rent to individual businesses like yours. These individual offices range in size from about 100 square feet -- good for one person -- to several hundred square feet -- good for up to five people or more.
Flexible, Short-Term Lease
For start-ups that are growing fast, executive suites are often a useful option because these suites offer flexibility in the length of your lease term. This means you get to make arrangements based on your business and cash flow needs. You can rent these offices for six to twelve months at a time, which is the usual rental agreement. Or you can even go shorter term. Many executive suites will rent for a lease term as short as three months or even on a month-to- month basis. This feature is especially attractive to entrepreneurs who are just getting their businesses up and running and don't want to strap their business with a huge overhead at the onset.
Use Their Amenities Instead of Buying Your Own
Because these suites come with all the amenities, you will get top-of-the-line office equipment, telephone and voicemail, videoconferencing and high-speed Internet access. Executive suites typically offer the very best and latest in technology. The suites are also very well dressed, complete with carpet and furniture, from the chairs in the waiting room to the stacks of copy paper in the supply closet. If you have clients meeting in your space, think of the impact of a waiting receptionist and other secretarial services (usually available on an as-needed basis), or being able to videoconference during a meeting. Your start-up will look organized, well managed and on the cutting edge. Much better than presenting next to wet socks hanging off the TV set, right?
However...
Executive suites are a great alternative to the home office. Still, there are two major issues that you should consider before making the leap. The first is that executive suites are almost always located in first-class office buildings. That means they are Class A, more expensive and in main business districts.
That may work beautifully for your business, if you are an accountant or an attorney, but maybe not so much if you are a video game designer. Most of these suites tend to be very mainstream, corporate and traditional. If you are of the more funky variety, then an executive suite may not represent you or your business well. To appeal to the non-corporate set, some executive suite owners are beginning to open offices that are both funky in design and location.
The second consideration is that if you need space for more than ten people, an Executive Suite can start getting expensive. If you are bursting at the seams with ten or more employees, then this is probably not the solution for you.
Create A Clear Line of Division Between Work and Home
One of the big benefits of getting into an executive suite is that you will have clearer boundaries in your life. More organization. Less chaos. When you are at your office, you will be focused on work and the day's tasks. When you are home, you can focus your attention on family and your household. The line of division is clear for everyone, most especially you.
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