You have a great startup idea that has been market tested. The business plan is all set with proven digital marketing strategies. Your investors are onboard and ready to provide funding. All you need now is an office space. When you are looking for the place to start your business, there are many options You have several considerations to make before you decide on an office space for you and your team. To help decide on renting a startup space, here are some of the different types of office spaces you can rent.
Full Service Lease
A full service lease, or a gross lease, ensures that your rent includes all services. This includes janitorial services, electrical services, and more. This may be helpful for your startup if you anticipate a large amount of growth. However, the rent on these types of leases may need to be negotiated. Since the landlord owns the building and you rent directly from the landlord, you will want to be sure you are covering your bases with any questions you may have. You may want to ask about parking, or if there is a cap on the amount of electricity they will allow you to use. Each landlord is different, so you will want to be clear on all the conditions of the lease before you decide on this lease. Yet, it is important to note that full service leases often require a commitment of 12 months or longer.
Co-Working Rent Spaces
Co-working leases are becoming more popular now because of the low prices this kind of lease offers. Sometimes, this means that your office space is rented to different businesses on different days. For example, if your startup requires the office on Wednesdays and Fridays, the same office may be rented by a different business on the other days of the week. This may be ideal for your startup if you are on a strict budget, but still want an office space. Usually, businesses use co-working leases as a way to begin on their company’s journey. Once their company grows, they have a chance to move out to a bigger or more private space.
Executive Suite Lease
If co-working leases are not for you, you may want to consider an executive lease. Many small business owners are fond of their own space. Executive leases are tailored to the needs of a small business owner. An executive lease is similar to a co-working space, in the sense that you share a large space with other businesses. However, you do have your own office space and do not share that personal space with other businesses. In high demand areas like New York, you can find office space for rent in Manhattan by choosing an executive suite. The benefit of having an executive suite is that you have a chance to move from a smaller office space to a bigger one, as your startup grows. However, these kinds of leases vary from landlord to landlord, so you need to be sure you are discussing how it will work with the location you are considering.
Possibly even more helpful for a startup is an incubator. Incubators are often designed to help out small businesses and startups. This is because they rent out office space at low rates and have programs that aid your business in growing. These include coaching and networking programs to take a small business forward. However, there is often a process to apply for these business spaces. Since this is an affordable way to have an office space, many startups choose to begin their office with an incubator.
Accelerators are similar to incubators, but there are slight differences. The reason these office spaces are called accelerators is because they often come with a short-term program. The program is designed to teach small businesses how to grow or accelerate. These programs are run by experienced investors and business owners. This may be ideal for a startup who wants a good program to help fuel their growth, while having a temporary office space at a low price. You could consider an accelerator if you are interested in this type of assistance or support for your business growth.
There are many options for your startup when it comes to renting office space. Whether it comes down to a budget, privacy, or programs to aid growth, you may want to consider one option over any others. You can choose between traditional office space for rent, co-working spaces and executive suites. For an intense startup experience, you can go for a business incubator or startup accelerator environment. When you are ready for your startup to have an office space, weigh out your options. After all, every great startup deserves a great office.