It doesn’t matter how big or small your company is, when it comes to choosing space you need to be smart about your options and research all the important details. After all, getting your own space can be both time-consuming, mentally-draining and downright stressful.
The key is to make the process easier by doing your due diligence in learning the difference between what types of space you want and what type of amenities they offer.
However, two of the most popular spaces that companies or working professionals often look at, would have to be the executive suite and the conventional space.
From afar, or at least on paper, it seems like it’s a relatively simple decision to make, right? Well, you’d be wrong. If you don’t put much analysis into what available options you have before making that final decision, you will end up in a contractual agreement that may in fact haunt you for years to come.
You and I both know that you don’t want to be handcuffed to an office space in New York that doesn’t really fit your needs, so the following information will come in handy when you’re ready to take the next step in your professional career.
Embracing the Concept of an Executive Suite
Straight off the bat, one of the most glaring differences that an executive suite offers would have to be the lack of startup costs necessary to get into your space. Essentially, entrepreneurs or independent contractors are given the keys to the kingdom if you will – a turn-key solution for the way in which we’re capable of working.
There is no type of down payment. There are no astronomical build-out charges. There are no type of added fees for furniture use or technological amenities like a printer or fax machine, and best of all, cleaning services are always included.
Basically, you don’t have to throw a large sum of money at your landlord early on because everything is included. This saves you capital in the long run and should be viewed as an investment into your own business. Executive suites also save business owners any troubles that can be associated with the upkeep of an office, such as maintenance repairs or damages.
Taking the More Conventional Path of Purchasing Office Space
Although working professionals who decide to embrace the direction of an executive suite have access to privacy in their respective spaces, purchasing conventional office space affords an individual total and complete privacy at all times.
There is no sharing of space necessarily, except amongst those who work within your company, and ideas and concepts remain relatively in-house without any outside feedback.
While this effectively eliminates any substantial networking opportunities outside of your clients, it does still provide an element of necessary solitude to focus on every task on hand without distraction or deviation. Technology must also be provided by the professional who purchases the space, as it is not an included amenity that one would find with an executive suite.
Working professionals are totally on their own and will have to make sure that they have everything they need because it will not be supplied.
Making the Decision with a Clear Head and Swallowed Pride
Although the idea of owning your own space is perhaps the most attractive part of the “American Dream,” it is not always the most fantastic idea.
From a personal perspective, any option where you can alleviate yourself of both technological concerns, facility management needs, maintenance costs and having to pick out expensive furniture, is an option that you should jump at.
If you simply re-imagine the way you “own” a space, you will be happier in the long run and understand that just because your name isn’t outright on the space, it doesn’t mean that it’s not yours.
Executive suites allow personalization just as much as a conventional office space, except you are alleviating yourself of any major financial investments that could be used within your business instead.
Some things to consider:
- Focus on your wallet and make sure you are choosing a cost-efficient option. If you find an executive suite, chances are that it is just as nice as any conventional office space will ever be.
- Remember that just because you aren’t the sole owner of the space, it doesn’t mean that the space isn’t yours to use and personalize. Co-working spaces and executive suites want their tenants to be able to call their spaces home without second-guessing their surroundings.
- There won’t be as many headaches, if any at all, associated with leasing an executive suite. You don’t need to worry about calling the maintenance guy to fix something, and you won’t need to worry about the printer being broken – they take care of that for you.
