If you are just starting out with your small business and you have a lower budget, choosing the proper location is an important step. Depending on the type of business you are about to open, you can choose between a commercial or residential space. While you have to select commercial space for restaurants and other similar types of businesses, you may not need it if you just want to open an accounting company. You can make your office at home if the business that you start involves sitting on a computer all day long.
According to Issa Asad, Florida-business man and entrepreneur of Q Link Wireless and Quadrant Holdings, these are the 3 types of startup locations for your new business.
1. An Office in Your Own Home
This may seem too good to be true, but you really can work from the comfort of your own home if the type of business you are starting allows it. There is no reason for you to pay rent if you can use some of the space in your home as office space. Another advantage of a home-based office is that you will not need to pay for transportation. You can save money in two ways, but working at home can have its downsides. You will perform most of your activities (business-related and non-business-related) at home. If you don’t have a problem with this, a home-based office can be great for you.
2. Using Commercial Space for the Office
Having an office in a commercial space is the most common and traditional way to run a business. It is professional and stable, because it allows you to grow your business as much as you want. Your office can be decorated to represent your business in the best way and you can have more offices when you need to expand. There are downsides in terms of costs, because you have to pay for rent, maintenance and utilities. You have to think well before you commit to something like this in the long term and you need to be sure your budget can support it. In most cases, you will have to choose a longer period of time for renting commercial space.
3. The Use of Co-Working Spaces
This option is the newest and it has gained ground in the last years among entrepreneurs. Co-working spaces can be different to suit different types of business settings. One of the advantages of such spaces is that they can provide anything that is needed within a business, such as offices, cubicles, conference rooms and meeting rooms. The rooms are equipped with anything that is needed for business, including copiers and faxes. Another benefit of using co-working spaces is that the renting options are a lot more flexible. For instance, you can choose to rent offices for a short period of time, or you can choose any period of time, according to your needs. Co-working spaces are actually the newer version of what is traditionally called executive suits. These are places where you share space and equipment with other businesses. They can be great for business people who like to share ideas and space with other entrepreneurs.